高盛发表研究报告指，内险股自7月底起表现逊色，H股及A股股价平均下跌2%及6%，而恒指及沪深 300指数同期升幅为8%及14%，相信是由于内险股自4月初股价反弹以后，估值水平已偏高，以及2024 年下半年高基数效应导致盈利增长前景乏力所致。展望即将公布的第三季业绩，高盛认为内险股风险回 报正在改善，憧憬在股票投资收益推动下，第三季盈利或好过预期，而明年新业务价值可能录得双位数 增幅，合约服务利润率亦将迎来增长拐点。 内险股中，高盛预期中国人寿第三季从股市及收益率变动中受益最多，其次为中国太平；新华保险盈利 增长表现或最强，但同时账面值及偿付能力比率可能落后于同业。该行将内险股2025年盈利预测上调 2%至20%，国寿及新华上调幅度最多，分别达20%及19%。该行并将中国太保评级从"中性"上调至"买 入"，太平的评级则从"沽售"升至"中性"。责任编辑：栎树 ...

内险股中，高盛预期中国人寿第三季从股市及收益率变动中受益最多，其次为中国太平；新华保险盈利 增长表现或最强，但同时账面值及偿付能力比率可能落后于同业。该行将内险股2025年盈利预测上调 2%至20%，国寿及新华上调幅度最多，分别达20%及19%。该行并将中国太保评级从"中性"上调至"买 入"，太平的评级则从"沽售"升至"中性"。 高盛发表研究报告指，内险股自7月底起表现逊色，H股及A股股价平均下跌2%及6%，而恒指及沪深 300指数同期升幅为8%及14%，相信是由于内险股自4月初股价反弹以后，估值水平已偏高，以及2024 年下半年高基数效应导致盈利增长前景乏力所致。展望即将公布的第三季业绩，高盛认为内险股风险回 报正在改善，憧憬在股票投资收益推动下，第三季盈利或好过预期，而明年新业务价值可能录得双位数 增幅，合约服务利润率亦将迎来增长拐点。 ...

Core Viewpoint - Morgan Stanley's research report indicates that the recent performance of domestic insurance stocks reflects positive signals such as a shift in reserve liabilities, improved asset-liability management, increased mid-term dividends, enhanced capital repayment, and strong operational conditions in both life and non-life insurance sectors [1] Group 1: Financial Performance - Domestic insurance stocks have shown a rebound this year, with current price levels corresponding to a projected price-to-earnings ratio of approximately 7 times for 2026 [1] - The expected dividend yield for these stocks is around 4%, indicating an improved risk-return profile [1] Group 2: Company Outlook - Morgan Stanley is optimistic about China Life and Ping An, anticipating continued strong performance in the third quarter [1] - The firm maintains an "overweight" rating for both companies, with target prices set at HKD 31 for China Life and HKD 80 for Ping An [1]

Group 1 - The core viewpoint of the article highlights a significant rally in Hong Kong's insurance stocks, with China People's Insurance Group and China Pacific Insurance reaching historical highs [1] - China People's Insurance Group reported a mid-year revenue of 324.12 billion yuan, up from 292.34 billion yuan in the same period last year, and a net profit of 26.7 billion yuan, compared to 23.4 billion yuan previously [1] - China Pacific Insurance's net profit for the first half of the year was 24.455 billion yuan, reflecting a year-on-year growth of 32.3% [1] Group 2 - Prudential reported a shareholder profit of 1.284 billion USD for the mid-year period, marking a year-on-year increase of 9.7 times [1] - China Ping An's operating profit attributable to shareholders grew by 3.7% in the first half of the year, with a strong increase of 39.8% in new business value for life insurance [1] - Analysts suggest that the Chinese insurance industry is emerging from a low point, driven by multiple favorable factors, indicating a shift towards a higher quality and more sustainable development phase [1]