According to the CITIC Securities Research Report, strict supervision and anti-domestic downside channels are being concentrated on leading companies at an accelerated pace. The core competitiveness of large insurance companies is reflected in long-term investment ability and continuous upgrading of the full scenario and integrated domestic and international service capabilities. We expect the competitive landscape of the industry may become further oligopolized. We maintain our judgment that the industry is generally in a period of major opportunity. Short-term profit fluctuations bring layout opportunities. We recommend actively seizing the beta opportunities brought by the upward trend in the stock market in the second quarter of 2026.

According to the CITIC Securities Research Report, strict supervision and anti-domestic downside channels are being concentrated on leading companies at an accelerated pace. The core competitiveness of large insurance companies is reflected in long-term investment ability and continuous upgrading of the full scenario and integrated domestic and international service capabilities. We expect the competitive landscape of the industry may become further oligopolized. We maintain our judgment that the industry is generally in a period of major opportunity. Short-term profit fluctuations bring layout opportunities. We recommend actively seizing the beta opportunities brought by the upward trend in the stock market in the second quarter of 2026.