金吾财讯 | 招银国际研报指，友邦保险（01299）公布1H26业绩，集团VONB同比+10%/+13%（固定/实质汇率）至32.12亿美元，对应2Q26单季同比+7%（vs 1Q26 +13%）。集团VONB较招银国际/彭博一致预期低2%/1%。集团OPAT同比+11%/+15%（固定/实质汇率）至41.63亿美元，较招银国际/彭博一致预期高3%/6%。每股OPAT同比+13%/+18%，超出管理层9%-11%的年复合增长率目标指引。营运自由盈余（UFSG）/净自由盈余同比+8%/+10%至39亿/28亿美元，每股同比+10%/+12%，带动股东资本比率（TSR）达210%，环比下降11个百分点。中期DPS同比+10%至0.54港元，2H26无新增回购预算，符合市场预期，因公司的资本管理政策基于年度净自由盈余结果检视。该机构维持未来12个月股东总回报率（TSR）约4.0%的预测（股息3.1%+回购0.9%）。维持"买入"评级，目标价不变为112港元，对应1.7x FY26E P/EV。
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