金吾财讯 | 中信证券表示，2026年二季度极致的科技股风格已经在业绩中充分反映，该机构预计下半年保险板块整体面临去年同期高基数和市场风格切换影响，短期关注重点要回归资产负债匹配的长期可持续性、核心资本和权益仓位的稳定性、负债成本控制、保单价值率提升、负债端新业务价值增长。长期看，保险行业长周期向上已确立，行业新单保费、新业务价值、总投资资产和总资产等关键指标有望长期维持两位数以上增速。该机构指，市场风格极致演化，保险板块业绩大幅波动，预计下半年重点关注红利策略，聚焦股息率具有吸引力且DPS有望持续增长的公司（括号内为截至7月17日的股息率）。由于市场风格继续极致演化，保险公司下半年整体面临利润负增长压力，高贝塔品种可能面临较大的股价调整压力。该机构建议重点关注保险股中的红利策略，尤其是股息收益率超过5%、核心资本充分、派息政策有望延续增长潜力的公司。重点关注商保医保协同的具体政策执行落地，带动带病体保险、中高端医疗险的快速发展。
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