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A/H上市险企P/CE-ROCE散点图(横轴为1H25非年化ROCE,纵轴为2025/09/09P/CE估值)
A/H上市险企P/CE-ROCE散点图(横轴为1H25非年化ROCE,纵轴为2025/09/09P/CE估值)
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所属报告:
保险行业1H25保险股PCE~ROCE估值体系更新…资产波动人保彰显集团经营韧性-250910(14页).pdf
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行业数据
2026-04-27
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不同ROCE对应P/CE估值变化(对应长期增长率g=2.0%)(单位:%)
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行业数据
2026-04-09
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新准则下8家上市险企的ROCE、ROE计算结果(单位:%)
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行业数据
2026-04-09
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新准则下8家上市险企P/CE-ROCE与PB-ROE计算结果(估值日期:2026年4月3日)
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行业数据
2026-04-09
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美国1月实际PCE消费环比0.1%
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行业数据
2026-03-16
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ROIC 和 ROCE: 2016年至2025年间,ROIC和ROCE均显示出资源效率的增强趋势
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行业数据
2026-03-11
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在 P/CE-ROCE 体系中,H股上市险企拟合效果显著好于 A股。下图展现了 A股(灰点)和 H股(红点)上市险企 P/CE与 ROCE对应关系,其中横轴代表 1H25上市险企非年化 ROCE水平(同一家公司两地上市 ROCE保持一致),纵轴代表 P/CE估值水平(估值数据的日期均为 2025/9/9),图中红色虚线为 H股样本点拟合的趋势线,显示出 ROCE与 P/CE之间正相关关系:ROCE越高,P/CE 越高,视觉拟合效果良好。具体来看,友邦保险拥有 H股上市险企最高的 P/CE为 1.43,同时 1H25公司 ROCE处于较高水平为 8.7%,直观体现了高盈利能力获得高市场估值的逻辑。其余公司大致分布在一条从右下向左上延伸的“带状”区域内,整体趋势 ROCE与P/CE的正相关关系。但是 A股的相关性较弱,1H25新华保险的 ROCE水平较低,主要受其他综合收益对归母综合收益和归母净资产的拖累,但获得了较高的 P/CE估值溢价。我们预计主要与投资者结构有关,A股投资者对纯寿险公司业绩和估值弹性期待较高,尤其是在权益市场趋势性回暖背景下。不过需要指出的是,当前 A股呈现慢牛格局下,寿险公司权益投资收益的利润释放同样对估值具有引导意义。
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保险行业1H25保险股PCE~ROCE估值体系更新…资产波动人保彰显集团经营韧性-250910(14页).pdf
2026年保险行业报告:P_CE估值体系更新,人保综合权益增7%领跑
不同ROCE对应P/CE估值变化(对应长期增长率g=2.0%)(单位:%)
调整因子计算(单位:%)
上市险企折现率差异计算(单位:%)
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