新华保险(1336.HK):资产、负债两端增长强劲 需关注净资产下降;维持买入

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盈利增速在同业中表现较好,增长主要来自投资收益,但净资产较年初下降。2025 年1 季度公司盈利同比增长19%,增速在同业中表现较好,增长主要来自投资收益。1 季末归母净资产较年初下降17%,降幅超过同业,主要由于1 季度利率上行使债券投资产生浮亏,以及收益率曲线仍下行带来保险合同负债增加。保费增速领先同业,增长主要来自个险期交和银保渠道保费。保费收入同比增长28%,增长主要来自个险期交保费和银保...

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