金吾财讯 | 交银国际研报指，据中报数据，受投资收益增加等因素驱动，1H26头部险企盈利出现阶段性改善，中国人寿（02628/买入）、中国人保（02328/买入）、中国平安（02318/买入）、中国太保（02601/买入）、新华保险（01336/买入）五家险企营业收入同比增24.4%，较去年同期加快19.5个百分点；归母净利润同比增78.1%，较去年同期加快74.4个百分点。其中，中国人寿归母净利润的同比增速高达228.6%。国家金融监管总局近期发布数据亦显示，1-8月保险业主营业务发展继续保持稳健，全行业原保险保费收入同比增长0.4%，特别是财险业务结构持续优化，财产险公司原保险保费收入同比增长2.2%，支出增长同比放缓，偿付能力相关指标进一步改善。短期来看，保险公司投资收益或受市场波动带来的阶段性扰动，但主营收入稳定增长、赔付支出整体可控、降本增效持续取得进展，中长期盈利能力仍有望得到较强支撑。同时，本年度五家险企均推出了中期分红安排。在近期市场调整过程中，可重点关注具备基本面较强韧性的头部机构逢低布局机会。风险提示：市场波动影响投资收益、利率环境变化等。
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