<p>中金公司發佈報告稱，自四月以來，中國資金的保險公司股價並未跟隨大盤反彈。近期的路演提供了更多的見解。該券商認為，短期資本壓力可能會逆轉，因為極端情況往往會迴歸，行業有望實現估值恢復。它看好優質公司，並推薦中國太保（02601.HK）-0.420（-1.275%）空頭頭寸$94.16M；比例 29.176%，中國平安（02318.HK）-0.500（-0.808%）空頭頭寸$396.39M；比例 24.730%，中國太平（00966.HK）-0.220（-1.027%）空頭頭寸$26.06M；比例 14.268%，中國人壽（02628.HK）-0.180（-0.605%）空頭頭寸$1.18B；比例 43.037% 和 PICC 財險（02328.HK）+0.200（+1.296%）空頭頭寸$327.29M；比例 27.459%。請參閲單獨的表格以獲取目標價格。</p>
<p>關於保險股持續下跌，中金公司指出，近期市場風格相對極端。與科技等行業相比，保險缺乏吸引力，導致追求短期相對收益的資金流出。此外，長期股東如中國證券金融公司及相關資產管理計劃在 A 股保險公司持續減持，施加了資本壓力。一些投資者還表示，保險估值早前已經出現了一定的恢復，而盈利彈性邏輯高度波動，目前水平的吸引力有限。</p>
<p>報告指出，該行業需要長期恢復邏輯，而不僅僅是交易驅動的彈性。在過去兩年中，行業股價受到短期股市回報預期的顯著影響。一個重要原因是低估值和股市及保險行業盈利上調的巨大空間。該券商曾在 2025 年底認為，該行業將轉向估值恢復，但 2026 年初的快速反彈再次受到強勁股市增長預期的推動。保險股近期的滯後表明，市場開始擔心在更高的盈利基數之後，向上的彈性減弱，波動的盈利無法支撐高估值。該行業需要更穩定和長期的邏輯。利率、負債成本和擴張速度是影響人壽保險公司長期價值的核心因素。在考慮成本後，負債擴張的速度是高估值的關鍵支撐。</p>
<p>該券商補充道，個人代理渠道和保障型產品的增長迴歸可能是深度估值恢復的關鍵。它繼續認為，儲蓄產品不僅對實現增長有意義，還能吸引高淨值客户和高質量代理，從而支持個人代理和保障產品的重新增長。這些是使保險公司能夠區分負債成本、提升長期盈利能力和股東回報，並實現與國際領先同行可比估值的核心驅動因素。滿足於強勁的銀行保險增長而忽視個人代理和保障型產品的投資和探索將適得其反。（ha/u）（香港股票報價延遲至少 15 分鐘。空頭數據截至 2026 年 5 月 18 日 16:25。）</p>

中國平安

中國人壽

中國平安(ADR)

中國太保

<p>中金公司報告稱，自四月以來，中國資金支持的保險公司股價落後於市場反彈。它預計短期資本過剩將出現逆轉，估值將恢復，推薦中國太保、平安、中國太平、中國人壽和中國人民財險。報告強調需要長期復甦邏輯，強調個人代理渠道和保障型產品的增長對於提升盈利能力和股東回報的重要性</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>中金公司發佈報告稱，自四月以來，中國資金的保險公司股價並未跟隨大盤反彈。近期的路演提供了更多的見解。該券商認為，短期資本壓力可能會逆轉，因為極端情況往往會迴歸，行業有望實現估值恢復。它看好優質公司，並推薦中國太保（02601.HK）-0.420（-1.275%）空頭頭寸$94.16M；比例 29.176%，中國平安（02318.HK）-0.500（-0.808%）空頭頭寸$396.39M；比例 24.730%，中國太平（00966.HK）-0.220（-1.027%）空頭頭寸$26.06M；比例 14.268%，中國人壽（02628.HK）-0.180（-0.605%）空頭頭寸$1.18B；比例 43.037% 和 PICC 財險（02328.HK）+0.200（+1.296%）空頭頭寸$327.29M；比例 27.459%。請參閲單獨的表格以獲取目標價格。</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>關於保險股持續下跌，中金公司指出，近期市場風格相對極端。與科技等行業相比，保險缺乏吸引力，導致追求短期相對收益的資金流出。此外，長期股東如中國證券金融公司及相關資產管理計劃在 A 股保險公司持續減持，施加了資本壓力。一些投資者還表示，保險估值早前已經出現了一定的恢復，而盈利彈性邏輯高度波動，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>報告指出，該行業需要長期恢復邏輯，而不僅僅是交易驅動的彈性。在過去兩年中，行業股價受到短期股市回報預期的顯著影響。一個重要原因是低估值和股市及保險行業盈利上調的巨大空間。該券商曾在 2025 年底認為，該行業將轉向估值恢復，但 2026 年初的快速反彈再次受到強勁股市增長預期的推動。保險股近期的滯後表明，市場開始擔心在更高的盈利基數之後，向上的彈性減弱，波動的盈利無法支撐高估值。該行業需要更穩定和長期的邏輯。利率、負債成本和擴張速度是影響人壽保險公司長期價值的核心因素。在考慮成本後，負債擴張的速度是高估值的關鍵支撐。</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>該券商補充道，個人代理渠道和保障型產品的增長迴歸可能是深度估值恢復的關鍵。它繼續認為，儲蓄產品不僅對實現增長有意義，還能吸引高淨值客户和高質量代理，從而支持個人代理和保障產品的重新增長。這些是使保險公司能夠區分負債成本、提升長期盈利能力和股東回報，並實現與國際領先同行可比估值的核心驅動因素。滿足於強勁的銀行保險增長而忽視個人代理和保障型產品的投資和探索將適得其反。（ha/u）（香港股票報價延遲至少 15 分鐘。空頭數據截至 2026 年 5 月 18 日 16:25。）</p>
</div>

中金公司認為短期資本過剩現象將會逆轉，並預計大陸保險公司的估值將恢復，推薦中國太保、中國平安等公司