CITIC Securities: optimistic about listed insurance companies experiencing both performance growth and valuation recovery, the "Davis double-click" trend.

CITIC Securities report indicates that from a valuation perspective, the stability of long-term interest rates this year is beneficial for relieving the investment pressure on insurance companies. The current valuation level overly reflects the suppression of low interest rates on the future investment returns of insurance companies, and there is still room for valuation recovery in the future. Overall, we are optimistic about the double-click of performance growth and valuation recovery for listed insurance companies, and recommend paying attention to the opportunities for insurance sector allocation.