<p>中金公司发布报告称，自四月以来，中国资金的保险公司股价并未跟随大盘反弹。近期的路演提供了更多的见解。该券商认为，短期资本压力可能会逆转，因为极端情况往往会回归，行业有望实现估值恢复。它看好优质公司，并推荐中国太保（02601.HK）-0.420（-1.275%）空头头寸$94.16M；比例 29.176%，中国平安（02318.HK）-0.500（-0.808%）空头头寸$396.39M；比例 24.730%，中国太平（00966.HK）-0.220（-1.027%）空头头寸$26.06M；比例 14.268%，中国人寿（02628.HK）-0.180（-0.605%）空头头寸$1.18B；比例 43.037% 和 PICC 财险（02328.HK）+0.200（+1.296%）空头头寸$327.29M；比例 27.459%。请参阅单独的表格以获取目标价格。</p>
<p>关于保险股持续下跌，中金公司指出，近期市场风格相对极端。与科技等行业相比，保险缺乏吸引力，导致追求短期相对收益的资金流出。此外，长期股东如中国证券金融公司及相关资产管理计划在 A 股保险公司持续减持，施加了资本压力。一些投资者还表示，保险估值早前已经出现了一定的恢复，而盈利弹性逻辑高度波动，目前水平的吸引力有限。</p>
<p>报告指出，该行业需要长期恢复逻辑，而不仅仅是交易驱动的弹性。在过去两年中，行业股价受到短期股市回报预期的显著影响。一个重要原因是低估值和股市及保险行业盈利上调的巨大空间。该券商曾在 2025 年底认为，该行业将转向估值恢复，但 2026 年初的快速反弹再次受到强劲股市增长预期的推动。保险股近期的滞后表明，市场开始担心在更高的盈利基数之后，向上的弹性减弱，波动的盈利无法支撑高估值。该行业需要更稳定和长期的逻辑。利率、负债成本和扩张速度是影响人寿保险公司长期价值的核心因素。在考虑成本后，负债扩张的速度是高估值的关键支撑。</p>
<p>该券商补充道，个人代理渠道和保障型产品的增长回归可能是深度估值恢复的关键。它继续认为，储蓄产品不仅对实现增长有意义，还能吸引高净值客户和高质量代理，从而支持个人代理和保障产品的重新增长。这些是使保险公司能够区分负债成本、提升长期盈利能力和股东回报，并实现与国际领先同行可比估值的核心驱动因素。满足于强劲的银行保险增长而忽视个人代理和保障型产品的投资和探索将适得其反。（ha/u）（香港股票报价延迟至少 15 分钟。空头数据截至 2026 年 5 月 18 日 16:25。）</p>

中国平安

中国人寿

中国平安(ADR)

中国太保

<p>中金公司报告称，自四月以来，中国资金支持的保险公司股价落后于市场反弹。它预计短期资本过剩将出现逆转，估值将恢复，推荐中国太保、平安、中国太平、中国人寿和中国人民财险。报告强调需要长期复苏逻辑，强调个人代理渠道和保障型产品的增长对于提升盈利能力和股东回报的重要性</p>

<p>CICC published a report stating that since April, share prices of Chinese-funded insurers have not followed the broader market rebound. Recent roadshows have provided greater insights. The broker believes that the short-term capital overhang may reverse as extremes tend to revert, and the sector is poised for valuation recovery. It favors quality companies and recommends CPIC (02601.HK) -0.420 (-1.275%)  Short selling $94.16M; Ratio 29.176%  , PING AN (02318.HK) -0.500 (-0.808%)  Short selling $396.39M; Ratio 24.730%  , CHINA TAIPING (00966.HK) -0.220 (-1.027%)  Short selling $26.06M; Ratio 14.268%  , CHINA LIFE (02628.HK) -0.180 (-0.605%)  Short selling $1.18B; Ratio 43.037%  and PICC P&amp;C (02328.HK) +0.200 (+1.296%)  Short selling $327.29M; Ratio 27.459%  . Please refer to a separate table for target prices.</p>
<div class="lb-trans"><p>中金公司发布报告称，自四月以来，中国资金的保险公司股价并未跟随大盘反弹。近期的路演提供了更多的见解。该券商认为，短期资本压力可能会逆转，因为极端情况往往会回归，行业有望实现估值恢复。它看好优质公司，并推荐中国太保（02601.HK）-0.420（-1.275%）空头头寸$94.16M；比例 29.176%，中国平安（02318.HK）-0.500（-0.808%）空头头寸$396.39M；比例 24.730%，中国太平（00966.HK）-0.220（-1.027%）空头头寸$26.06M；比例 14.268%，中国人寿（02628.HK）-0.180（-0.605%）空头头寸$1.18B；比例 43.037% 和 PICC 财险（02328.HK）+0.200（+1.296%）空头头寸$327.29M；比例 27.459%。请参阅单独的表格以获取目标价格。</p>
</div><p>Regarding the persistent decline in insurance stocks, CICC noted that recent market style has been relatively extreme. Compared with sectors such as technology, insurance lacks attractiveness, leading to capital outflows from funds pursuing short-term relative returns. In addition, continued shareholding reductions by long-term shareholders such as China Securities Finance and related asset management plans in A-share insurers have exerted capital pressure. Some investors also indicated that insurance valuations had already seen some recovery earlier, while earnings elasticity logic is highly volatile and its appeal at current levels is limited.</p>
<div class="lb-trans"><p>关于保险股持续下跌，中金公司指出，近期市场风格相对极端。与科技等行业相比，保险缺乏吸引力，导致追求短期相对收益的资金流出。此外，长期股东如中国证券金融公司及相关资产管理计划在 A 股保险公司持续减持，施加了资本压力。一些投资者还表示，保险估值早前已经出现了一定的恢复，而盈利弹性逻辑高度波动，目前水平的吸引力有限。</p>
</div><p>The report stated that the sector requires a long-term recovery logic rather than merely trading-driven elasticity. Over the past two years, sector share prices have been significantly influenced by equity market return expectations in the short term. An important reason is low valuations and substantial room for upward earnings revisions in both the equity market and insurance sector. The broker had believed at end-2025 that the sector would shift toward valuation recovery, but the rapid rally in early 2026 was again driven by expectations of strong equity market growth. The recent lag in insurance stocks suggests the market is becoming concerned that after a higher earnings base, upside elasticity weakens, and volatile earnings cannot support high valuations. The sector needs a more stable and long-term logic. Interest rates, liability costs and expansion pace are core factors affecting long-term value of life insurers. After considering costs, the pace of liability expansion is the key support for high valuations.</p>
<div class="lb-trans"><p>报告指出，该行业需要长期恢复逻辑，而不仅仅是交易驱动的弹性。在过去两年中，行业股价受到短期股市回报预期的显著影响。一个重要原因是低估值和股市及保险行业盈利上调的巨大空间。该券商曾在 2025 年底认为，该行业将转向估值恢复，但 2026 年初的快速反弹再次受到强劲股市增长预期的推动。保险股近期的滞后表明，市场开始担心在更高的盈利基数之后，向上的弹性减弱，波动的盈利无法支撑高估值。该行业需要更稳定和长期的逻辑。利率、负债成本和扩张速度是影响人寿保险公司长期价值的核心因素。在考虑成本后，负债扩张的速度是高估值的关键支撑。</p>
</div><p>The broker added that a return to growth in the individual agent channel and protection-type products may be the key to deep valuation recovery. It continues to believe that savings products are not only meaningful for achieving growth, but also for attracting high-net-worth clients and high-quality agents, thereby supporting renewed growth in individual agent and protection products. These are the core drivers enabling insurers to differentiate liability costs, enhance long-term profitability and shareholder returns, and achieve valuations comparable to leading international peers. Being satisfied with strong bancassurance growth while neglecting investment and exploration in individual agent and protection products would be counterproductive. (ha/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-18 16:25.)</p>
<div class="lb-trans"><p>该券商补充道，个人代理渠道和保障型产品的增长回归可能是深度估值恢复的关键。它继续认为，储蓄产品不仅对实现增长有意义，还能吸引高净值客户和高质量代理，从而支持个人代理和保障产品的重新增长。这些是使保险公司能够区分负债成本、提升长期盈利能力和股东回报，并实现与国际领先同行可比估值的核心驱动因素。满足于强劲的银行保险增长而忽视个人代理和保障型产品的投资和探索将适得其反。（ha/u）（香港股票报价延迟至少 15 分钟。空头数据截至 2026 年 5 月 18 日 16:25。）</p>
</div>

中金公司认为短期资本过剩现象将会逆转，并预计大陆保险公司的估值将恢复，推荐中国太保、中国平安等公司