Sinolink Securities: AI-driven development of insurance industry expected to significantly create incremental value.

According to the research report of CITIC Securities, the depth and density of insurance in China are generally low, and traditional channels are still the main means, staying in the stage of "products looking for customers" for a long time. Currently, the team of insurance agents continues to improve their capabilities and still holds value; the bank-insurance channel is benefiting from policy advantages, with the relocation of savings deposits bringing the main increment to the industry; the peak of mobile Internet traffic dividend has been reached, with limited solutions to pain points, and the Internet insurance penetration rate is around 10%. With the maturity of large-scale technology, AI is expected to drive the insurance industry from "products looking for customers" to "products and customers matching bidirectionally", and both innovative and traditional companies are expected to significantly create increment. Starting from technological capabilities, digital foundations, and account systems, focus on three investment themes.