非银金融行业2026年春季投资策略:存款迁移 非银负债和资产两端受益

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Mar 05

保险:负债和资产端双轮驱动,权益弹性突出负债端看:充分受益于居民存款迁移,分红险在牛市预期加持下性价比凸显,叠加低基数,2026年开年个险渠道新单增速向好;银保渠道有望延续2025年的较高增长。分红险占比持续提升,刚性负债成本回落利好险企估值抬升。资产端看:长端利率企稳、权益市场向好利于净资产和险企盈利表现。春节假期前后,保险H和A股标的调整较明显。除了2026年开年前后保险板块有所抢跑上涨带来高...

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