大行评级丨小摩：重申友邦和保诚“增持”评级，自由现金流强劲改善

中金财经02-11

摩根大通发表研报指，自由盈余和自由现金流生成的强劲改善，有望重建市场对友邦保险和保诚内含价值的信心。该行认为，自由现金流收益率及具吸引力的资本回报可能会推动股价对内含价值倍数重估，其中香港强劲的增长动能带来上行风险。该行重申对友邦和保诚的“增持”评级。　　该行称，得益于亚洲股市的复苏，去年保诚和友邦股价强劲上涨约70%至80%，但也归功于现金生成能力的改善。两家公司都专注于优化产品组合以...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2610600233?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-02-11 13:47","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2610600233","market":"us","top_or_hot":-1,"title":"大行评级丨小摩：重申友邦和保诚“增持”评级，自由现金流强劲改善","media":"中金财经","content":"<div>\n<p>摩根大通发表研报指，自由盈余和自由现金流生成的强劲改善，有望重建市场对友邦保险和保诚内含价值的信心。该行认为，自由现金流收益率及具吸引力的资本回报可能会推动股价对内含价值倍数重估，其中香港强劲的增长动能带来上行风险。该行重申对友邦和保诚的“增持”评级。\r\n\r\n　　该行称，得益于亚洲股市的复苏，去年保诚和友邦股价强劲上涨约70%至80%，但也归功于现金生成能力的改善。两家公司都专注于优化产品组合以...</p>\n\n<a href=\"http://sc.stock.cnfol.com/gushizhibo/20260211/32011968.shtml\">网页链接</a>\n\n</div>\n","source":"zhongjincaijing_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>大行评级丨小摩：重申友邦和保诚“增持”评级，自由现金流强劲改善</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n大行评级丨小摩：重申友邦和保诚“增持”评级，自由现金流强劲改善\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-11 13:47 北京时间&nbsp;&nbsp;&nbsp;<a href=http://sc.stock.cnfol.com/gushizhibo/20260211/32011968.shtml><strong>中金财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>摩根大通发表研报指，自由盈余和自由现金流生成的强劲改善，有望重建市场对友邦保险和保诚内含价值的信心。该行认为，自由现金流收益率及具吸引力的资本回报可能会推动股价对内含价值倍数重估，其中香港强劲的增长动能带来上行风险。该行重申对友邦和保诚的“增持”评级。\r\n\r\n　　该行称，得益于亚洲股市的复苏，去年保诚和友邦股价强劲上涨约70%至80%，但也归功于现金生成能力的改善。两家公司都专注于优化产品组合以...</p>\n\n<a href=\"http://sc.stock.cnfol.com/gushizhibo/20260211/32011968.shtml\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"159201","symbol_name":"自由现金","start_time":0,"source_url":"http://sc.stock.cnfol.com/gushizhibo/20260211/32011968.shtml","article_id":"2610600233","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2610600233","pubTimestamp":1770788823,"columns":[],"sourceInfo":{"source_id":"zhongjincaijing_highlight","name":"中金在线"},"weMediaInfo":null,"summary":"摩根大通发表研报指，自由盈余和自由现金流生成的强劲改善，有望重建市场对友邦保险和保诚内含价值的信心。该行认为，自由现金流收益率及具吸引力的资本回报可能会推动股价对内含价值倍数重估，其中香港强劲的增长动能带来上行风险。该行重申对友邦和保诚的“增持”评级。　　该行称，得益于亚洲股市的复苏，去年保诚和友邦股价强劲上涨约70%至80%，但也归功于现金生成能力的改善。","collect":0,"end_time":0,"defaultTopTitle":"cnfol.com","property":["rate"],"viewcount":null,"language":"zh","relate_stocks":{"159201":"自由现金","02378":"保诚"},"translate_title":"Big Bank Ratings | JPMorgan: Reaffirmed the \"overweight\" ratings of AIA and Prudential, free cash flow improved strongly","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"159201":1.5,"02378":1.5},"content_text":"摩根大通发表研报指，自由盈余和自由现金流生成的强劲改善，有望重建市场对友邦保险和保诚内含价值的信心。该行认为，自由现金流收益率及具吸引力的资本回报可能会推动股价对内含价值倍数重估，其中香港强劲的增长动能带来上行风险。该行重申对友邦和保诚的“增持”评级。\r\n\r\n　　该行称，得益于亚洲股市的复苏，去年保诚和友邦股价强劲上涨约70%至80%，但也归功于现金生成能力的改善。两家公司都专注于优化产品组合以缩短新业务的回收期，例如提高健康及保障类产品的比例。P/EV倍数已从之前的低谷回升，友邦约为2026年预测内含价值的1.3倍，保诚约为0.9倍。新业务利润驱动自由现金流，而这些现金流被用于资本回报及进一步增长，该行认为这可能推动两只股票的P/EV重估。","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.42.2","shortVersion":"4.42.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2610600233","isCrawlerRequest":true}