【券商聚焦】交银国际维持中国太平(00966)买入评级 指负债端表现突出

金吾财讯
Sep 05, 2025

金吾财讯 | 交银国际研报指,中国太平(00966)2025上半年归母净利润同比增12.2%,税前利润同比降38%,其中保险服务业绩同比增9.5%,但投资业绩下降。新业务价值增长的渠道贡献较为均衡,向分红险转型成效显著。财险COR改善,符合行业趋势。公司上半年负债端表现较为突出,向分红险转型成效显著,新业务价值对于利率变动敏感性显著下降,但资产端仍具改善空间。该机构基本维持盈利预测。考虑股票市场向好态势,基于0.8倍市净率,该机构将目标价从15.0港元上调至20.0港元,维持买入评级。

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