According to the CITIC Construction Investment Research Report, favorable real estate policies are expected to further mitigate real estate-related investment exposure risks held by insurers, and the asset side is expected to pick up. It is recommended to focus on life insurance companies that continue to push forward channel reforms in the early stages and have high asset-side flexibility. On the debt side, a series of policies such as lower scheduled interest rates and “integration of reporting and banking” drove down debt costs in the life insurance industry, and are optimistic about the optimization of the business structure and value ratio of listed insurers. Although the NBV growth rate in the second quarter declined from the first quarter against the backdrop of a high base for the same period last year, NBV is still expected to continue to grow positively throughout the year. On the asset side, favorable policies are driving risk mitigation of real estate investment exposure held by insurers, and investment returns are expected to pick up, which in turn will drive the performance of listed insurers to recover. The steady operation of the real estate industry will also help promote continued macroeconomic recovery. Combined with the gradual issuance of ultra-long-term treasury bonds, long-term interest rates are expected to rise steadily, and the pressure on asset allocation by insurers is expected to ease.