金吾财讯 | 光大证券研究指，负债端来看，尽管 6 月人身险保费在较高基数下增速进一步承压，业务结构优化下上市险企价值指标仍有望保持较好增长态势。资产端来看，尽管当前资本市场波动较大，险资通过“红利底仓+科技增强”的“哑铃型”权益配置策略亦有望平滑投资波动、实现长期稳健增值。今年以来受资金面扰动保险股估值已回调至历史较低水平，截至 26Q2 末主动型基金重仓保险股市值比例较 Q1 末下滑 63bp 至 0.42%，而当前头部险企基本面依然向好，叠加部分险企中报盈利预增公告提振，保险股具备配置性价比。
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