高盛:升人保(1339.HK)评级至“买入” 降太保(2601.HK)至“沽售”
高盛发表的研究报告,重申对中国平安(02318.HK)“买入”评级,但认为其A股股价今年以来表现强劲,已累升约六成,而期内沪深300指数升幅仅31%,将其A股剔出确信名单。另外,该行维持对中国人寿(02628.HK)“买入”评级,并将人保(01339.HK)评级升至“买入”,认为其股值吸引加上中国财险(02328.HK)的盈利贡献具弹性。
该行将新华保险(01336.HK)评级由“买入”降至“沽售”,以反映其新业务价值增长展望放慢,而中国太保(02601.HK)评级则由“中性”降至“沽售”,主要因为上行空间不够吸引,而自6月起行业股价表现均强劲。该行留意到太保H股估值较同业(除中国平安以外)有溢价,认为相关因素并无强劲的增长支撑。
高盛指出,中国人寿保险商上半年新业务价值表现好坏参半,当中太保、新华保险及太平按年跌约8-10%,相信下半年增长仍具挑战,故亦将下半年进一步下跌的因素计算在内。该行相信新业务增长放慢已为人寿险企带来压力,相关因素已自新业务价值利润率转差以及获客成本增加方面得知,料竞争有可能进一步深化,而平安最近新推的产品已有效针对其他险企的高端客。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.