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不同ROCE对应P/CE估值变化(对应长期增长率g=2.0%)(单位:%)
不同ROCE对应P/CE估值变化(对应长期增长率g=2.0%)(单位:%)
行业数据
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图片大小:107KB
图片尺寸:1830*799
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所属报告:
保险行业1H25保险股PCE~ROCE估值体系更新…资产波动人保彰显集团经营韧性-250910(14页).pdf
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图29、华能国际煤机投产时间分布估算(GW)
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2026-07-27
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图30、华电国际煤机投产时间分布估算(GW)
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行业数据
2026-07-27
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图60:国籍与在当前工作地点的时间;国籍与在英国游戏行业的时间
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行业数据
2026-07-21
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图48:经历失业后找到新工作的时间与离开英国游戏行业的意向
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行业数据
2026-07-21
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成立时间:2019年
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行业数据
2026-07-21
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图4.13:.商业活力水平与欧盟国家相当,但随时间推移呈下降趋势
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行业数据
2026-07-21
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图4.1:.过去十年英国生产率增长疲弱
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2026-07-21
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图13.2014-2027E中国复合调味品市场规模及复合增长率
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2026-07-21
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图30.2015-2025年我国艺术涂料市场规模及增长率(亿
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2026-07-21
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图11.2014-2027E中国调味品市场规模及复合增长率
fCDlubTku70gfCDosIPlkbPlk4Hop4TmqKHvvIjkur/lhYPvvIkgfAp8Oi0tLS06fDotLS0tLS0tLS0tLS0tLS0tLS06fAp8IDIwMTQgfCAyNTk1ICAgICAgICAgICAgICAgfAp8IDIwMTUgfCAyODQyICAgICAgICAgICAgICAgfAp8IDIwMTYgfCAzMDE2ICAgICAgICAgICAgICAgfAp8IDIwMTcgfCAzMTQ1ICAgICAgICAgICAgICAgfAp8IDIwMTggfCAzMjI0ICAgICAgICAgICAgICAgfAp8IDIwMTkgfCAzMzQ2ICAgICAgICAgICAgICAgfAp8IDIwMjAgfCAzOTUwICAgICAgICAgICAgICAgfAp8IDIwMjEgfCA0NTk0ICAgICAgICAgICAgICAgfAp8IDIwMjIgfCA1MTMzICAgICAgICAgICAgICAgfAp8IDIwMjMgfCA1OTIzICAgICAgICAgICAgICAgfAp8IDIwMjQgfCA2ODcxICAgICAgICAgICAgICAgfAp8IDIwMjVFIHwgNzg4MSAgICAgICAgICAgICAgfAp8IDIwMjZFIHwgODkyMSAgICAgICAgICAgICAgfAp8IDIwMjdFIHwgMTAwMjggICAgICAgICAgICAgfAoKKirotYTmlpnmnaXmupAqKu+8muiJvuWqkuWSqOivou+8jOWbveaKleivgeWIuOivgeWIuOeglOeptuaJgA==
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2026-07-21
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图表42024年以来,十年期国债和DR007的利差大多数时间较为稳定
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2026-07-20
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萝卜快跑城市拓展时间序列(2020-2026)
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2026-07-20
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截至2026年5月,巴西存量公开债务到期时间及规模
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2026-07-20
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国内乘用新能源车销量持续增长,2025年渗透率约50%
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2026-07-20
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墨西哥放开政策及收购时间
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2026-07-20
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从上述公式我们可以发现,ROCE 是衡量新准则下保险公司价值的重要指标,ROCE越高,保险的 P/CE 估值越高。根据上述公式,我们根据当前十年期国债收益率水平和风险溢价水平,取长期增长率 g=2.0%,则不同ROEC对应的 P/CE水平如下所示。
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保险行业1H25保险股PCE~ROCE估值体系更新…资产波动人保彰显集团经营韧性-250910(14页).pdf
2026年保险行业报告:P_CE估值体系更新,人保综合权益增7%领跑
不同ROCE对应P/CE估值变化(对应长期增长率g=2.0%)(单位:%)
调整因子计算(单位:%)
上市险企折现率差异计算(单位:%)
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