China Merchants Securities released research reports that the allocation of major global assets is currently a bottleneck in the insurance industry that needs to be broken through. It is expected that in the early stages of the official implementation of the Hong Kong Stock Connect ETF, insurance funds will focus on pilot allocation and phased position opening, focusing on optimizing the asset mix. In particular, the appeal of Hong Kong Stock Connect ETFs with global themes, dividends, and technology is quite prominent. As far as public funding is concerned, insurance institutions' demand for customized ETF product cooperation and outsourcing management is expected to become a new growth point. Maintain industry recommendation ratings.

China Merchants Securities released research reports that the allocation of major global assets is currently a bottleneck in the insurance industry that needs to be broken through. It is expected that in the early stages of the official implementation of the Hong Kong Stock Connect ETF, insurance funds will focus on pilot allocation and phased position opening, focusing on optimizing the asset mix. In particular, the appeal of Hong Kong Stock Connect ETFs with global themes, dividends, and technology is quite prominent. As far as public funding is concerned, insurance institutions' demand for customized ETF product cooperation and outsourcing management is expected to become a new growth point. Maintain industry recommendation ratings.