Goldman Sachs released a research report maintaining a "Neutral" rating on PICC GROUP's (01339) H-shares and a "Sell" rating on its (601319.SH) A-shares, with 12-month target prices of HK$6.8 and RMB 6.5, respectively, based on a sum-of-the-parts valuation. The bank assigned a "Buy" rating to P&C Insurance Company of China (02328), setting a 12-month target price of HK$19.7 derived from a return on equity valuation model. Goldman Sachs recently met with the management and investor relations teams of both PICC GROUP and P&C Insurance Company of China during its Asia Financial Corporate Day. Regarding the property and casualty insurance business, the company reaffirmed its focus on improving the cost efficiency of its non-auto insurance segment and anticipates a further improvement in the underwriting environment for new energy vehicle insurance. The sales performance for the life insurance sector's peak season has so far met the company's expectations, and management believes that an increased contribution from products with longer payment periods could potentially lead to margin expansion. On the topic of dividends, PICC GROUP's long-term objective is to provide shareholders with sustainable growth in dividends per share, and it stated that the dividend payout ratio will be a key consideration.