交银国际发表报告指，新华保险今年首季实现保费收入834.86亿元，新业务价值46.55亿元，归母净利润65.01亿元，同比分别增长14%、24.7%及10.5%。尽管受权益市场波动及低利率环境影响，投资收益出现一定波动，但对整体盈利影响略小于预期。公司管理层重申将进一步优化业务结构和提升投资能力，积极布局养老金第三支柱和健康管理生态，增强客户黏性和长期价值创造能力。 盈利展望方面，该行预计未来三年公司保费业务收入保持8%以上按年增速，其中新业务价值分别增至115亿、128亿及136亿元，价值率升至17%以上；公司在投资端具有较强管理能力，投资组合相对理想，受市场震荡影响整体可控。受下半年利润基数抬升和投资收益不确定性影响，净利润按年增速或逐步下降，但长期盈利能力仍得到较强支撑，特别是在市场风险偏好改善时有望呈现更高业绩弹性。该行认为新华保险2026年业绩稳健开局，上调目标价至59港元，对应2026年0.6倍目标P/EV，维持“买入”评级。
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