華泰證券:預定利率下調在即 保險行業成本有望降低
華泰證券研報稱,近期人民幣升值預期以及公募改革推升了A、H兩個市場的流動性水平,並帶動保險股上升。從基本面看,在預定利率動態調整機制下,壽險產品預定利率有望於今年三季度下調,改善年初以來的壽險產品成本收益倒掛情況,整體銷售動能有望改善。當前保險股估值處於歷史低位,壓制壽險公司估值的最大因素仍然是低利率。即便利差損擔憂仍然存在,在流動性以及基本面改善的背景下,下半年保險板塊仍有可能獲得不錯的收益。華泰證券看重資產負債匹配的重要性。
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