周四盘中，新华保险（01336）股价出现大幅下跌，跌幅高达5.12%，引发市场关注。
分析人士指出，此次下跌可能与整个保险行业面临的挑战有关。华泰证券最新研报显示，2024年上市保险公司出现利润高增长而净资产增速较慢（甚至负增长）的现象，反映出利润和净资产不同步的问题。在新会计准则下，保险公司利润对股市波动较为敏感，而净资产受债市影响更大，导致二者走势可能严重分化。
此外，保险公司普遍下调了投资收益率和风险贴现率假设，这对新业务价值（NBV）和内含价值产生了负面影响。尽管2024年保险公司NBV呈现强劲增长，但主要由NBV利润率提升驱动，新单保费基本停止增长。这些因素可能引发投资者对新华保险及整个保险行业未来盈利能力和增长前景的担忧，从而导致股价下跌。业内建议投资者关注资产负债匹配较好、具有增长韧性的保险公司。
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