大行评级|星展:重申中国平安“买入”评级 预计上半年新业务价值增长强劲

格隆汇
Aug 04, 2025

星展发表研究报告,预计中国平安上半年新业务价值(VNB)增长将提升,主要受分红型产品销售持续强劲推动,尤其透过银行保险渠道销售,边际利润率亦轻微改善。另外,公司的投资收益及资产组合前景亦乐观。该行预计上半年财产和意外保险(P&C)业务的综合成本率按年将显著改善,而平安银行则继续调整业务。该行重申“买入”评级,并指集团仍然为其中资保险股中的首选,H股目标价维持69港元;基于15%溢价,A股目标价为68.41元。

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