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招商證券:壽險具備長期潛力維持推薦評級 行業首選國壽(2628.HK)
格隆匯 09-16 12:37

招商證券發表研究報告表示,上半年內地壽險行業新業務價值表現低迷,但行業仍具備長期潛力;國債收益率上升,行業影響正面;認為行業估值吸引,維持推薦評級。

報告表示,主要壽險公司如太保(0966.HK)的新業務價值增長在上半年受到新冠疫情的影響,包括由於客户仍對面對面諮詢持謹慎態度,在二季度壽險銷售恢復較為疲弱。中國人壽(2628.HK)和新華保險(1336.HK)的新業務價值表現相對較好,部分是由於他們增加了代理人人數,部分是由於他們低價值率的簡單產品佔比更多,更易利用線上渠道銷售。但預計壽險公司的新業務價值在下半年會有所恢復。

該報告表示,國壽為行業首選,維持買入評級,目標價為26港元,基於2020年新業務價值增速可能維持正增長;平保管理層有信心其壽險改革項目將在今年完成,並預計該改革將在明年促進業務快速增長,目標價為99.4港元,維持買入評級。

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