开源证券：监管呵护叠加自身转型带动负债端向好关注保险资产端催化

智通财经网04-18

智通财经APP获悉，开源证券发布研报指出，银保推行报行合一带来价值率提升和费差损减少，叠加个险增长，预计上市险企一季度NBV仍将延续较好景气度。预定利率调降、报行合一和监管指导调降万能及分红险结算利率均利于寿险降低负债成本和利差损风险，上市险企积极转型，负债端相应监管要求、调整产品结构应对长期低利率环境，资产端提升资负匹配能力、拉长久期、提高高股息类资产配置。2024年保险行业负债成本有望明显回落...

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/2428584584?lang=zh_CN&edition=full","thumbnail":"https://img.zhitongcaijing.com/source/image/93965.jpg?x-oss-process=image/format,jpg/quality,Q_80/resize,w_250","is_english":false,"pubTime":"2024-04-18 10:48","share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","id":"2428584584","market":"hk","top_or_hot":-1,"title":"开源证券：监管呵护叠加自身转型带动负债端向好 关注保险资产端催化","media":"智通财经网","content":"<div>\n<p>智通财经APP获悉，开源证券发布研报指出，银保推行报行合一带来价值率提升和费差损减少，叠加个险增长，预计上市险企一季度NBV仍将延续较好景气度。预定利率调降、报行合一和监管指导调降万能及分红险结算利率均利于寿险降低负债成本和利差损风险，上市险企积极转型，负债端相应监管要求、调整产品结构应对长期低利率环境，资产端提升资负匹配能力、拉长久期、提高高股息类资产配置。2024年保险行业负债成本有望明显回落...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1104389.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>开源证券：监管呵护叠加自身转型带动负债端向好 关注保险资产端催化</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开源证券：监管呵护叠加自身转型带动负债端向好 关注保险资产端催化\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-04-18 10:48 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1104389.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，开源证券发布研报指出，银保推行报行合一带来价值率提升和费差损减少，叠加个险增长，预计上市险企一季度NBV仍将延续较好景气度。预定利率调降、报行合一和监管指导调降万能及分红险结算利率均利于寿险降低负债成本和利差损风险，上市险企积极转型，负债端相应监管要求、调整产品结构应对长期低利率环境，资产端提升资负匹配能力、拉长久期、提高高股息类资产配置。2024年保险行业负债成本有望明显回落...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1104389.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":"LU0163747925.USD","symbol_name":"EASTSPRING INVESTMENTS ASIAN EQUITY A ACC","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1104389.html","article_id":"2428584584","we_media_id":null,"thumbnails":["https://img.zhitongcaijing.com/source/image/93965.jpg?x-oss-process=image/format,jpg/quality,Q_80/resize,w_250"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2428584584","pubTimestamp":1713408537,"sourceInfo":{"source_id":"highlight_zhitongcaijin","name":"智通财经网"},"weMediaInfo":null,"summary":"上市险企2023年NBV增势强劲，负债端的高景气有望延续至2024年一季报。","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"82318":"中国平安-R","601318":"中国平安","LU0163747925.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY A ACC","LU0067412154.USD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (USD) ACC","LU1044874839.SGD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"AGH\" (SGDHDG) ACC","LU0488056044.USD":"Allianz Asian Multi Income Plus Cl AM DIS USD","LU0384037296.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AT\" (USD) ACC","LU0348788117.USD":"ALLIANZ EMERGING ASIA EQUITY \"A\" (USD) INC","LU0878005551.USD":"UBS (LUX) KEY SELEC ASIA ALLOCATION OPPORTUNITY (USD) \"P\" (USD) ACC","BK1136":"多元化保险","LU0762540952.USD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED INCOME \"AC\" (USD) ACC","IE00B5MMRT66.SGD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (SGDHDG) ACC","LU0051755006.USD":"摩根大通中国A (dist)","LU0594300419.USD":"富达中国消费基金A","LU0456827905.SGD":"JPMorgan Funds - China A (acc) SGD","LU0315178854.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"A\" ACC","IE00B543WZ88.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) ACC","02628":"中国人寿","BK1610":"ETF&股票定投概念","IE00BWDBJ730.SGD":"Legg Mason QS - MV Asia Pacific ex Japan Equity Growth and Income A Mdis SGD-H Plus","L":"洛斯公司","LU0052750758.USD":"富兰克林中国基金A Acc","LU1211504680.USD":"ALLIANZ HIGH DIVIDEND ASIA PACIFIC EQUITY \"AM\" (USD) INC","LU0315179316.USD":"EASTSPRING INVESTMENTS ASIAN DYNAMIC \"A\" (USD) ACC","LU0320764599.SGD":"FTIF - Templeton China A Acc SGD","LU0865486749.SGD":"Eastspring Investments - Asian Equity Income AS SGD-H","LU0359201612.USD":"贝莱德中国基金A2","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU1044875133.USD":"天利亚洲反向股票 AU Acc","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","BK1550":"内险股","LU0228367735.SGD":"Eastspring Investments - Asian Equity Fund AS SGD","LU0048580855.USD":"富达大中华区A","LU0890818403.SGD":"JPMorgan Funds - Emerging Markets Dividend A (mth) SGD-H","LU0880133367.SGD":"UBS (LUX) EQUITY FUND CHINA OPPORTUNITY USD \"P\" (SGD) ACC","LU0501845795.SGD":"瑞银大中华区股票基金P Acc SGD","LU0791591158.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"I\" (USD) ACC","LU0791590937.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"A\" (USD)","LU0417516738.SGD":"Allianz Hong Kong Equity AT Acc SGD","IE0032431581.USD":"PINEBRIDGE GREATER CHINA EQUITY \"A\" (USD) ACC","02601":"中国太保","02328":"中国财险","SG9999012744.USD":"UNITED ASIAN INCOME (USDHDG) INC","LU0640798160.USD":"EASTSPRING INVESTMENTS GLOBAL EMERGING MARKET DYNAMIC \"A\" (USD) ACC","LU0588545904.SGD":"Eastspring Investments - Asian Equity Income ASDM SGD","03145":"华夏亚洲高息股","LU0588545730.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"ADM\" (USD) INC","LU0072913022.USD":"UBS (LUX) EQUITY FUND -  GREATER CHINA \"P\" (USD) ACC","BK1507":"粤港澳大湾区","02318":"中国平安"},"translate_title":"Kaiyuan Securities: Regulatory care superimposed on self-transformation drives the debt side to improve, pay attention to the catalysis of insurance assets","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"82318":0.6,"601318":0.6,"02328":1,"02601":1,"02628":1,"02318":1,"L":0.6,"03145":0.6},"content_text":"智通财经APP获悉，开源证券发布研报指出，银保推行报行合一带来价值率提升和费差损减少，叠加个险增长，预计上市险企一季度NBV仍将延续较好景气度。预定利率调降、报行合一和监管指导调降万能及分红险结算利率均利于寿险降低负债成本和利差损风险，上市险企积极转型，负债端相应监管要求、调整产品结构应对长期低利率环境，资产端提升资负匹配能力、拉长久期、提高高股息类资产配置。2024年保险行业负债成本有望明显回落，负债端景气度无忧，关注经济复苏预期带来的beta催化，负债端转型领先、负债成本较低的险企有望保持领先优势。目前上市险企PEV估值位于历史底部，保险股兼具beta弹性和负债端阿尔法，看好左侧布局机会，推荐中国人寿(02628)、中国太保(02601)、中国平安(02318)。推荐高股息率的中国财险(02328)。开源证券主要观点如下：3月人身险保费保持正增长，Q1NBV预计延续高增长，全年负债端展望乐观(1)2024年3月5家上市险企寿险总保费合计1944亿元、同比+6.0%，增速较2月上升2.4pct，其中：中国人保+31.2%、中国平安+5.1%、中国太保+4.7%、中国人寿+4.4%、新华保险-4.4%，中国人保拉动5家合计总保费增速提升较明显。2024年1-3月累计5家上市险企总保费同比-0.4%，增速较2月+1.7pct，其中中国人寿+3.2%、中国平安+1.2%、中国人保-3.7%、中国太保-5.4%、新华保险-11.7%，预计受开门红筹备策略差异、银保报行合一落地及开门红降温新规政策影响下部分险企累计负增长，中国人寿增速领跑预计与银保占比低于同业有关。(2)展望看，预计2024Q1上市险企NBV延续高增，Q2预计受同期3.5%停售潮高基数影响增速有所回落，但全年NBV仍有望延续正增长。开源证券预计多数上市险企Q1个险新单期交同比延续高增，银保新单业务受“报行合一”政策影响短期承压但后续有望推动费差损减少，利于银保价值贡献改善。养老储蓄需求旺盛，保险刚兑和收益率优势仍在，险企渠道转型显效，个险人均产能持续提升，“报行合一”的全面落地和定价利率调降有望降低险企负债成本，产品结构优化推动margin改善，预计全年NBV仍延续正增长。中国平安Q1新单业务有所承压，人保3月新单和期交均改善(1)中国平安2024Q1个险新单保费452亿元、同比-4.8%，较2023Q4同比+2.7%下降7.4pct，团体新单保费同比+2.7%，较2023Q4同比+4.0%下降1.2pct。(2)中国人保人身险3月新单和期交均改善，拉动3月累计同比-3.7%。长险首年保费80.6亿元、同比+26.5%，其中趸交保费同比+66.2%，期交首年保费同比-1.2%，期缴续期同比+48.6%，3月趸缴高增预计与产品投放节奏有关，续期保费高增预计与存续业务基数、缴费和期限结构、续期率等因素有关。2024年3月财险保费同比改善，车险受益乘用车销量回升，人保非车险回暖(1)2024年3月4家上市险企财险保费收入1274亿元，同比+8.5%，较2月明显改善，各家3月同比分别为：众安在线+22.3%(2月+11.6%)、太保财险+12.7%(2月+1.6%)、人保财险+7.8%(2月-1.6%)、平安财险+5.9%(2月+0.9%)，此外阳光保险同比+13.8%(2月+11.7%)。2024年3月乘用车/新能源汽车销量同比+10.9%/+35.3%，同比较2024年2月+30.2pct/+44.5pct。(2)人保财险3月车险保费同比+3.1%，增速较2月+4.5pct，乘用车销量回暖带动车险改善。非车险3月同比+7.8%，较2月+9.4pct，其中意健险/农险/企财险/信用保证保险分别同比+10.1%/+14.7%/+16.5%/+27.2%，预计与政策险招标节奏有关。(3)平安财险2024Q1保费同比+2.8%，其中车险/非车险/意健险分别同比+3.5%/-9.7%/+34.1%。风险提示：经济复苏不及预期；保险产品需求复苏不及预期。","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"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,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","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/2428584584"}

开源证券：监管呵护叠加自身转型带动负债端向好 关注保险资产端催化

精彩评论

开源证券：监管呵护叠加自身转型带动负债端向好关注保险资产端催化