友邦領漲港股保險股,大行對多數險企維持“買入”評級
繼6月初港股保險股全線上漲後,9月7日,港股保險股再次迎來板塊拉昇。
今日港股保險股由友邦保險領漲,中國太保、中國太平、中國平安、中國人壽小幅跟漲。友邦保險早盤漲幅一度接近5%,午後有所回落。

(來源:富途)
友邦保險今日貢獻恆生指數漲幅超過80點。恆指進入9月後持續走低,而友邦保險9月1日至今逆市上漲1%。
友邦保險今日上漲主要受大和對保險企業普遍看好的因素推動。大和表示,中國內地保險企業上半年淨利潤及新業務的價值都低於預期,但下半年在資產和負債方面都將會有正面因素推動部分險企評級。保險行業首選為中國人壽、新華保險和友邦保險。
8月20日友邦保險發佈的中期業績中顯示,線下銷售活動因疫情取消,導致新業務價值下跌37%;淨利潤21.97億美元,同比減少了43.3%;但得益於友邦大規模的有效保險業務的素質,上半年税後營業利潤實現了5%的同比增長,至29.33億美元。同時,友邦保險有限公司的償付能力充足率強勁,達到328%,遠超100%的監管最低要求。
友邦中期業績發佈後,美銀、大摩、花旗等大行紛紛上調或維持了友邦保險高於現價的目標價,並維持了“買入”評級。
其中,大和在研報中維持了友邦保險的目標價100港元,以及買入評級。同時,大和預計,在過去一年中擴大代理團隊的公司,如新華保險和友邦中國等,以及基數較低的企業,在下半年的表現都將優於大市。

星展預計友邦中國業務價值將在2026年實現額外26億人民幣的增長,將開啟新一輪業務擴展週期。同時星展將友邦中國目標價由90港元上調至92港元,並維持“買入”評級。
美銀美林稱,市場對險企受新冠疫情的負面影響早有預期,並提醒投資者注意長線的增長。因此維持友邦目標價82.5港元及“買入”評級。
另一方面,A股上市5大險企也在今天普漲。其中,中國平安以1.5%的漲幅領漲,中國太保、新華保險、中國人保、中國人壽小幅跟漲。

(來源:富途)
花旗、野村等大行在8月底的研報中表示,導致內地保險企業上半年業績不佳的三個主要原因:去年上半年的一次性退税,導致基數較高;政府債券收益率下跌;以及疫情帶來的信貸成本增加所帶來的的不利影響基本都已出盡。
同時,股市自7月份以來表現出的強勁反彈,或將緩解政府債券收益率持續下跌對公司下半年收益的壓力。
隨着保險企業半年報披露完畢,行業普遍認為港股保險股的利空因素已出盡,下半年業績向好。同時隨着下半年經濟復甦,長端利率回升,投資回報率改善,帶來保險行業的景氣度回暖,行業整體數據趨於樂觀。
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