光大证券：险企转型深化，基本面延续复苏态势

光大证券01-07

2025年回顾：资负共振，保险板块跑赢大盘。今年以来截至12月30日，保险板块累计上涨27.0%，跑赢沪深300指数8.8pct，主要受益于NBV在较高基数下延续较快同比增长、长端利率企稳回升以及权益市场上行推动上市险企25Q3盈利超预期。从险企经营情况来看：1）人身险：代理人队伍规模逐步企稳，银保推动下总新单实现同比正增，叠加“报行合一”和预定利率下调带来的NBVM持续改善，“量价齐升”推动新...

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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260107074519a6fbfcf3&s=b><strong>光大证券</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>2025年回顾：资负共振，保险板块跑赢大盘。今年以来截至12月30日，保险板块累计上涨27.0%，跑赢沪深300指数8.8pct，主要受益于NBV在较高基数下延续较快同比增长、长端利率企稳回升以及权益市场上行推动上市险企25Q3盈利超预期。从险企经营情况来看：1）人身险：代理人队伍规模逐步企稳，银保推动下总新单实现同比正增，叠加“报行合一”和预定利率下调带来的NBVM持续改善，“量价齐升”推动新...</p>\n\n<a 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