中信证券:保险行业周期向好正式确立

中信证券
15 hours ago

保险行业已从资产负债表衰退叙事中率先走向良性扩张,周期向好正式确立,预计2026年向上趋势进一步加强,体现为:净资产恢复并维持较快增长、分红险作为主力产品更加畅销、银保渠道份额集中和总量增长仍然具有很大空间、险资作为耐心资本主力,目前资产结构正受益于债券利率低位波动、股市慢牛的市场格局。从选股角度看,保险股阿尔法和贝塔兼具,2024和2025年牛市带来的业绩弹性已较为充分体现,我们更加关注保单价值...

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