保险行业2026年投资策略：资产经营愈发重要的一年-251102（34页）.pdf

1、 22026NBVNBV20%/0YRVsNpOrQnRqRsOqOoRoPbRcMbRsQqQsQrMjMpOpOjMmMsR9PnMqQxNrRtQMYnNoR3/3 425NBV数据来源：公司年报，半年报，国泰海通证券研究数据来源：公司年报，半年报，国泰海通证券研究NBV20232024H20242025H19.3%11.8%12.1%26.7%16.9%19.3%25.2%37.8%13.3%26.9%34.9%31.1%13.5%35.3%40.1%52.8%27.3%49.1%46.6%58.7%55.5%58.8%55.7%61.2%NBVNBV202311.9%7.8%19.1

2、%24.8%69.6%202424.3%28.8%57.7%106.8%114.2%2025Q1-Q341.8%46.2%31.2%50.8%76.6%5 6投资端回顾：股市回暖叠加增配权益，投资收益大幅提升2024Q32025Q33.1%2.8%-0.3%2.9%2.6%-0.3%2024Q32025Q35.4%6.4%1.0%0.5%5.2%4.7%6.8%8.6%1.8%4.6%5.4%0.8%4.6%5.4%0.8%2024Q32025Q34.4%5.4%1.0%8.1%6.7%-1.4%7投资端回顾：上市公司有四家公司减少债券配置比例，积极进行主动管理25H2425H2425H242

3、5H241.80%0.10%3.00%0.10%5.30%3.10%1.90%-0.50%6.40%-0.20%4.90%0.60%3.70%1.90%19.50%2.20%59.00%0.00%60.80%-0.90%53.30%-4.40%50.60%-1.50%8.10%-0.50%7.00%-1.30%12.40%-0.40%1.50%-0.70%8.70%1.10%10.50%2.90%14.10%1.80%11.60%0.50%4.90%0.30%2.10%-0.20%0.90%-0.10%7.00%-0.70%10.80%-0.70%7.50%-1.00%8.70%-1.70%6

4、.90%0.80%0.30%-0.10%4.20%-0.20%1.60%-0.20%1.00%-0.10%100.00%0.00%100.00%0.00%100.00%0.00%100.00%0.00%8投资端回顾：部分国内保险公司继续强化长债配置25H2425H2425H2425H242.20%-0.50%2.50%-0.30%2.40%-0.50%2.30%0.80%7.10%-0.60%4.50%0.10%9.40%-2.00%6.10%-0.30%49.70%0.80%76.50%2.00%41.10%2.70%62.50%2.40%9.80%-1.50%3.50%-0.40%9.30

5、%-1.10%12.30%-3.10%5.40%1.70%8.30%0.00%9.20%1.90%9.70%0.40%5.30%0.00%4.30%-0.40%5.30%-0.10%2.10%0.20%19.60%0.10%2.60%-0.20%21.30%-1.00%3.40%-0.70%0.90%0.00%-2.20%-0.80%2.00%0.10%1.60%0.30%100.00%0.00%100.00%0.00%100.00%0.00%100.00%0.00%925年前三季度权益资产拉动保险财务数据改善，经营数据回暖数据来源：公司季报，国泰海通证券研究数据来源：公司季报，国泰海通证券研

6、究2526.8%3.9%6.5%7.7%0.3%50.9%51.5%49.5%35.0%19.5%-17.2%3.5%-27.1%-23.4%-8.3%=+60.5%58.9%28.9%19.3%11.5%25/75.6%6.2%6.6%11.6%0.4%/58.5%75.0%65.4%57.4%155.6%/76.6%-11.4%36.0%85.7%-37.5%/60.5%58.9%28.9%19.3%11.5%1.6 10202320242025253.03.0()()表9：上市险企历年开门红主力产品策略 11“”数据来源：国家金融监管总局，国泰海通证券研究数据来源：公司年报，半年报，慧保