研報掘金丨國聯民生:中國人壽產品轉型效果較好,維持“買入”評級
國聯民生證券研報指出,2025Q1中國人壽(601628.SH)NBV同比+4.8%;歸母淨利潤爲288.02億元,同比+39.5%。截至2025Q1,公司代理人數爲59.6萬人,較2024年末減少1.9萬人,公司的代理人隊伍仍在出清。從產品結構來看,2025Q1在公司的首年期交保費中,浮動收益型業務的佔比達51.72%,產品轉型效果較好。全年來看,在公司持續優化產品結構、預定利率有望進一步下調、個險渠道執行“報行合一”等因素推動下,公司的價值率有望延續向好態勢,進而能支撐NBV增長。鑑於公司負債端相對穩健以及資產端的彈性更大,維持“買入”評級。
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