非银金融行业：岁末年初建议重视非银投资机会

中信建投证券股...

12/15

核心观点证券：2026 年政策利好驱动业绩持续增长，板块有望重新定价。保险：利率企稳回升有望带动估值修复，寿险看好2026 年开门红新单增速超预期，财险看好非车险“报行合一”带动承保利润较快增长。香港市场及港交所观点：美联储降息背景下，港股市场流动性宽松，关注非银板块向上弹性。多元金融观点：把握消费金融行业β与龙头公司α共振机遇。摘要证券：2026 年政策利好驱动业绩持续增长，板块有望重新定价。...

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年政策利好驱动业绩持续增长，板块有望重新定价。...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251215152241a6a40abf&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0588546209.SGD","symbol_name":"Eastspring Investments - China Equity Fund AS SGD","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251215152241a6a40abf&s=b","article_id":"2591615639","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251215152241a6a40abf&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, 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年开门红新单增速超预期，财险看好非车险“报行合一”带动承保利润较快增长。香港市场及港交所观点：美联储降息背景下，港股市场流动性宽松，关注非银板块向上弹性。多元金融观点：把握消费金融行业β与龙头公司α共振机遇。摘要证券：2026 年政策利好驱动业绩持续增长，板块有望重新定价。2025 年证券行业进入新一轮增长周期，但券商股票因缺少独立催化、前两年悲观情绪的延续等原因而导致超额收益不佳。当前“服务新质生产力+中长期资金入市+券商国际化机遇”三大核心利好逻辑尚未被市场充分定价，其驱动的投行、资管、国际业务等新动能，有望在2026 年后逐步兑现至行业基本面， 为中长期业绩弹性与韧性提供坚实支撑，无需担忧增长断层。保险：建议重视保险板块业绩增长与估值修复的戴维斯双击投资机会。当前我们认为利率企稳回升带来的估值修复有望成为保险板块行情的主要驱动。此前在长端利率趋势下行背景下，由于保险资金整体配置结构中约75%-80%为固收类资产，市场对上市险企未来长期投资收益的预期较为悲观，也直接对寿险板块估值带来压制，但近期长端利率呈企稳回升态势，目前10 年国债收益率已处于1.8%以上，有望带动上市险企估值修复。而且，我们认为即使在1.5%-1.6%的较为保守的长端利率预期下， 上市险企估值修复仍有空间，其中中国平安、中国太保估值修复空间预计相对更大。在此基础上，上市险企在业绩方面亦有支撑，其中寿险看好2026 年开门红新单增速超预期，财险看好非车险“报行合一”带动承保利润较快增长。香港市场及港交所观点：美联储降息背景下，港股市场流动性宽松，关注非银板块向上弹性。12 月以来港股市场有所恢复，恒生指数+0.46%，恒生科技指数+0.70%，香港市场整体跑赢M S CIWorld Index 的0.21%。资产端，截至12 月12 日港股整体市值为48.13 万亿港元，较11 月底+0.28%；资金端，12 月以来港股成交活跃度有所下降；ADT 为1969.64 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