<p>摩根士丹利发布研究报告称，中国财险（02328.HK）-0.230 (-1.591%) 空头头寸为 9219 万美元；比例为 21.211%，2026 年第一季度业绩符合预期，承保表现相当健康，但投资面临短期压力。期间净利润同比下降 23.7%，略低于经纪商预测的 20% 的降幅。隐含年化股本回报率（ROE）约为 11.9%，每股账面价值（BVPS）环比上升 1.8%。</p>
<p>该经纪商表示，管理层对全年指引更加自信，进一步巩固了其在汽车保险市场的领先地位。非汽车保险在监管放松的背景下持续改善，每股派息比例也预计将增加。保费增长预计与行业增长保持一致。该集团被给予增持评级，目标价为 20.5 港元。（hc/u）（香港股票报价延迟至少 15 分钟。空头头寸数据截至 2026 年 4 月 29 日 16:25。）</p>
<p>本文由 AI 自动翻译，中文版本应视为权威版本。AASTOCKS.com Limited 不保证其准确性或完整性，并对因使用此翻译而导致的任何损害或损失不承担责任。</p>

中国人保

中国再保险

中国财险

中国人民保险集团

<p>摩根士丹利关于中国财险的报告显示，尽管净利润同比下降 23.7%，略低于预期的 20% 降幅，但在 2026 年第一季度的承保表现依然强劲。隐含年化净资产收益率为 11.9%，每股账面价值环比增长 1.8%。管理层对全年的指导和汽车保险市场的增长持乐观态度，预计保费增长将与行业趋势保持一致。该股票评级为增持，目标价为 20.5 港元</p>

<p>Morgan Stanley issued a research report stating that PICC P&amp;C (02328.HK) -0.230 (-1.591%)  Short selling $92.19M; Ratio 21.211%  delivered 1Q26 results in line with expectations, with a fairly healthy underwriting performance but short-term pressure on investments. Net profit during the period fell 23.7% YoY, slightly below the brokers forecast of a 20% decline. Implied annualized return on equity (ROE) was about 11.9%, while book value per share (BVPS) edged up 1.8% QoQ.</p>
<div class="lb-trans"><p>摩根士丹利发布研究报告称，中国财险（02328.HK）-0.230 (-1.591%) 空头头寸为 9219 万美元；比例为 21.211%，2026 年第一季度业绩符合预期，承保表现相当健康，但投资面临短期压力。期间净利润同比下降 23.7%，略低于经纪商预测的 20% 的降幅。隐含年化股本回报率（ROE）约为 11.9%，每股账面价值（BVPS）环比上升 1.8%。</p>
</div><p>The broker said management is more confident about full-year guidance, further consolidating its leading position in the auto insurance market. Non-auto insurance continued to improve amid regulatory easing, and the payout ratio per share is also expected to increase. Premium growth is projected to be in line with industry growth. The group was given an Overweight rating with a TP of HKD20.5. (hc/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-29 16:25.)</p>
<div class="lb-trans"><p>该经纪商表示，管理层对全年指引更加自信，进一步巩固了其在汽车保险市场的领先地位。非汽车保险在监管放松的背景下持续改善，每股派息比例也预计将增加。保费增长预计与行业增长保持一致。该集团被给予增持评级，目标价为 20.5 港元。（hc/u）（香港股票报价延迟至少 15 分钟。空头头寸数据截至 2026 年 4 月 29 日 16:25。）</p>
</div><p>This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation.</p>
<div class="lb-trans"><p>本文由 AI 自动翻译，中文版本应视为权威版本。AASTOCKS.com Limited 不保证其准确性或完整性，并对因使用此翻译而导致的任何损害或损失不承担责任。</p>
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M Stanley: PICC P&C  1Q26 Underwriting Strong but Investment Under Pressure, Rates Overweight

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摩根士丹利

MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

MORGAN STANLEY DEP SHS REP 1/1000 NON-CUM PFD STK SER K

摩根士丹利：PICC P&C 2026 年第一季度承保业务表现强劲，但投资面临压力，维持增持评级