金吾财讯 | 中信证券表示，《保险公司资产负债管理办法》正式出台，将业务规划、产品定价、销售管理、资产配置、重大投资和绩效考核纳入统一的资产负债联动框架，并以监管指标形成硬约束。行业竞争将更多取决于负债成本管控、长久期资产获取、跨部门协同等能力，保险公司能否由负债端单向驱动转向以资产负债匹配为约束的协同经营，将成为中长期竞争力分化的关键。头部保险公司有望借势巩固竞争壁垒；中小保险公司则面临治理机制、投资能力和产品策略的系统性重塑。新规发布是保险业从规模扩张转向高质量发展的制度基石。短期看，上半年资金面压力和基本面良好表现背离，目前PB估值和股息收益率提供安全边际；中长期看，行业机会在于周期反转带来估值和基本面的双击。建议重点关注头部保险公司。
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