金吾财讯 | 保险股逆市受压，中国财险（02328）跌2.98%，中国人寿（02628）跌2.71%，中国人民保险集团（01339）跌1.65%，中国太保（02601）跌0.97%，中国平安（02318）跌0.50%，阳光保险（06963）跌0.43%。华西证券表示，负债端，该机构预计寿险保费9月起同比基数明显回落，对后续增速扰动预计减弱，四季度重点转向2027年开门红筹备；渠道改革叠加分红险转型支撑NBV质量继续改善，保费放缓不改价值主线。当前主动权益基金对保险板块显著低配。2026年10月9日收盘价对应A股保险股2026年PEV估值为0.45-0.63x，处于历史低位，该机构维持行业“推荐”评级。银河证券表示，2026年作为“十五五”开局之年，在党和国家政策指引下，保险业迎来资产端改善与负债端转型的双重机遇。资产端方面，政策组合拳推动下险企资产配置迎来多元优化空间，权益市场“健康牛”背景下资产端压力有望缓解。负债端，低利率环境下保险产品长期锁定复利收益的配置价值依然突出，“存款搬家”效应激发负债端潜力持续释放，保费收入短期承压不改需求韧性，看好后市保险行业估值持续修复空间。
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