保险业态观察（二）：预定利率研究值下调至2.13%，预计动态调整机制三季度启动

Investment Rating - The industry investment rating is "Overweight," indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [9]. Core Insights - The report highlights a decrease in the predetermined interest rate for ordinary life insurance products to 2.13%, down 21 basis points from the previous quarter, which is now 25 basis points below the product ceiling [4]. - The dynamic adjustment mechanism for the predetermined interest rate is anticipated to be activated in the third quarter, with further reductions expected in the second quarter [4]. - The report emphasizes that the risk of interest margin loss has significantly decreased, and the deepening of the "reporting and banking integration" is expected to improve the cost of insurance [4]. - Investment suggestions include focusing on life insurance liability transformation and the potential for demand release due to increased awareness of insurance [4]. Summary by Sections Section 1: Market Overview - The insurance industry is experiencing a recovery in market confidence driven by long-term capital entering the market, with a focus on business growth opportunities from the first quarter [3]. Section 2: Interest Rate Adjustments - The latest research value for the predetermined interest rate is linked to market rates, with the current value reflecting a cautious approach to external economic and political conditions [4]. Section 3: Sales and Growth - The report notes a significant increase in premium income following the last interest rate adjustment, with monthly growth rates for life insurance showing substantial year-on-year increases [4]. Section 4: Investment Opportunities - The report suggests that the insurance sector is currently undervalued, presenting opportunities for investment, particularly in large listed insurance companies with strong competitive advantages [4].