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《大行報告》匯豐研究調整內險股目標價 財險(02328.HK)屬行業新首選
匯豐環球研究發表報告指,在內地保險行業中,看好財險多於壽險,雖然料中國平安(02318.HK)具有較大上升潛力,但該行新的首選爲中國財險(02328.HK),對保險企業的評級不變,但基於投資回報的假設較低,調整目標價。 匯豐研究表示調整內險股目標價,維持國壽(02628.HK)「持有」評級,下調目標價由11元降至10元;維持太保(02601.HK)「持有」評級,下調目標價由20元降至15元;維持財險(02328.HK)「買入」評級,上調目標價由11.2元降至11.3元。 該行指,新能源汽車的數量增長,爲具有強大品牌效應及銷售渠道的財險公司帶來機會,近年的業務結構優化亦將見到成果。至於壽險業務則具挑戰,包括保險中介人數目減少、銀保渠道收費下調及產品轉型、儲蓄產品相對離岸產品吸引力削弱、危疫保險的銷售中介仍需接受培訓、低利率對壽險盈利造成壓力、死亡比率下跌影響壽險產品價格。該行認爲,壽險企業短期未見催化劑。
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