The Research Reports from Industrial Securities indicate a continued Bullish outlook on the Insurance Sector, focusing on symbols with relatively strong performance stability and sales capabilities in dividend insurance. Currently, the valuation of Insurance is at a relatively reasonable level, but as a strong beta sector, it may perform well if the equity market further warms up. There are three catalytic points that could further open up the valuation space: first, the performance of long-term interest rates and the equity market; second, the adjustment and optimization process of major asset structures of insurance companies; third, the sales situation of dividend insurance. In particular, there is potential for sales of dividend insurance to exceed expectations, and if validated, it will become an important support for unlocking the valuation repair space of Insurance. It is recommended to pay attention to: Ping An Insurance, China Pacific Insurance, New China Life Insurance, etc.