汇丰研究发表报告指，在低利率环境下，投资息差风险已成为一大隐忧。由于新业务增长未能转化为盈利增长，股价似乎不受新业务价值增长影响。获“买入”评级平安(02318.HK) 及国寿(02628.HK) 是该行首选。
该行另将财险(02328.HK) 评级由“买入”降至“持有”，因为缺乏短期催化因素，而且市场情绪正在改善，这可能不利于财险，因为其被视为防守性较高的股票。
汇丰研究指，由于投资回报无法弥补负债成本，市场对此表示关注。该行认为，保险公司已取得进展，因为保证回报/定价率现已与市场利率挂钩，因此随着市场利率下降，保单持有人的保证回报也会下降。
该行认为，保险公司需要厘清是否会固定派息比率或实施累进股息政策。由于市值管理是国企高层管理人员的KPI目标之一，因此相信保险公司现时有更多诱因厘清派息政策。(ha/k)(港股报价延迟最少十五分钟。沽空资料截至 2025-02-26 16:25。)
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