9月23日, Morgan Stanley's research report pointed out that the first half-year performance of insurance stocks in Hong Kong and the Mainland was satisfactory, but the third quarter performance may be under pressure due to the stock market trend, maintaining an attractive rating for the industry. The bank also changed its industry preference to AIA, maintaining a 'hold' rating and an unchanged target price of 88 Hong Kong dollars, believing that the company's stock performance and various business indicators have benefited from the interest rate cuts in the USA, and even in a rate-cutting environment, it will help boost its insurance product sales. In addition, with the sound fundamentals of the company, there is potential to further expand its business in the Mainland, seen as a catalyst. The bank also upgraded its rating for the People's Insurance from 'synchronized with the market' to 'shareholding', with the target price raised from 3.1 Hong Kong dollars to 4.1 Hong Kong dollars, stating that the company's property insurance business is stable, with a healthy combined ratio (CoR) and return on stocks, still being the main contributor to the group's profits. The life and health insurance business quality has been greatly improved, and the trend is expected to continue under low pricing interest rates, combined with the group's rigorous investment strategy, historically very low risk, and its attractive valuation.