保险框架简驭一:“慢牛市”下的戴维斯双击

长江证券
25 Jul

保险商业模式:利差分析框架结合近年来保险行业资产端和负债端的变化趋势,我们认为当下保险的盈利模式已高度适用于金融商业模式中的“重资产利差业务” 分析模型,既经典杜邦分析框架:ROE=(投资收益率- 负债成本率) * 经营杠杆。理解了盈利分析模型后,在保险股的投资分析框架中,我们认为估值的短周期影响因子仍是利差预期,而长周期影响因子扩表能力和扩表质量。至于估值方式,内含价值虽有精算假设合理性的问题,...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10