监管新政叠加开门红催化 保险股普升 新华保险(01336)涨4.35%

金吾财讯
Dec 15, 2025

金吾财讯 | 保险股普升,新华保险(01336)涨4.35%,中国太保(02601)涨3.41%,中国太平(00966)涨3.14%,阳光保险(06963)涨2.70%,中国平安(02318)涨2.43%,友邦保险(01299)涨2.15%,中国人寿(02628)涨1.70%。华龙证券指出,金融监管总局近日发布《关于调整保险公司相关业务风险因子的通知》(以下简称《通知》)。风险因子的差异化调整将推动险企从交易型向配置型转变。持仓超过2-3年的资产才能享受风险因子优惠,使得保险公司更倾向于长期配置高ROE、高分红优质资产。政策明确指向沪深300成分股、红利低波指数成分股和科创板股票,体现了引导险资关注优质蓝筹、高股息资产和科技创新领域的政策方向。保险资金作为重要的耐心资本和稳定器,其投资行为的改变将对资本市场生态产生积极影响。政策涵盖大盘蓝筹、高股息和科技成长等多类资产,有利于推动市场风格均衡发展,形成多元化的资产配置格局。预定利率及"报行合一"等政策推动负债成本下降,行业NBV有望保持快速增长,保险股具备低估值优势,维持行业“推荐”评级。国金证券指出,明年大量定存到期,分红险对于低风险偏好、有长期财富保值增值诉求的资金来说具有吸引力,且在反内卷和分红险转型背景下大公司的市占率将继续提升,预计开门红新单保费和NBV将实现双位数增长。当前保险估值低位,配置性价比非常高,维持积极推荐。重点推荐开门红预期较好,以及业务质地较好(负债成本低、资负匹配情况较好)的头部险企。

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