CITIC Securities: Expect the insurance sector adjustment to end; recommend actively seizing major opportunities

On April 2, a research report from CITIC Securities stated that the insurance sector has fallen 15% since the beginning of the year, mainly due to external factors, and that a 1x PB ratio is a reliable positioning indicator. The fundamental cycle turning upward was already established in 2025, and the trend has been strengthened since the first quarter of 2026, including the continued reduction of liability costs on the liability side, more choices on the asset side, and strict regulation promoting “anti-involution” to drive market share concentration. At the same time, expectations are high for the rollout of policies related to the “15th Five-Year Plan” to promote coordinated development between medical insurance and commercial insurance, achieving a win-win outcome for patients, hospitals, doctors, innovative drugs, and insurance companies. It is expected that the insurance sector’s adjustment will come to an end, and investors should actively seize the major opportunity window.