保险行业2026年度策略报告:攻守兼备 乘势而上

平安证券
Dec 12, 2025

行情复盘:保险股震荡上涨,风格切换导致板块跑输大市。负债端高景气,权益市场表现带动资产端高弹性,2025 年保险Ⅱ(申万)指数呈现震荡上涨之势,但由于7 月以来市场风险偏好显著回暖,科技行情加速,A 股保险板块总体跑输沪深300。个股方面,新华保险涨幅明显领先于同业,主要由于资负两端业绩增速较高、实际交易盘市值不大,股价弹性较强。资产端:权益投资比例提升,配置多元化重要性凸显。政策支持险资入市,...

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