Minsheng Securities released a Research Report stating that in the context of falling interest rates, major insurance companies are still actively allocating Bonds, extending durations to ensure asset-liability matching, with an overall upward trend in the proportion of Bonds and some differentiation in the proportion of Stocks. Currently, the funding situation is loose and interest rates are expected to gradually stabilize, and the stock market is expected to continue benefiting from liquidity improvement. Insurance is likely to fully demonstrate the "Beta amplifier" characteristic and continue to benefit, with 2025 expected to continue to illustrate the emphasized "asset-liability resonance" logic, suggesting active attention. It is recommended to focus on China Pacific Insurance (601601.SH), where the effects of the Changhang Phase II reform are becoming evident and both asset and liability sides are performing steadily, as well as China Life Insurance (601628.SH), New China Life Insurance (601336.SH), Ping An Insurance (601318.SH), and PICC P&C (02328).