可编辑文档：保险行业2024年投资策略分析报告：资产负债，业绩可期.pptx

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非车险承保利润其中：农险承保利润其中：责任险承保利润其中：企财险承保利润-270-7,2111,548-5,9341,566-6,8151,730-680.0%2,6612,233NA-16.1%-2,903-2,299-1,373-109-20.8%-680-661213-2.8%-5.5%11.8%-40.7%NA222NA-9291547.8%-826.7%-0.9%NANANANANA194-12.6%-15.8%206-3,5192,8832,427-3,817-3,781-680-24217

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责任险承保利润率企财险承保利润率-9.10%-7.00%-6.30%-0.60%-23.1%-4.20%-3.80%2.30%2.80%-9.5%NANANANANANANANA19

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国债收益率回暖带来的保险股股价修复空间当前市值隐含投资收2018-2023平均超额当前股价隐含10年期益率投资收益率国债收益率公司2.3%2.4%2.5%中国平安中国太保中国人寿新华保险28

??EVPS2022A77.8981.9254.0143.542.762023A76.3480.2955.0444.602.802024E82.8386.0359.3348.523.112025E90.0192.4864.1952.913.512026E97.9799.2569.6457.703.99P/EV2022A0.542023A0.552024E0.510.360.470.640.780.140.211.150.512024E0.822025E0.460.340.440.580.690.130.191.050.472025E0.772026E0.430.310.400.540.610.120.180.950.432026E0.72评级增持增持增持增持增持增持增持增持增持评级增持中国平安新华保险中国太保中国人寿中国平安新华保险中国太保中国人寿中国人保H中国太平H阳光保险H友邦保险H保诚H0.380.390.520.510.710.69中国人保H中国太平H阳光保险H友邦保险H保诚H0.880.8755.118.8056.519.0560.049.8665.3110.747.0071.1311.677.730.150.150.240.235.855.926.361.251.2416.442022A9.8316.442023A10.4018.032024E10.9519.672025E11.6321.362026E12.400.560.56BVPSP/B2022A0.912023A0.86中国财险H中国财险H29

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