【国泰海通非银刘欣琦团队】交易扰动带来增持机会，继续看好非银

欣琦看金融01-11

非银一周观点本周保险板块受“开门红”数据阶段性超预期催化，周初情绪与资金推动下出现明显上涨，但下半周因交易扰动出现回调。整体看，短期波动更多体现交易层面的兑现与节奏切换，核心逻辑较上周变化不大：在利率边际企稳的背景下，负债端预期改善与资产端折现压力缓释有望共同推动估值修复，板块弹性仍主要取决于利率中枢与市场对长期投资收益假设的再定价，我们认为26年年初是投资保险板块的好时机。后半周A/H券商板块...

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