每經AI快訊，中信建投(tou)(tou)研報指出，負債端來(lai)看(kan)，上半(ban)年(nian)(nian)(nian)壽險新(xin)單(dan)保(bao)費增(zeng)速(su)有(you)望好于預(yu)期(qi)，下半(ban)年(nian)(nian)(nian)預(yu)計儲蓄險需求持(chi)(chi)續旺盛，疊加銀保(bao)渠道新(xin)單(dan)保(bao)費去年(nian)(nian)(nian)四季度基數(shu)較(jiao)低(di)，看(kan)好新(xin)單(dan)保(bao)費延續增(zeng)長、價值率(lv)同比改(gai)善(shan)。資(zi)產端來(lai)看(kan)，在央行(xing)持(chi)(chi)續表態防止(zhi)長端利(li)率(lv)過快下行(xing)的背景下，下半(ban)年(nian)(nian)(nian)長端利(li)率(lv)預(yu)計下行(xing)空間有(you)限，疊加去年(nian)(nian)(nian)下半(ban)年(nian)(nian)(nian)基數(shu)較(jiao)低(di)，看(kan)好投(tou)(tou)資(zi)收益延續改(gai)善(shan)。長期(qi)來(lai)看(kan)，產品結構的優化有(you)望成(cheng)為壽險公司發展的勝(sheng)負手。財(cai)險保(bao)費有(you)望持(chi)(chi)續增(zeng)長，綜(zong)合成(cheng)本率(lv)預(yu)計趨穩(wen)，頭部險企優勢凸顯(xian)。