大行評級|瑞銀:內險股短期受惠市場正面反應 看好中國平安及中國財險
瑞銀髮表報吿指出,人行推出一系列刺激經濟措施,包括近期將存款準備金率(RRR)下調50點子,釋放1萬億元人民幣流動性;為證券公司、基金公司及保險公司設立5,000億元人民幣互換便利額度。該行認為,如果市場情緒持續改善,預期內險股可受惠於股權投資收益和估值提高。截至今年6月,部分上市保險公司的保險資金投資有9%至15%為上市股票,其中大部分透過損益按公允價值衡量(FVTPL)。然而,該行指降準對保險業來説是一把雙刃劍,雖然行業短期內將受惠於股票和其他刺激措施(如房地產)的潛在推動,但長遠而言,利率仍具挑戰。
該行料中國平安今年營運利潤(OPAT)增長約10%,意味着下半年反彈強勁,主要受資產管理分部改善而推動,該行料全年股息達2.44元,相當於6.7%股息率。長遠而言,該行偏好中國財險,認為其財險業務對利率下行週期的抵禦能力較強,且週期性較低。該行料第三季綜合成本率(CoR)將按年有所改善,主要由於自然災害損失減少。而在債券投資的公允價值出現正變動,該行估計投資回報也會按年上升。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.