<p>NCI (01336.HK) +1.400 (+2.767%)  空头头寸 $76.72M; 比率 13.230%  今日中午（30 日）收于港币 52，上涨 2.77%，成交量为 1099.71 万股，涉及港币 5.8 亿。</p>
<p>BofAS 发布研究报告称，NCI 在 2026 年第一季度的净利润为人民币 65 亿元，同比增长 11%，是行业内最强劲的增长，而同行中国人寿 (02628.HK) +1.340 (+4.891%)  空头头寸 $418.80M; 比率 23.172%  录得同比下降 32%。然而，券商指出，强劲的业绩应考虑一次性收益。NCI 在 2026 年第一季度的总投资收益率仅为 2.1%，低于中国人寿的 2.2%，而公允价值损失激增至人民币 209 亿元。同时，实现收益从人民币 98 亿元上升至人民币 221 亿元，其中包括来自按摊余成本计量的金融资产的 78 亿元确认收益，这可以视为一次性收益。BofAS 维持对 NCI 的盈利预测和目标价，并重申其 H 股的表现不佳评级，目标价为港币 39。</p>
<p>摩根士丹利在报告中表示，NCI 在 2026 年第一季度的净利润同比增长 10.5%，达到人民币 65 亿元，而税前利润增长 12.7%，超出市场预期，暗示年化 ROE 为 22%，领先同行。报告指出，盈利增长主要受保险服务结果增长 31.5% 的推动，这可能是由于费用和索赔减少，而投资表现同比下降 39.3%。券商估计，2026 年第一季度的新业务价值利润率同比改善 2.6 个百分点，支持新业务价值健康增长 25%。摩根士丹利对 NCI 给予减持评级，目标价为港币 43。</p>
<p>瑞银表示，NCI 在 2026 年第一季度的净利润同比增长 11%，达到人民币 65 亿元。考虑到 2026 年第一季度股市表现疲弱，以及公司相对较高的投资杠杆和公允价值变动损益的股票敞口，业绩可能超出市场预期。在此期间，新业务价值同比增长 25%，在同行中处于 9.6% 至 76% 的范围内。瑞银补充称，NCI 的核心和综合偿付能力比率环比下降 4.6 个百分点和 6.1 个百分点，分别为 131% 和 204%。券商维持对 NCI 的中性评级，目标价为港币 48.5。（ad/da）（香港股票报价延迟至少 15 分钟。空头数据截至 2026 年 4 月 30 日 12:25。）</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，并对因使用本翻译而产生的任何损害或损失不承担任何责任。</p>

中国人寿

<p>NCI 股份在中午上涨了 2.8%，收于 52 港元。BofAS 报告称，2026 年第一季度净利润为 65 亿元人民币，同比增长 11%，但指出存在一次性收益。NCI 的投资收益率为 2.1%，低于中国人寿的 2.2%。摩根士丹利和瑞银也报告了积极的收益，摩根士丹利给予了减持评级，目标价为 43 港元，而瑞银维持中性评级，目标价为 48.5 港元。总体而言，尽管股市面临挑战，NCI 的表现超出了市场预期</p>

<p>NCI (01336.HK) +1.400 (+2.767%)  Short selling $76.72M; Ratio 13.230%  closed at HKD52 at midday today (30th), up 2.77%, with turnover of 10.9971 million shares, involving HKD580 million.</p>
<div class="lb-trans"><p>NCI (01336.HK) +1.400 (+2.767%)  空头头寸 $76.72M; 比率 13.230%  今日中午（30 日）收于港币 52，上涨 2.77%，成交量为 1099.71 万股，涉及港币 5.8 亿。</p>
</div><p>BofAS issued a research report stating that NCI's net profit for 1Q26 was RMB6.5 billion, up 11% YoY, marking the strongest growth in the industry, while peer CHINA LIFE (02628.HK) +1.340 (+4.891%)  Short selling $418.80M; Ratio 23.172%  recorded a 32% YoY decline. However, the broker noted that the strong results should factor in one-off gains. NCI reported a total investment yield of only 2.1% in 1Q26, lower than CHINA LIFE's 2.2%, while fair value losses surged to RMB20.9 billion. Meanwhile, realized gains rose from RMB9.8 billion to RMB22.1 billion, including RMB7.8 billion of recognized gains from financial assets measured at amortized cost, which can be regarded as one-off gains. BofAS maintained its earnings forecasts and TP for NCI and reiterated its Underperform rating on its H shares, with a TP of HKD39.</p>
<div class="lb-trans"><p>BofAS 发布研究报告称，NCI 在 2026 年第一季度的净利润为人民币 65 亿元，同比增长 11%，是行业内最强劲的增长，而同行中国人寿 (02628.HK) +1.340 (+4.891%)  空头头寸 $418.80M; 比率 23.172%  录得同比下降 32%。然而，券商指出，强劲的业绩应考虑一次性收益。NCI 在 2026 年第一季度的总投资收益率仅为 2.1%，低于中国人寿的 2.2%，而公允价值损失激增至人民币 209 亿元。同时，实现收益从人民币 98 亿元上升至人民币 221 亿元，其中包括来自按摊余成本计量的金融资产的 78 亿元确认收益，这可以视为一次性收益。BofAS 维持对 NCI 的盈利预测和目标价，并重申其 H 股的表现不佳评级，目标价为港币 39。</p>
</div><p>M Stanley said in a report that NCI's net profit for 1Q26 rose 10.5% YoY to RMB6.5 billion, while pre-tax profit increased 12.7%, beating market expectations and implying an annualized ROE of 22%, leading peers. The report noted that earnings growth was mainly driven by a 31.5% increase in insurance service results, likely due to lower expenses and claims, while investment performance declined 39.3% YoY. The broker estimated that the new business value margin improved 2.6 ppts YoY in 1Q26, supporting a healthy 25% growth in new business value. M Stanley assigned an Underweight rating to NCI with a TP of HKD43.</p>
<div class="lb-trans"><p>摩根士丹利在报告中表示，NCI 在 2026 年第一季度的净利润同比增长 10.5%，达到人民币 65 亿元，而税前利润增长 12.7%，超出市场预期，暗示年化 ROE 为 22%，领先同行。报告指出，盈利增长主要受保险服务结果增长 31.5% 的推动，这可能是由于费用和索赔减少，而投资表现同比下降 39.3%。券商估计，2026 年第一季度的新业务价值利润率同比改善 2.6 个百分点，支持新业务价值健康增长 25%。摩根士丹利对 NCI 给予减持评级，目标价为港币 43。</p>
</div><p>UBS said NCI's net profit for 1Q26 rose 11% YoY to RMB6.5 billion. Considering the weak equity market performance in 1Q26, as well as the company's relatively high investment leverage and FVTPL equity exposure, the results likely beat market expectations. During the period, new business value increased 25% YoY, within the 9.6% to 76% range among peers. UBS added that NCI's core and comprehensive solvency ratios fell 4.6 ppts and 6.1 ppts QoQ to 131% and 204%, respectively. The broker maintained its Neutral rating on NCI with a TP of HKD48.5. (ad/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-30 12:25.)</p>
<div class="lb-trans"><p>瑞银表示，NCI 在 2026 年第一季度的净利润同比增长 11%，达到人民币 65 亿元。考虑到 2026 年第一季度股市表现疲弱，以及公司相对较高的投资杠杆和公允价值变动损益的股票敞口，业绩可能超出市场预期。在此期间，新业务价值同比增长 25%，在同行中处于 9.6% 至 76% 的范围内。瑞银补充称，NCI 的核心和综合偿付能力比率环比下降 4.6 个百分点和 6.1 个百分点，分别为 131% 和 204%。券商维持对 NCI 的中性评级，目标价为港币 48.5。（ad/da）（香港股票报价延迟至少 15 分钟。空头数据截至 2026 年 4 月 30 日 12:25。）</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，并对因使用本翻译而产生的任何损害或损失不承担任何责任。</p>
</div>

NCI  Up 2.8% at Midday; Brokers Say 1Q26 Earnings Beat Expectations

AASTOCKS News

新华保险

美国银行

摩根士丹利

瑞银集团

BANK OF AMERICA CORPORATION DEP SHS REP 1/1000TH INT NON CUM PFD QQ

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200TH PRF SERIES '5'

BANK OF AMERICA CORPORATION 7.25% NON-CUM PERP CONV PFD SER L

BANK OF AMERICA CORPORATION 5.875%NON CUM DEP SHS REP1/1000TH SER HH

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200TH PRF SERIES '2'

BANK OF AMERICA CORPORATION 5% DEP SHS REPR 1/1000TH NON CUM PFD LL

BANK OF AMERICA CORPORATION DEP SHARES REP 1/1000TH PERP PFD SER 'E'

BANK OF AMERICA CORPORATION INCOME CAPITAL OBLIG NTS DUE 15/12/2066

BANK OF AMERICA CORPORATION 4.375% DP SH RP 1/1000TH IN NON CU PF NN

BANK OF AMERICA CORPORATION DEP SH REP 1/1200TH PRF SER 1 USD25

BANK OF AMERICA CORPORATION 5.375%DEP SHS REP 1/1000TH NON CUM SR KK

BANK OF AMERICA CORPORATION 6%NON CUM DEP SHS EACH REP 1/1000 SER GG

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200 PFD SER 4 USD25

BANK OF AMERICA CORPORATION DEP SHS REP 1/1000TH NON CUM PFD SER SS

BANK OF AMERICA CORPORATION 4.125%DEP SH REP 1/1000 PFD SER PP USD25

Bank of America Corp

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

NCI 在午盘上涨 2.8%；经纪商表示 2026 年第一季度的收益超出预期