研報掘金丨中金:內險股看好長期經營能力改善或依舊保持領先太保、中國平安及國壽
格隆匯8月4日丨中金髮表研究報吿指出,下週開始市場可以追蹤到儲蓄險停售後各家新業務的大概情況,認為負債端表現對板塊行情的影響將有所加大,對於停售後各家新業務表現的看法是從8月及9月單月新業務增速角度看,除基數顯著較低的新華保險壓力較小之外,其餘上市公司8及9月單月增速的差異可能並不如部分投資者預期的那麼顯著。此外,該行指當前多數公司已經基本達成全年目標,且多數公司總公司層面沒有對下半年的業務目標提出具體要求,在此背景下,代理人是否依舊願意為提高收入、達成績優、服務客户而繼續努力做業務將是下半年新業務表現的重要影響因素,這也可以側面反映出代理人隊伍的質素和改革效果。該行重申推薦長期經營能力改善或依舊保持領先的太保、中國平安及國壽,以及資產端彈性較大的新華保險。資產端主導行情的階段彈性標的表現可能會更加突出,而在壽險新週期的長期邏輯之下,該行認為經營能力較強的公司能夠在新業務表現上取得領先,從而帶來超額收益。
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