非银金融2026年展望:迎接高质量增长下的龙头崛起(要点版)

中金公司
Nov 05, 2025

保险行业:回归负债端,延续估值修复。1)寿险:关注负债端从量变走向质变带来的价值修复。2023 年至今寿险的估值随负债及资产端预期的修复持续改善,而3Q24 以来资产端预期修复为股价上行的主要推动。伴随资产端基数走高、后续弹性减弱,负债端或将有更为积极的趋势展现,叠加分红险转型持续推进及鼓励健康险发展等政策落地,我们预计2026 年行业估值修复的逻辑将开始转向负债端主导,负债端能力突出的优质寿险...

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