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國泰海通證券上市險企2024年年報綜述:推薦兩條主線
格隆匯 04-07 07:45
國泰海通證券研報發佈上市險企2024年年報綜述:負債端看,預定利率調整、分紅險佔比提升以及全渠道報行合一的實施將推動行業負債成本的下移,預計2025年上市公司NBV迴歸平穩增長;投資端看,由於近年剛性負債成本的抬升,預計保險公司投資收益率目標壓力顯著提升,中長期資金入市指引下預計將提升權益資產配置。預計保險公司將重視強化資負聯動提升盈利增長穩定性。維持行業“增持”評級。個股推薦兩條主線:1)低利率環境下,頭部財險公司是高股息策略首選,建議增持中國財險;2)增量資金入市背景下,壽險的投資端彈性將更加顯著。
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