每經AI快訊(xun)，中國銀河11月30日發布研報稱：給予非銀行金融推薦（維持）評級。

事件：11月28日，證監(jian)會新(xin)聞(wen)發(fa)言人就資本市場支持房地產市場平穩健康發(fa)展答記者(zhe)問(wen)。證監(jian)會調整優化(hua)房地產企業(ye)股權融(rong)資5項舉措，自即日起施(shi)行。

房(fang)(fang)(fang)企(qi)(qi)(qi)(qi)(qi)(qi)股(gu)權(quan)融資(zi)(zi)(zi)政策(ce)調整，改善房(fang)(fang)(fang)企(qi)(qi)(qi)(qi)(qi)(qi)資(zi)(zi)(zi)產(chan)(chan)負債(zhai)表(biao)：本月(yue)21日(ri)易會(hui)滿主席在金(jin)融街(jie)論壇上(shang)(shang)明確表(biao)態(tai)要支(zhi)持(chi)涉(she)房(fang)(fang)(fang)企(qi)(qi)(qi)(qi)(qi)(qi)業(ye)開展并(bing)購重組及(ji)配(pei)套融資(zi)(zi)(zi)，支(zhi)持(chi)有一定比例涉(she)房(fang)(fang)(fang)業(ye)務(wu)的企(qi)(qi)(qi)(qi)(qi)(qi)業(ye)開展股(gu)權(quan)融資(zi)(zi)(zi)。房(fang)(fang)(fang)企(qi)(qi)(qi)(qi)(qi)(qi)股(gu)權(quan)融資(zi)(zi)(zi)政策(ce)自2010年開始(shi)收(shou)緊(jin)，本次政策(ce)調整放(fang)開除IPO外的其它股(gu)權(quan)融資(zi)(zi)(zi)政策(ce)（再(zai)融資(zi)(zi)(zi)、并(bing)購重組等），促進房(fang)(fang)(fang)地產(chan)(chan)市(shi)(shi)(shi)場(chang)盤活(huo)存量、防范風險、轉型發(fa)展。恢復涉(she)房(fang)(fang)(fang)上(shang)(shang)市(shi)(shi)(shi)公司并(bing)購重組及(ji)配(pei)套融資(zi)(zi)(zi)。允(yun)許符(fu)合條件的房(fang)(fang)(fang)地產(chan)(chan)企(qi)(qi)(qi)(qi)(qi)(qi)業(ye)實施重組上(shang)(shang)市(shi)(shi)(shi)及(ji)配(pei)套募(mu)(mu)集(ji)(ji)資(zi)(zi)(zi)金(jin)，募(mu)(mu)集(ji)(ji)資(zi)(zi)(zi)金(jin)用于存量涉(she)房(fang)(fang)(fang)項目和(he)支(zhi)付交(jiao)易對價、補充流(liu)動資(zi)(zi)(zi)金(jin)、償還債(zhai)務(wu)；恢復上(shang)(shang)市(shi)(shi)(shi)房(fang)(fang)(fang)企(qi)(qi)(qi)(qi)(qi)(qi)和(he)涉(she)房(fang)(fang)(fang)上(shang)(shang)市(shi)(shi)(shi)公司再(zai)融資(zi)(zi)(zi)。允(yun)許上(shang)(shang)市(shi)(shi)(shi)房(fang)(fang)(fang)企(qi)(qi)(qi)(qi)(qi)(qi)非公開方(fang)式再(zai)融資(zi)(zi)(zi)，引導募(mu)(mu)集(ji)(ji)資(zi)(zi)(zi)金(jin)用于政策(ce)支(zhi)持(chi)的房(fang)(fang)(fang)地產(chan)(chan)業(ye)務(wu)等；調整完(wan)善房(fang)(fang)(fang)地產(chan)(chan)企(qi)(qi)(qi)(qi)(qi)(qi)業(ye)境外市(shi)(shi)(shi)場(chang)上(shang)(shang)市(shi)(shi)(shi)政策(ce)；進一步發(fa)揮REITs盤活(huo)房(fang)(fang)(fang)企(qi)(qi)(qi)(qi)(qi)(qi)存量資(zi)(zi)(zi)產(chan)(chan)作用；積極發(fa)揮私(si)募(mu)(mu)股(gu)權(quan)投資(zi)(zi)(zi)基金(jin)作用。

房(fang)(fang)(fang)地(di)(di)(di)(di)產(chan)融(rong)(rong)資三支(zhi)箭(jian)落地(di)(di)(di)(di)，有(you)效補充(chong)流(liu)動(dong)性(xing)：金(jin)融(rong)(rong)支(zhi)持(chi)房(fang)(fang)(fang)地(di)(di)(di)(di)產(chan)十六(liu)條(tiao)發(fa)布以來，房(fang)(fang)(fang)地(di)(di)(di)(di)產(chan)行(xing)業迎來系列(lie)政策利(li)好，信貸(dai)、債券(quan)以及股權融(rong)(rong)資支(zhi)持(chi)三箭(jian)齊發(fa)，多渠(qu)道為房(fang)(fang)(fang)企(qi)提供流(liu)動(dong)性(xing)支(zhi)持(chi)，疏解(jie)行(xing)業困境。國有(you)六(liu)大行(xing)密集向(xiang)房(fang)(fang)(fang)企(qi)授(shou)信，額度(du)超萬億元(yuan)。房(fang)(fang)(fang)企(qi)債券(quan)融(rong)(rong)資擴容(rong)，約(yue)2500億元(yuan)支(zhi)持(chi)包括(kuo)房(fang)(fang)(fang)地(di)(di)(di)(di)產(chan)企(qi)業在(zai)內的民(min)營企(qi)業債券(quan)融(rong)(rong)資。本(ben)次股權融(rong)(rong)資第三支(zhi)箭(jian)落地(di)(di)(di)(di)后(hou)，房(fang)(fang)(fang)地(di)(di)(di)(di)產(chan)企(qi)業流(liu)動(dong)性(xing)資金(jin)得(de)到有(you)效補充(chong)，債務違約(yue)風險化解(jie)，推(tui)動(dong)房(fang)(fang)(fang)地(di)(di)(di)(di)產(chan)市場平穩健康發(fa)展。

險(xian)企地(di)(di)產(chan)(chan)(chan)(chan)投(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)風險(xian)化解，估值迎來修復(fu)：房地(di)(di)產(chan)(chan)(chan)(chan)企業融資(zi)(zi)(zi)(zi)(zi)(zi)(zi)支(zhi)持(chi)政(zheng)策密集落地(di)(di)，資(zi)(zi)(zi)(zi)(zi)(zi)(zi)產(chan)(chan)(chan)(chan)負(fu)債表(biao)改(gai)善，化解險(xian)企地(di)(di)產(chan)(chan)(chan)(chan)投(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)風險(xian)。依(yi)據(ju)2022年中報披露數據(ju)，中國平安、中國太保(bao)房地(di)(di)產(chan)(chan)(chan)(chan)投(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)占比(bi)(bi)(bi)(bi)相對較(jiao)高。中國平安地(di)(di)產(chan)(chan)(chan)(chan)投(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)以投(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)性(xing)(xing)物業為(wei)(wei)主。公司全部(bu)不(bu)動(dong)產(chan)(chan)(chan)(chan)投(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)規模(mo)為(wei)(wei)2228億元(yuan)，在(zai)總(zong)投(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)產(chan)(chan)(chan)(chan)中占比(bi)(bi)(bi)(bi)為(wei)(wei)5.2%，其中，投(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)性(xing)(xing)物業占比(bi)(bi)(bi)(bi)2.7%，股權(quan)投(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)占比(bi)(bi)(bi)(bi)1.2%，債權(quan)投(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)占比(bi)(bi)(bi)(bi)1.3%。中國太保(bao)等(deng)其它(ta)險(xian)企地(di)(di)產(chan)(chan)(chan)(chan)投(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)以非(fei)標準化債權(quan)投(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)為(wei)(wei)主。公司投(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)性(xing)(xing)房地(di)(di)產(chan)(chan)(chan)(chan)占比(bi)(bi)(bi)(bi)0.6%，非(fei)標不(bu)動(dong)產(chan)(chan)(chan)(chan)投(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)占比(bi)(bi)(bi)(bi)3.97%。本次政(zheng)策組(zu)合拳為(wei)(wei)地(di)(di)產(chan)(chan)(chan)(chan)行業發展提(ti)供支(zhi)持(chi)，前期(qi)(qi)壓(ya)制險(xian)企投(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)端預期(qi)(qi)的地(di)(di)產(chan)(chan)(chan)(chan)投(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)債務(wu)違約(yue)風險(xian)化解，有助豐富(fu)險(xian)企投(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)品(pin)種選擇，助力險(xian)企通過高收(shou)益品(pin)種配置提(ti)振投(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)收(shou)益率，提(ti)振市(shi)場信心(xin)與預期(qi)(qi)，推動(dong)板塊估值修復(fu)。

投資(zi)(zi)建(jian)議(yi)：當前(qian)險(xian)企資(zi)(zi)產(chan)、負債改善(shan)(shan)共振(zhen)，基本面有望實現(xian)反轉。負債端，險(xian)企壽險(xian)轉型(xing)持(chi)(chi)續推進，全年(nian)核(he)心業(ye)務指(zhi)標(biao)承壓(ya)，2023年(nian)開門紅預期向好；隨著疫情(qing)防控政(zheng)策放松，車險(xian)保費增速有望回升(sheng)，產(chan)險(xian)景氣度上(shang)行延續。資(zi)(zi)產(chan)端，地產(chan)系列支持(chi)(chi)政(zheng)策落地，多渠道融資(zi)(zi)紓(shu)困，險(xian)企地產(chan)投資(zi)(zi)風險(xian)化解，投資(zi)(zi)端改善(shan)(shan)。當前(qian)價(jia)格對應(ying)2022年(nian)保險(xian)板塊(kuai)P/EV在0.31X-0.72X之間，估(gu)值(zhi)處于歷史低位，具備較高的安全邊際(ji)，建(jian)議(yi)關注(zhu)配置(zhi)價(jia)值(zhi)。個股(gu)方面，我們持(chi)(chi)續推薦中國人(ren)壽（601628.SH）。

風(feng)(feng)險提(ti)示：政策推(tui)進不及預期的風(feng)(feng)險，保險產(chan)品銷售不及預期的風(feng)(feng)險。

每經頭條(tiao)（nbdtoutiao）——

(記者 王瀚黎)

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