国泰海通：投资扰动利润预期建议关注低估值保险板块

智通财经网04-13

智通财经APP获悉，国泰海通发布研报称，在宏观经济指标回暖，利率企稳回升背景下，保险股的估值修复预计将逐步开启。资负经营稳健、低估值、以及股息率较高的头部优质险企配置机会凸显。负债端看，该行预计26Q1新单整体景气增长，预计银保渠道是重要增长驱动;投资端看，利率企稳叠加保险公司优化资产配置结构，利好推动盈利改善。维持行业“增持”评级。国泰海通主要观点如下：投资波动扰动利润预期，利率企稳推动估值修复...

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/2627748511?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-04-13 11:27","share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","id":"2627748511","market":"sg","top_or_hot":-1,"title":"国泰海通：投资扰动利润预期 建议关注低估值保险板块","media":"智通财经网","content":"<div>\n<p>智通财经APP获悉，国泰海通发布研报称，在宏观经济指标回暖，利率企稳回升背景下，保险股的估值修复预计将逐步开启。资负经营稳健、低估值、以及股息率较高的头部优质险企配置机会凸显。负债端看，该行预计26Q1新单整体景气增长，预计银保渠道是重要增长驱动;投资端看，利率企稳叠加保险公司优化资产配置结构，利好推动盈利改善。维持行业“增持”评级。国泰海通主要观点如下：投资波动扰动利润预期，利率企稳推动估值修复...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1427602.html\">网页链接</a>\n\n</div>\n","source":"highlight_zhitongcaijin","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>国泰海通：投资扰动利润预期 建议关注低估值保险板块</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国泰海通：投资扰动利润预期 建议关注低估值保险板块\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-04-13 11:27 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1427602.html><strong>智通财经网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，国泰海通发布研报称，在宏观经济指标回暖，利率企稳回升背景下，保险股的估值修复预计将逐步开启。资负经营稳健、低估值、以及股息率较高的头部优质险企配置机会凸显。负债端看，该行预计26Q1新单整体景气增长，预计银保渠道是重要增长驱动;投资端看，利率企稳叠加保险公司优化资产配置结构，利好推动盈利改善。维持行业“增持”评级。国泰海通主要观点如下：投资波动扰动利润预期，利率企稳推动估值修复...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1427602.html\">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":"BK0183","symbol_name":"MSCI概念","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1427602.html","article_id":"2627748511","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2627748511","pubTimestamp":1776050834,"columns":[],"sourceInfo":{"source_id":"highlight_zhitongcaijin","name":"智通财经网"},"weMediaInfo":null,"summary":"智通财经APP获悉，国泰海通发布研报称，在宏观经济指标回暖，利率企稳回升背景下，保险股的估值修复预计将逐步开启。维持行业“增持”评级。国泰海通主要观点如下：投资波动扰动利润预期，利率企稳推动估值修复3月27日至4月10日，申万保险指数由1268.21上涨至1304.34，区间涨幅+2.85%。该行认为资负经营稳健、低估值、以及股息率较高的头部优质险企配置机会凸显。","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"601211":"国泰海通","BK0183":"MSCI概念","BK0201":"可转债","BK0188":"融资融券","BK0012":"证金概念","02611":"国泰海通","BK1147":"投资银行业与经纪业","BK0276":"资本市场","BK1564":"中资券商股","BK0184":"上海国资改革","BK0028":"国家队"},"translate_title":"Cathay Haitong: Investment Disturbance Profit Expectation Suggestions Pay Attention to Low Valuation Insurance Sector","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"601211":1.5,"02611":1.5},"content_text":"智通财经APP获悉，国泰海通发布研报称，在宏观经济指标回暖，利率企稳回升背景下，保险股的估值修复预计将逐步开启。资负经营稳健、低估值、以及股息率较高的头部优质险企配置机会凸显。负债端看，该行预计26Q1新单整体景气增长，预计银保渠道是重要增长驱动;投资端看，利率企稳叠加保险公司优化资产配置结构，利好推动盈利改善。维持行业“增持”评级。国泰海通主要观点如下：投资波动扰动利润预期，利率企稳推动估值修复3月27日至4月10日，申万保险指数(801194.SI)由1268.21上涨至1304.34，区间涨幅+2.85%。同期沪深300涨跌幅+2.98%，上证指数+1.85%，恒生指数+3.77%。近期市场较为关注上市险企26Q1的业绩预期，该行预计利润或受股市波动影响整体同比下滑，投资端的悲观预期已相对充分地体现在股价表现，尽管市场仍担忧内外部因素扰动下26年保险资负改善的叙事驱动，但在宏观经济指标回暖，利率企稳回升背景下，保险股的估值修复预计将逐步开启。该行认为资负经营稳健、低估值、以及股息率较高的头部优质险企配置机会凸显。从严监管渠道费用及销售行为，智能驾驶专属保险开发稳步推进1)金融监管总局下发《关于进一步加强银行代理渠道费用管理有关事项的通知》，细化银保专员薪酬激励、培训及客户服务费等费用报送要求，预计“报行合一”深化下头部险企竞争优势进一步彰显。2)26版人身险负面清单进一步规范销售行为，利好行业稳健经营;3)北京金融监管总局正式宣布启动智能网联新能源汽车商业保险开发应用，利好智能驾驶保险保障进一步提质扩面。上市险企进一步优化股权投资，保险服务持续升级1)中国再保发布业绩报告，25年实现总保费收入1803.68亿元，同比增长1.1%，净利润102.17亿元，同比下降7.8%。2)上市险企通过配置优质股权资产，进一步改善投资资产结构，相关事件包括：成都光宜基金成立，中国太保旗下太保鑫汇持股50%;深圳宏济医疗完成C/C+轮融资，C+轮阳光保险参与跟投;中国平安增持农业银行H股，增持后最新持股数目约为70.80亿股，最新持股比例为23.03%。3)中国平安宣布，2026年升级AI“快捷服务”和“全球急难救援”两大创新服务，进一步拓展完善“保险+服务”版图。风险提示：长端利率下行;权益市场波动;负债成本改善不及预期;客户需求不及预期。更多港股重磅资讯，下载智通财经app更多港股及海外理财资讯，请点击www.zhitongcaijing.com（搜索“智通财经”）；欲加入智通港股投资群，请加智通客服微信(ztcjkf)","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":1,"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":"4.43.1","shortVersion":"4.43.1","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/2627748511","isCrawlerRequest":true}

国泰海通：投资扰动利润预期 建议关注低估值保险板块

精彩评论

国泰海通：投资扰动利润预期建议关注低估值保险板块