Soochow Securities: the valuation performance-to-price ratio of the insurance sector shows renewed emphasis on the layout opportunities brought about by the pullback

[Soochow Securities: the valuation performance-to-price ratio of the insurance sector shows renewed emphasis on the layout opportunities brought about by the pullback]-- Soochow Securities Research report said that we believe that the insurance sector is rising this round, and the inflection point at the end of the debt is verified in the medium term. long-term need for sustained macroeconomic repair and blessing. Since June, the market's expectation of "interest rate cut" has gradually increased, and we expect that after the LPR is expected to be lowered as scheduled at the end of the month, we should pay more attention to the increase in the expectation of economic improvement after the policy is landed, rather than worrying about the rate of return on risky investment. The investment return implied in the current valuation fully reflects the pressure of investment return. We believe that considering the re-emergence of the performance-to-price ratio of the sector valuation and the establishment of a relatively clear fundamental inflection point in the second quarter, we suggest that investors must pay attention to the layout opportunities brought about by the pullback. Recommended order: China Pacific Insurance, Xinhua Insurance, China Life and Ping an of China.