【券商聚焦】中金公司:保险行业回归负债端,延续估值修复

金吾资讯
Nov 05, 2025

金吾财讯 | 中金公司表示,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,该机构预计2026年行业估值修复的逻辑将开始转向负债端主导。2)...

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