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大行評級丨傑富瑞:預測中國壽險股次季業績好壞參半 偏好中國平安

傑富瑞發表報吿指,中國壽險股今年以來上升20%至40%,受惠於利息回穩及市場情緒改善,但該行警惕行業結構性挑戰仍存,促請投資者維持選擇性。該行料業界次季盈利或按年改善,但新業務價值面臨高基數。該行預測中國壽險股次季業績好壞參半,季節性派息收入及股票利潤低基數將推動投資收入及盈利按季及按年復甦,但5月至7月的高基數將拖累新業務價值出現負增長。該行偏好中國平安,基於不高的估值,更強勁的承保利潤能力及投資賬簿清晰度增加,亦認為中國平安提供更具吸引力的相對價值。該行結束對國壽的“跑輸大市”評級,認為長期利率回穩及第二季盈利或改善。該行維持對財險“買入”及新華保險“跑輸大市”評級。

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