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《大行》滙研降國壽(02628.HK)目標價至26元 盈利能見度有限
滙豐研究發表研究報告指,中國人壽(02628.HK)去年純利按年增長44%,意味第四季錄得淨虧損137億元人民幣(下同),反映市場回調時盈利波動性。去年新業務價值按年增長36%,較該行及市場預期分別高11%及8%,主要受新業務價值利潤率優於預期帶動。全年每股派息0.856元,較市場預期低3%。股東權益及內含價值較市場預期低3%及5%。償付能力比率較2024年...
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《大行》滙研降國壽(02628.HK)目標價至26元 盈利能見度有限
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滙豐研究發表研究報告指,中國人壽(02628.HK)  -0.200 (-0.794%)    Short selling $173.00M; Ratio 74.075%   去年純利按年增長44%,意味第四季錄得淨虧損137億元人民幣(下同),反映市場回調時盈利波動性。去年新業務價值按年增長36%,較該行及市場預期分別高11%及8%,主要受新業務價值利潤率優於預期帶動。全年每股派息0.856元,較市場預期低3%。股東權益及內含價值較市場預期低3%及5%。償付能力比率較2024年下降,主要受利率變動影響。

考慮到國壽純利對股市表現敏感度高,以及管理層對資產配置以管理盈利波動的指引有限,滙研下調中國人壽2026及2027年盈利預測13%至15%,目標價由28港元下調至26港元,中國人壽(601628.SH)  -0.660 (-1.783%)   A股目標價由49元人民幣下調至46元人民幣,維持H股及A股的「持有」評級。(ec/a)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-02 16:25.) (A Shares quote is delayed for at least 15 mins.)

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