1月21日以来,国内保险股大幅跳水。我们认为,保险行业的基本面并无恶化,真正导致股价屡受重创的原因应是非流通股解禁,而券商分析师过去对保险股进行估值的假设亦相对保守。从市场表现来看,未来保险股价的走势将由解禁股股东与市场其他投资者的博弈结果而定。 Since January 21, the domestic insurance stocks have plummeted. In our opinion, the fundamentals of the insurance industry have not deteriorated. The real cause for stock prices repeatedly hit hard should be non-tradable shares lifted, while the brokerage analysts in the past the assumption of valuation of insurance stocks is relatively conservative. From the market performance point of view, the trend of future insurance shares will be lifted shares of shareholders and other market investors based on the outcome of the game.