On July 18th, Guolonghui reported that the mid-year performance of Chinese insurance stocks will be announced successively in mid-August this year. It is predicted that the net income of Chinese insurance in the first half of this year will decrease by 1.6% year-on-year, which is better than the year-on-year performance of life insurance profitability and better than that of property insurance profitability in the first quarter of this year. The new business value of life insurance can continue the trend of high growth under comparable caliber. Zhongjin Securities first recommended Taiping, with an "outperform" rating and a target price of HKD 30.2. The bank believes that when various asset yields are high, the market prefers companies with short-term returns on the asset side, but these companies will also face greater challenges in the period of falling interest rates. Companies that can traverse the cycle should have the ability to expand the balance sheet at low cost on the liability side, and the ability to obtain long-term stable returns on the asset side. Companies with a long-term management philosophy will also show their qualities after interest rates fall. Taiping Life has a relatively low cost of reserve business, historically stable asset allocation support, resilient net investment income, and improved ability to obtain new business brought by life insurance reform. It is expected to promote the company to catch up with prices in the trend of falling interest rates, stabilize core profits, perform better than implied valuations, and become a high-quality investment target that is expected to return to value under the new macro paradigm.