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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:%)
不同ROCE对应P/CE估值变化(对应长期增长率g=2.0%)(单位:%)
行业数据
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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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从上述公式我们可以发现,ROCE 是衡量新准则下保险公司价值的重要指标,ROCE越高,保险的 P/CE 估值越高。根据上述公式,我们根据当前十年期国债收益率水平和风险溢价水平,取长期增长率 g=2.0%,则不同ROEC对应的 P/CE水平如下所示。
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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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