On August 13th, Morgan Stanley released a research report stating that China's 10-year government bond yield has recently risen to 2.2%. The bank believes that this may provide a window to re-examine the industry, as the decline in bond yields has long been seen as the industry's main negative factor. The bank believes that in the case of further increases in government bond yields, China Life Insurance will become the main beneficiary and lead the industry. Morgan Stanley emphasized that there were two key points in the first half of the year, first of which is the revised earnings per share. The bank expects that the average negative growth rate of earnings per share in the industry for the first half of the year will be 7%, while China Life Insurance and the People's Insurance of China have the potential to receive market upward revisions to their forecasts. In addition, the market will also pay attention to the industry's distribution of intermediate dividends.