On August 12, Guosen Securities issued a research report stating that New China Life Insurance suffered the largest decline in insurance product sales among other H-share insurance peers. This is mainly due to the surge in loss of insurance agents in the entire industry, which further affects the company's sales capability. The bank expects that New China Life Insurance will continue to face more intense competition from small and medium-sized life insurance companies. However, as demand shifts to savings products and consumers pay less attention to the quality of insurance brokers, the gap in insurance agent productivity between New China Life Insurance and its peers has decreased. The bank believes that New China Life Insurance's strong solvency ability can balance its operational challenges. The company's core solvency capability in the first quarter of this year was 143%, far higher than that of several large insurance companies. The bank pointed out that the company's strong solvency ability will support its dividend distribution. In addition, Goldman Sachs lowered the asset return rate (ROA) of New China Life Insurance for the 2035 fiscal year from 0.67% to 0.52% to reflect the impact of the decline in investment return; as for its H-share cost of equity (COE), it was also lowered from 13.4% to 12.4%. The bank maintained New China Life Insurance's H-share target price at HKD 15 and upgraded the rating from "sell" to "neutral".