CITIC Construction Investment pointed out that the insurance sector is currently in a mismatch where “debt-side volume increases and quality is excellent, asset-side profit recovery is highly deterministic, and valuation is still low,” and has significant allocation value. On the debt side, some demand may flow back to the mainland after Hong Kong insurance income is taxed, and it is optimistic that scale growth will resonate with structural optimization. In the long run, the weakening effect of real estate wealth and new asset management regulations drive net wealth management+low interest rates resonance to drive the growth of new savings insurance orders.

CITIC Construction Investment pointed out that the insurance sector is currently in a mismatch where “debt-side volume increases and quality is excellent, asset-side profit recovery is highly deterministic, and valuation is still low,” and has significant allocation value. On the debt side, some demand may flow back to the mainland after Hong Kong insurance income is taxed, and it is optimistic that scale growth will resonate with structural optimization. In the long run, the weakening effect of real estate wealth and new asset management regulations drive net wealth management+low interest rates resonance to drive the growth of new savings insurance orders.