华创证券:26H1上市险企归母净利润普遍高增 保险板块防御属性凸显

智通财经
Sep 03
【华创证券:26H1上市险企归母净利润普遍高增 保险板块防御属性凸显 】华创证券发布研报称,2026H1上市险企归母净利润普遍高增,国寿表现突出,板块与权益市场共振。但上半年受资金面影响与科技行情“虹吸”,保险板块持续下探;下半年以来从“K型”走向“再均衡”,保险板块已有回升。当前多数险企估值位于十年50%分位之下,悲观预期或已充分反映,底部价值凸显。短期来看,整体板块Q3业绩基数压力相对较大;长期看,虽然净投资收益率仍处下行通道,但负债成本优化对冲利差压力,“利差损”风险有望趋于收敛,资负联动管理能力预计持续提升,驱动PEV估值修复。财险方面,风险减量管理服务体系压降赔付率,行业严监管促进费用率优化,COR改善驱动ROE稳步抬升,推动PB上涨。

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