--- title: "《大行》高盛：保诚友邦估值吸引 股价回调提供买入机会" description: "高盛发布报告称，保诚和友邦股价分别下跌 8% 和 4%，主要受宏利金融销售疲弱及人工智能颠覆担忧影响。高盛认为这两家公司受影响较小，因其来自经纪渠道的新保费贡献低。尽管存在颠覆风险，但复杂产品仍需人际互动。高盛重申对友邦和保诚的 “买入” 评级，目标价分别为 96 元和 150 元。" type: "news" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/276030306.md" published_at: "2026-02-16T03:55:54.000Z" --- # 《大行》高盛：保诚友邦估值吸引 股价回调提供买入机会 > 高盛发布报告称，保诚和友邦股价分别下跌 8% 和 4%，主要受宏利金融销售疲弱及人工智能颠覆担忧影响。高盛认为这两家公司受影响较小，因其来自经纪渠道的新保费贡献低。尽管存在颠覆风险，但复杂产品仍需人际互动。高盛重申对友邦和保诚的 “买入” 评级，目标价分别为 96 元和 150 元。 高盛发表研究报告指出，保诚 (02378.HK) 及友邦保险 (01299.HK) 股价於上周五 (13 日) 分别下跌 8% 及 4%。投资者提及综合因素包括宏利金融 (00945.HK) 於 2 月 12 日公布的 2025 年第四季销售疲弱，以及对人工智能颠覆的担忧。 该行认为，从宏利业绩直接引伸的关联性有限，因 2025 年第四季销售疲弱是受高基数效应及监管变化导致经纪渠道中断的共同影响。相比宏利，友邦及保诚来自经纪渠道的年度化新保费贡献低得多，因此受该渠道不利因素的影响较小。 关於人工智能颠覆的担忧，该行虽然看到未来存在颠覆风险，但强调代理销售专注於保单条款复杂、保费缴付期长及/或保费金额大的产品。该行相信这些产品较不容易受到人工智能颠覆的影响，因为客户重视人际互动。 该行相信持续增长的论述依然完好，与新冠疫情相关的干扰大多已成为过去。以当前估值，该行看到具吸引力的风险回报，重申友邦及保诚的「买入」评级，前者目标价 96 元，后者目标价 150 元。 ### Related Stocks - [01299.HK - 友邦保险](https://longbridge.com/zh-CN/quote/01299.HK.md) - [02378.HK - 保诚](https://longbridge.com/zh-CN/quote/02378.HK.md) ## Related News & Research | Title | Description | URL | |-------|-------------|-----| | A Fresh Look At AIA Group (SEHK:1299) Valuation After Recent Share Price Moves | AIA Group (SEHK:1299) has recently attracted investor interest with a 1-day return of 2.55% and a 1-year total return of | [Link](https://longbridge.com/zh-CN/news/276057502.md) | | AIA Adds HR, Tech Veterans to Board | AIA has appointed Shu Khoo and David Ku as independent non-executive directors. Khoo has experience as an independent di | [Link](https://longbridge.com/zh-CN/news/274906354.md) | | AIA Group Appoints Shulamite Khoo and Ku Man as Independent Non-Executive Directors | AIA Group Ltd. has appointed Ms. Shulamite N K Khoo and Mr. Ku Man as Independent Non-executive Directors, effective fro | [Link](https://longbridge.com/zh-CN/news/274780015.md) | | AIA Group Ltd. Files Director List with HKEX | AIA Group Ltd. has submitted an updated Board of Directors list to the Hong Kong Stock Exchange. Sir Mark Edward Tucker | [Link](https://longbridge.com/zh-CN/news/274780396.md) | | Prudential starts USD1.2 billion buyback amid IPO proceeds | Prudential PLC has launched a USD1.2 billion share buyback program, expected to be completed by late December. This incl | [Link](https://longbridge.com/zh-CN/news/271637429.md) | --- > **免责声明**：本文内容仅供参考，不构成任何投资建议。