银行行业深度报告：险资增配动因与PB-ROE估值曲线演变“新范式”

开源证券2025-07-31

（以下内容从开源证券《银行行业深度报告：险资增配动因与PB-ROE估值曲线演变“新范式”》研报附件原文摘录）增量险资持续配置银行股，FVOCI股票投资及长股试点均有增配空间本轮银行股持续上涨行情源于资金面驱动，市场关注险资增配银行股的原因及空间。当前保险资金配置银行股主要有两种形式：第一、险资于二级市场逐步增持，部分增持至触发举牌，且主要集中在H股，或源于港股市场高股息、低成本及税收三方面优势；...

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