智通财经APP获悉，招银国际发布研究报告称，推荐负债端稳健增长的中国太保(02601)，中国平安(02318)和中国人寿(02628)，和稳健派息的中国财险(02328)。权益上行周期建议关注纯寿险标的中国人寿。
报告中称，中国内地5家上市险企披露全年业绩预增公告，全年归母净利润强劲增长，主要由于2024年第三季权益市场大涨带动投资收益大幅提升的影响。展望2025年，该行认为寿险新业务价值(NBV)增长将更多以价值率提升为主要驱动，新单保费增速有望回归稳健常态，预计2025年上市险企NBV增速回归至中高单位数至低双位数水平。
产品层面，分红险销售占比的提升有望较今年更加显著，但预计整体增幅将保持稳健，推动险企刚性负债成本进一步下行。选股层面，看好投资端边际改善和资负久期匹配更优的个股，维持行业“优于大市”评级。
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