Recently, China Securities Co., Ltd. (CSC) released a research report highlighting the strategic allocation opportunity in the insurance sector. The report notes that the fundamentals of the insurance industry are undergoing positive changes, driven by a stabilizing macroeconomic environment, marginally improving interest rate conditions, and a recovering capital market. On the liability side, new business value (NBV) is showing a favorable growth trend, while on the asset side, insurers stand to benefit from improved returns in both equity and bond markets. Moreover, the sector is currently trading at historically low valuations, offering a strong margin of safety and long-term investment appeal.CSC recommends investors focus on leading insurers with robust distribution channels, optimized product portfolios, and superior investment management capabilities to capitalize on this early-stage recovery window. Additionally, supportive policy developments—such as the advancement of the personal pension system and rising demand for health and elderly care coverage—are providing fresh growth momentum. Against the backdrop of a mild economic recovery and rising market risk appetite, the insurance sector is poised to emerge as a high-elasticity, undervalued investment theme.
近期，中信建投证券发布研报指出，当前应重视保险板块的配置机会。报告认为，随着宏观经济逐步企稳、利率环境边际改善以及资本市场回暖，保险行业基本面正迎来积极变化。一方面，负债端持续修复，新业务价值（NBV）增长趋势向好；另一方面，资产端受益于股市和债市的双重利好，投资收益有望提升。此外，保险板块当前估值处于历史低位，具备较高的安全边际和长期配置价值。中信建投建议投资者关注具有较强渠道能力、产品结构优化及投资管理能力突出的头部保险公司，把握行业复苏初期的战略布局窗口。同时，政策层面也在持续释放利好信号，包括个人养老金制度的推进、健康与养老保障需求的提升等，均为保险行业带来新的增长动能。综合来看，在经济温和复苏、市场风险偏好回升的背景下，保险板块有望成为低估值高弹性的重要赛道。
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