保险行业：估值驱动主要来自资产端

湘财证券2025-06-16

投资建议险企长期股票投资试点扩容，叠加资本市场维稳政策支持，权益投资占比提升增厚长期资产投资收益率，保险公司资产端收益预期有望继续改善，加强资负两端收益匹配。此外，险企通过配置超长期债券拉长资产久期，缓解资产负债久期错配压力，减少利差损风险。三季度预定利率将面临动态调整，险企负债成本压力有望得以缓解，增强保单销售动力，有望推动寿险新业务价值增长。资产负债两端匹配度优化，资产端收益弹性加强，有望促进...

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