每經AI快訊，華泰證(zheng)券研(yan)報(bao)稱，展望(wang)2026年(nian)(nian)(nian)，保(bao)險(xian)(xian)行(xing)業在(zai)低利率(lv)(lv)之下或將(jiang)全面轉向分紅(hong)險(xian)(xian)。分紅(hong)險(xian)(xian)今年(nian)(nian)(nian)的(de)銷(xiao)售(shou)情(qing)況好于早前(qian)預期，有望(wang)在(zai)明年(nian)(nian)(nian)推(tui)動負(fu)債(zhai)端保(bao)持有韌性(xing)的(de)增長。個險(xian)(xian)渠(qu)(qu)道(dao)有望(wang)重(zhong)回新單保(bao)費正增長，銀保(bao)渠(qu)(qu)道(dao)高增長勢頭或將(jiang)持續。分紅(hong)型重(zhong)疾(ji)險(xian)(xian)更有望(wang)再(zai)次提振保(bao)障型產(chan)品(pin)銷(xiao)售(shou)，優化產(chan)品(pin)結構(gou)，推(tui)動利源多樣(yang)化。資(zi)(zi)(zi)產(chan)端挑戰(zhan)依然存在(zai)，利率(lv)(lv)在(zai)低位(wei)徘(pai)徊對保(bao)險(xian)(xian)業的(de)現(xian)金(jin)投(tou)(tou)資(zi)(zi)(zi)收(shou)益(yi)(yi)率(lv)(lv)帶來持續壓力(li)，覆蓋壽險(xian)(xian)剛性(xing)成(cheng)本(ben)的(de)空間受到擠(ji)壓。過去(qu)兩(liang)年(nian)(nian)(nian)出色的(de)權(quan)益(yi)(yi)投(tou)(tou)資(zi)(zi)(zi)帶來高基數(shu)壓力(li)，資(zi)(zi)(zi)本(ben)利得連續大(da)幅增厚投(tou)(tou)資(zi)(zi)(zi)收(shou)益(yi)(yi)，顯著抬升利潤水平(ping)，對明年(nian)(nian)(nian)的(de)投(tou)(tou)資(zi)(zi)(zi)收(shou)益(yi)(yi)提出更高要求。華泰證(zheng)券認為，高質量銷(xiao)售(shou)渠(qu)(qu)道(dao)和資(zi)(zi)(zi)負(fu)匹(pi)配是險(xian)(xian)企在(zai)不(bu)確定(ding)性(xing)中保(bao)持競爭優勢的(de)關鍵。