智通财经APP获悉，美银证券发布研报称，上调中国人寿(02628)2026年盈测5%，但下调2027年盈利预测1%，维持H股目标价33.1港元及“买入”评级。中国人寿去年纯利同比增长44%。去年第四季因投资收益按季显著回落，加上保险服务收入偏低，录净亏损137亿元人民币(下同)。该行建议投资者淡化第四季表现，尤其是保险服务收入在第二及第四季偏低，但在第一及第三季表现强劲。去年新业务价值同比增长36%至458亿元，首年标准保费大致持平，新业务利润率由2024年的26.2%升至36.2%。
该行预期国寿今年首季新业务价值将录得20%至30%增长，然而，由于公司采取进取的投资策略，预期其净纯利将同比下跌，惟该行认为投资收益的短期波动不应影响其对公司长期及正常投资回报的预测。
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