【研报】保险行业2021年投资策略：穿越周期静待花开-210202（46页）.pdf

1、2021 2020 2020 2021 12 -30% -10% 10% 30% 50% 70% 20/01 20/03 20/05 20/07 20/09 20/11 保险(申万) 沪深300 投资观点 太平洋资产 3.4 月初较年初上涨幅度达到 -30% -20% -10% 0% 10% 20% 30% 40% 0 10000 20000 30000 40000 50000 -30% -20% -10% 0% 10% 20% 30% 40% 50% 60% 0 1000 2000 3000 4000 5000 6000 7000 8000 9000 -15% -10% -5% 0% 5%

2、10% 15% 20% 25% 30% 35% 0 200 400 600 800 1000 1200 1400 -5% 0% 5% 10% 15% 20% 0 2000 4000 6000 8000 10000 12000 14000 -16% -8% -2% 14% 13% 7% -38% -35% -34% 0% 8% 5% 13% 15% 13% -50% -40% -30% -20% -10% 0% 10% 20% Q1Q2Q3 36.80% 44.70% 48.10% 47.30% 33.40% 36.70% 35.70% 0% 10% 20% 30% 40% 50% 60% Q1

3、Q2Q3Q4Q1Q2Q3 20192020 4% 1% 值亿 元, 百分 比 1% 8% 6% 7% 97.0% 96.2% 98.1% 99.1% 98.3% 97.6% 98.9% 97.1% 98.4% 94.0% 95.0% 96.0% 97.0% 98.0% 99.0% 100.0% Q1Q2Q3Q4Q1Q2Q3 20192020 57% 30% 13% 83% 80% 94% 110% 94% 142% 0% 50% 100% 150% 200% 250% 300% 350% 400% 450% 健康 汽车 生活消费 消费金融 航旅 其他 201720182019 71% 59% 76% 97% 53% 55% 7% 120% 0% 20% 40% 60% 80% 100% 120% 140% 160% 生活消费 消费金融 健康 汽车 航旅 其他 201720182019 0%