结束了国有大行长期以来的破净局面。 周一（10月20日）银行股表现分化，农业银行A股继续上涨。截至午间休盘，中证银行指数跌0.41%，9 只个股上涨，29只个股下跌。 其中，农业银行A股涨0.79%，股价报7.68元/股，日线录得12连阳。盘中，该行股价一度触及7.74元/ 股，续创新高。 对于农业银行估值重新回到1倍以上，有机构人士对记者表示，主要是流动性驱动，相对于整个板块代 表性有限，行业估值修复进程还有待观察。 截至上周五收盘，A股42家上市银行的市净率中位数仍在0.6倍左右，仅农业银行、招商银行、成都银 行、杭州银行4家银行市净率在0.9倍以上，另有多家银行市净率不足0.4倍。其中，国有大行除农业银行 外，市净率均低于0.8倍，最低为0.55倍（交通银行）。 7月以来，伴随市场风格转换，银行股整体陷入回调，直至国庆假期后迎来持续反弹，其间中证银行指 数累计涨4.77%，上证指数跌0.43%。 回顾来看，自7月10日中证银行指数触及8570.16点高位至9月底，农业银行是42家A股上市银行中唯一一 家股价上涨的个股，涨幅接近10%，同期板块回调超过14%。 财报数据显示，上半年六大行营收均实现同比正增 ...

Core Insights - Agricultural Bank of China (ABC) has ended the long-standing situation of trading below book value, with its price-to-book (PB) ratio surpassing 1 for the first time in years [2] Group 1: Stock Performance - On October 20, bank stocks showed mixed performance, with ABC's A-shares rising by 0.79% to 7.68 CNY per share, marking a 12-day consecutive increase [1] - ABC's stock price reached a new high of 7.74 CNY during the trading session, reflecting strong market interest [1] - As of the latest calculations, ABC's total market capitalization stands at 2.61 trillion CNY, surpassing that of Industrial and Commercial Bank of China (ICBC) at 2.51 trillion CNY [2] Group 2: Valuation Metrics - ABC's PB ratio has returned to above 1, indicating a recovery from the previous trend of trading below book value, which has been common among state-owned banks [2] - The median PB ratio for 42 listed banks in A-shares remains around 0.6, with only four banks, including ABC, having a PB ratio above 0.9 [2] - Other state-owned banks, apart from ABC, have PB ratios below 0.8, with the lowest being 0.55 for Bank of Communications [2] Group 3: Financial Performance - In the first half of the year, the six major banks reported positive revenue growth year-on-year, with three of them, including ABC, showing an increase in net profit attributable to shareholders [3] - ABC led the major banks with a net profit growth rate of 2.66%, while its revenue for the first half was 369.94 billion CNY, ranking third among the major banks [3]

格隆汇10月20日｜农业银行探底回升涨超1%再创历史新高，走出12连阳。 ...

农业银行探底回升涨超1%再创历史新高，走出12连阳。 ...

格隆汇10月20日｜农业银行探底回升涨超1%再创历史新高，走出12连阳。 ...

Core Viewpoint - Inclusive finance is playing a crucial role in supporting China's economic micro-circulation, enhancing the financing experience for small and micro enterprises, and contributing to high-quality economic development during the "14th Five-Year Plan" period [1][2][3]. Group 1: Development of Inclusive Finance - During the "14th Five-Year Plan," inclusive finance has achieved significant progress, with the balance of loans to inclusive small and micro enterprises reaching 36 trillion yuan, 2.3 times that of the end of the "13th Five-Year Plan," and interest rates decreasing by 2 percentage points [1][2]. - Large commercial banks have increased their inclusive small and micro enterprise loan balance to 16.23 trillion yuan by June 2025, which is 3.36 times that of the end of the "13th Five-Year Plan," with an average annual growth rate of about 30% [2]. - The balance of inclusive loans for small and micro enterprises is growing rapidly, with an average annual increase of approximately 20%, reaching 2.36 times that of the end of the "13th Five-Year Plan" [3]. Group 2: Financial Services Accessibility - Financial services are increasingly accessible, with banks establishing service stations in rural areas, allowing farmers to obtain loans conveniently [4][5]. - The coverage rate of rural bank branches exceeds 98%, and various financial service points are established in rural areas, ensuring that financial services reach every village [5]. - The use of digital technologies has significantly improved the efficiency of inclusive loan disbursement, enabling some loans to be approved and disbursed almost instantly [6]. Group 3: Sustainable Financial Ecosystem - Financial management departments are enhancing the sustainability of inclusive finance by improving risk assessment and credit technology, and establishing a long-term service mechanism for small and micro enterprises [7][8]. - Policies and institutional innovations are effectively stimulating the internal motivation for the development of inclusive finance within banks, establishing a long-term mechanism for "daring to lend, willing to lend, able to lend, and knowing how to lend" [8]. - The average interest rate for newly issued inclusive loans for small and micro enterprises decreased by 2 percentage points compared to the end of the "13th Five-Year Plan," alleviating the financial burden on these enterprises [8].

Core Viewpoint - The rise in Agricultural Bank of China’s price-to-book (PB) ratio above 1 signifies a shift towards more rational long-term value assessments in the Chinese banking sector, particularly for state-owned banks, reflecting an increasing attractiveness of Chinese assets in the global capital market [1] Group 1: Fundamental Resilience and Valuation Support - The core support for valuation recovery stems from the continuously improving operational fundamentals, with Agricultural Bank reporting a revenue of 369.94 billion yuan and a net profit of 139.51 billion yuan for the first half of 2025, marking year-on-year growth of 0.85% and 2.7% respectively, leading among the four major state-owned banks [2] - The bank's county-level financial strategy has deepened, with county loans exceeding 10 trillion yuan, accounting for 40.9% of domestic loans, creating a competitive barrier and driving performance growth [2] - The increase in Agricultural Bank's PB ratio reflects a regained market confidence in the asset quality of the banking sector, indicating a shift in the perception of state-owned banks from "too big to fail" to "important and indispensable" [2] Group 2: High Dividend Asset Revaluation - In a global low-interest-rate environment, the high dividend yield of quality Chinese assets is becoming a significant advantage for attracting global capital, with Agricultural Bank maintaining an average dividend yield of 5.79% from 2018 to 2024 [4] - The China Securities Bank Index has a PB ratio of 0.71, with a dividend yield of 4.07%, significantly higher than the yield of ten-year government bonds, showcasing its comparative value in global capital markets [4] - International institutions have highlighted the "high dividend sector" as a key allocation focus, reflecting a strong demand for assets that offer both safety margins and yield potential [4] Group 3: Inflow of Incremental Capital - With the release of policy dividends, medium to long-term funds are accelerating towards quality assets, with bank stocks comprising 47.2% of the heavy holdings in insurance assets, indicating strong institutional confidence in high dividend assets [5] - The overall PB ratio of the banking sector has risen from 0.52 at the beginning of 2024 to 0.67, while the total market capitalization of listed banks has increased from 8.85 trillion yuan to 15.48 trillion yuan [5] - Several international investment banks have systematically upgraded their ratings on Chinese bank stocks, reflecting strengthened expectations regarding net interest margin stabilization, asset quality improvement, and profit recovery [5]

Core Insights - The reform of China's rural financial system has entered a new phase, with significant integration efforts by state-owned banks, particularly the Agricultural Bank of China, which has recently been approved to incorporate 192 branches from rural commercial banks and credit cooperatives [2][5][6] Group 1: Integration of Rural Financial Institutions - In the past month, the Agricultural Bank of China has received approval to rename and integrate 192 branches from various rural financial institutions, marking a critical step in enhancing the stability of local financial resources [2][5] - The integration includes branches from banks such as Yanbian Rural Commercial Bank and Jilin Longjing Rural Commercial Bank, which have been renamed to reflect their new affiliation with the Agricultural Bank [3][4] - This consolidation is part of a broader trend where state-owned banks are actively participating in the restructuring of local rural financial systems, with over ten provinces implementing reform plans since 2022 [5][6] Group 2: Role of State-Owned Banks - State-owned banks are transitioning from traditional minority shareholding to deeper integration through full ownership and operational control, which is seen as a core strategy for risk mitigation and system restructuring [6][7] - The "village to branch" model has emerged as a primary method for state-owned banks to engage in the reform of local small banks, allowing for rapid expansion of service networks and stabilization of regional financial order [6][7] - As of mid-2025, the Agricultural Bank of China had 22,900 domestic branches, including various rural banks under its control, indicating a significant expansion of its operational footprint [7] Group 3: Overall Impact on the Banking Sector - Since 2025, over 300 small and medium-sized banks have been dissolved, merged, or deregistered, reflecting a significant contraction in the banking sector [8] - The number of village banks in China has decreased to 1,440 by mid-2025, down by 98 from the end of 2024, highlighting the ongoing consolidation trend within the rural banking landscape [8]

Core Viewpoint - The rise in Agricultural Bank of China's price-to-book (PB) ratio above 1 signifies a shift towards more rational long-term value assessments in the Chinese banking sector, particularly for state-owned banks, reflecting an increase in the attractiveness of Chinese assets in the global capital market [1] Group 1: Fundamental Resilience and Valuation Support - The core support for valuation recovery stems from the continuously improving operating fundamentals, with Agricultural Bank reporting a revenue of 369.937 billion yuan and a net profit of 139.51 billion yuan for the first half of 2025, marking year-on-year increases of 0.85% and 2.7% respectively, leading among the four major state-owned banks [2] - The bank's county-level financial strategy has deepened, with county loans exceeding 10 trillion yuan, accounting for 40.9% of domestic loans, creating a competitive barrier and driving performance growth [2] - The increase in Agricultural Bank's PB ratio reflects a recovery in market confidence regarding the asset quality of the banking sector, indicating a shift in the perception of state-owned banks from "too big to fail" to "important and indispensable" [2] Group 2: High Dividend Asset Revaluation - In a global low-interest-rate environment, the high dividend yield of quality Chinese assets is becoming a significant advantage for attracting global capital, with Agricultural Bank maintaining an average dividend yield of 5.79% from 2018 to 2024 [4] - The China Securities Bank Index has a PB ratio of 0.71, with a dividend yield of 4.07%, significantly higher than the yield on ten-year government bonds, indicating strong allocation value compared to major global capital markets [4] - International institutions have highlighted the "high dividend sector" as a key allocation focus, reflecting a growing demand for assets that balance safety margins and yield potential amid global economic restructuring [4] Group 3: Inflow of Incremental Capital - Policy incentives are accelerating the flow of medium- to long-term capital into quality assets, with bank stocks comprising 47.2% of the heavy holdings in insurance assets, showcasing institutional confidence in high dividend assets [5] - The overall PB ratio of the banking sector has risen from 0.52 at the beginning of 2024 to 0.67, while the total market capitalization of listed banks has increased from 8.85 trillion yuan to 15.48 trillion yuan [5] - Several international investment banks have systematically upgraded their ratings on Chinese bank stocks, indicating strengthened expectations for net interest margin stabilization, asset quality improvement, and profit recovery [5]

■本报记者 王磊 从守护金融安全到支持产业发展，从构建服务场景到优化适老化体验……近年来，农行山西分行积极履 行国有大行责任担当，围绕银发经济全方位发力，持续优化养老金融服务体系，提升养老客群服务质 效，积极探索和推进"接地气、有温度"的养老金融业务发展模式，为银发经济注入了强劲的金融动能。 为产业发展注入强劲动力 山西省朔州市山阴县洪涛山老年颐养家园是一家民办非企业单位，是"全国33家标准化养老试点单位"之 一。该机构相关负责人常宝告诉《农村金融时报》记者，随着当地养老服务需求的攀升，机构现有的养 老条件难以满足发展需要，急需改善环境、引进先进医养设备，提升服务水平。 得知这一情况后，农行山西朔州分行第一时间成立联合服务小组，现场调研了解机构经营情况和融资需 求，为养老院量身定制金融服务方案，并及时为其发放了720万元流动资金贷款，为养老院的升级改造 和持续发展注入了有力的金融动能。 "这笔贷款真是雪中送炭，有了这笔资金，我们就能马上启动宿舍翻新和医疗设备采购计划，让老人们 住得更舒心，看病更方便。"常宝说道。 农行山西分行相关负责人表示，该分行聚焦养老金融的重点领域和关键环节，通过加强政银合作、支持 养老 ...