On June 5, Guosen Securities released a research report stating that it is expected that China Taiping's new business value in 2024 will increase by 13% annually, mainly due to the annual reduction of the reserve interest rate, the reduction of cost rates through the combination of bank and insurance channels, and the improvement of product structure. In addition, due to the increase in the proportion of bonds in the company's insurance fund asset allocation, it is expected that the investment income in 2024 will increase on a year-on-year basis and promote profit growth. Moreover, Taiping Life’s core solvency ratio reached 142.79% in the first quarter of this year, which is at a relatively high level among its peers. In terms of the company's insurance fund asset allocation, the proportion of bonds at the end of 2023 increased by 6.5 percentage points compared with the end of 2022, and the proportion of stocks decreased by 3.5 percentage points. It is expected that the volatility of the company's investment portfolio will be reduced in 2024. The bank predicts that since April, the continuous introduction of support policies for the real estate industry will help improve economic growth expectations, promote the recovery of the stock market, and promote the return of bond yields to low levels. It is expected that the insurance investment yield in 2024 will increase on a year-on-year basis, and promote profit growth. The bank predicts that China Taiping's profit in 2024 is expected to increase by 17% annually, and the target price has been raised from HKD 9.6 to HKD 10.6. The rating is maintained as "buy."