《大行》花旗:國壽(02628.HK)未來將續轉向高質高股息股投資
花旗報告指,國壽(02628.HK)上半年高股息股票投資規模已超過2,000億人民幣,平均股息收益率5%。未來將繼續轉向高質量高股息股票,同時保持策略性調整的靈活性。
該行又引述管理層指,隨著產品結構向參與型,參與型產品賬戶規模已達到約2萬億人民幣,資金由多元化投資組合管理。固定收益資產方面,約40%配置於10年期或以上長債,約10%配置非標準化資產,平均收益率4.5%。風險較高資產方面,股票投資組合比例高於行業平均,並已對另類資產進行戰略配置,例如非上市股權、黃金和二級基金。
關於上半年新業務合同服務邊際按年收縮31%,管理層指公司上半年積極控制保單久期,又指保單的經濟性和潛在風險未發生變化。
該行目前予國壽「買入」評級及目標價26.1元。
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