Jefferies Financial released a report on September 5th, stating that the performance of the mainland insurance industry in the second quarter exceeded expectations, mainly due to good investment income, which led to a significant increase in profits. The bank raised its full-year profit forecast for the industry by 9% to 23%. The low base in the second half of the year is seen as a good foundation for further recovery in the industry. The bank believes that the recovery of the insurance industry after the second half of the year will have a longer way to go, given the decline in interest rates. The bank's preferred order is China Pacific Insurance Group, China Taiping Insurance, Ping An Insurance, and China Life Insurance. Among them, the target price for China Life Insurance was raised from HKD 12 to HKD 13, and the target price for New China Life Insurance was raised from HKD 16.5 to HKD 18, both rated as "hold". The target price for China Taiping Insurance was raised from HKD 25 to HKD 26, the target price for Ping An Insurance was HKD 44, the target price for PICC P&C was HKD 13, and the target price for PICC Group was HKD 4.2, all rated as "buy".