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《大行報告》中金:內地壽險新周期已至 財險龍頭優勢進一步強化
中金發表報告表示,上市保險公司已披露首季業績,新業務價值(NBV)按年升11%,淨利潤升87%,財險綜合成本率按年持平、達97.6%,基本符合該行及市場預期。 報告又指,首季壽險行業NBV按年增11%,向前看,預計代理人規模也有望在收入、NBV持續正增長後企穩回升,且未來保障型業務亦有望受益於經濟回暖和行業改革效果釋放而再次貢獻增長動能,行業正在開啟新一輪增長周期。 該行稱,財險龍頭競爭優勢進一步強化。投資者對於中資壽險的信心在基本面持續惡化三年之後普遍偏弱,認為行業基本面反轉趨勢已現,且目前行業仍被大幅低配、公募持倉處於歷史較低水平,重申看好壽險周期性拐點帶來的投資機會,推薦關注太保(02601.HK)、平安(02318.HK)及國壽(02628.HK)等;此外亦看好中國財險(02328.HK)的經營能力改善趨勢以及目前在行業中具備的競爭優勢,低估值、高股息等特徵使其具備較強的長期配置價值,建議擇機佈局。
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