里昂指出，在当前估值及宏观背景下，友邦保险于2026年下半年展现出良好的风险回报趋势。市场对跨境监管风险过分担忧，目前估值已反映内地访客业务几乎消失的悲观预期，但实际上二季度消息带来的影响仅属暂时性。同时，友邦中国在内地各线城市执行力强劲，有助提升新业务体量及利润率。该行预期，友邦2026年上半年按固定汇率计算的新业务价值同比增长12%(按实际汇率计增14%)，香港本地业务亦继续受益于再通胀周期。里昂将友邦目标价由121港元上调至123港元，重申“跑赢大市”评级。
里昂指出，在当前估值及宏观背景下，友邦保险于2026年下半年展现出良好的风险回报趋势。市场对跨境监管风险过分担忧，目前估值已反映内地访客业务几乎消失的悲观预期，但实际上二季度消息带来的影响仅属暂时性。同时，友邦中国在内地各线城市执行力强劲，有助提升新业务体量及利润率。该行预期，友邦2026年上半年按固定汇率计算的新业务价值同比增长12%(按实际汇率计增14%)，香港本地业务亦继续受益于再通胀周期。里昂将友邦目标价由121港元上调至123港元，重申“跑赢大市”评级。
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