Cathay Pacific Haitong released a research report saying that it is optimistic that interest rates will rise steadily to drive valuation repair in the insurance sector. On the debt side, the decline in the premium growth phase for new life insurance policies under a high base will not change the trend of strong demand for long-term insurance savings, improving the product term structure to support value growth; focus on insurance's successful start in 2027. On the asset side, the profit stage is under pressure due to fluctuations in the equity market. It is expected that insurance companies will dynamically adjust stock and bond allocation strategies based on the external market environment to promote steady profits and dividends. The current stock price responds to extremely pessimistic investment-side expectations. With interest rates rising steadily, there can be expected room for valuation repair for listed insurers. Maintain the industry's “gain” rating.

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