东方证券:1H26基本面延续改善 建议持续关注保险业

智通财经
Sep 08
【东方证券:1H26基本面延续改善 建议持续关注保险业】东方证券发布研报称,1H26保险行业基本面延续改善,寿险NBV、CSM及内含价值持续增长,分红险转型、渠道费用治理推动新增业务负债成本下行;财险综合成本率改善,承保利润贡献提升;权益市场改善释放投资端利润弹性。短期3Q26净利润和寿险保费规模、NBV均面临较高基数,但负债成本下降、价值增长及财险承保盈利改善趋势仍在延续。低利率环境下,高股息提供估值支撑,寿险价值修复与投资收益改善共同支撑估值中枢提升。建议持续关注资产负债两端经营稳健、负债成本持续改善且股东回报较高的保险行业。

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