CITIC SEC Research Reports suggest that among all macro factors currently, low interest rates are the main force influencing the investment logic of insurance stocks. Low interest rates drive the repricing of equity assets, benefiting insurance companies to increase their allocation of equity assets. Insurance stocks are expected to continue to perform in a beta market, and a balanced allocation of major insurance stocks is recommended. From a long-term perspective, reducing interest spread loss risk is a prerequisite for raising the valuation of insurance stocks.