截至10月20日收盘，农业银行股价超过了每股净资产值7.65元，以7.75元报收，这是大型银行股很长时 间以来首次股价超过每股净资产值，也是银行股估值生态生变的重要信号。银行股的折价估值体系开始 松动，未来不排除有更多大型银行股股价挑战每股净资产值的可能，这也是价值投资的重大突破。 长期以来，银行股普遍处于破净状态，即股价低于每股净资产值。这种现象背后，是投资者对于银行股 投资价值的认可度偏差。投资者认为每投资1元银行股票，所获得的每股净资产账面价值需要大于1元， 或者说银行股的每股净资产账面价值需要打一定折扣，这样才能弥补大型银行股因为业绩增长预期不足 以及流通盘巨大而损失的投机价值。这种认知惯性使得大型银行股的估值长期被压制，即便银行板块基 本面进入稳定期，业绩稳健增长且资产质量提升，其估值依旧难以得到有效修复。 然而，现在农业银行股价超过每股净资产值，预示着市场对银行股的看法正在改变。这可能是由于多方 面因素共同作用的结果。一方面，银行自身的业绩表现和资产质量提升逐渐得到市场认可，同时，银行 股的盈利能力也保持稳定，这为股价的上涨提供了坚实的基本面支撑。另一方面，宏观政策环境和资金 面的变化也对银行股的 ...

此外，据山东科技大学官网信息，曾庆田主要从事互联网信息服务、物联网应用软件、无线传感器网 络、业务流程管理、应急信息管理等方面的研究工作；2013年获得山东省科技进步奖二等奖(排名第 一)、山东省研究生教育教学成果奖一等奖。 新任董事长系内部晋升 【导读】山东科技大学原校长曾庆田出任农银金科总裁一职 10月20日，记者从业内获悉，农银金融科技有限责任公司(以下简称农银金科)发生重要高管变动。该公 司原总裁姚琥升任董事长，新总裁则由山东科技大学原校长曾庆田出任。 高校校长"跨界"出任总裁 据悉，此次核心高管层变动是农银金科自成立以来的首次。从具体调整来看，该公司原董事长刘国建转 任农业银行（601288）总行巡视组专员，新董事长由该公司原总裁姚琥出任。 值得关注的是，出任农银金科总裁的曾庆田不仅来自公司外部，更是自高校校长"跨界"履职，这在业内 并不常见。曾庆田此前担任山东科技大学校长一职。 10月16日，山东省人民政府发布人事任免公告，免去曾庆田的山东科技大学校长职务。 资料显示，曾庆田，1976年1月生，山东高密人，2005年4月以博士学位毕业于中国科学院计算技术研究 所计算机软件与理论专业，为山东省泰山学 ...

截至10月20日收盘，农业银行（601288）股价超过了每股净资产值7.65元，以7.75元报收，这是大型银 行股很长时间以来首次股价超过每股净资产值，也是银行股估值生态生变的重要信号。银行股的折价估 值体系开始松动，未来不排除有更多大型银行股股价挑战每股净资产值的可能，这也是价值投资的重大 突破。 长期以来，银行股普遍处于破净状态，即股价低于每股净资产值。这种现象背后，是投资者对于银行股 投资价值的认可度偏差。投资者认为每投资1元银行股票，所获得的每股净资产账面价值需要大于1元， 或者说银行股的每股净资产账面价值需要打一定折扣，这样才能弥补大型银行股因为业绩增长预期不足 以及流通盘巨大而损失的投机价值。这种认知惯性使得大型银行股的估值长期被压制，即便银行板块基 本面进入稳定期，业绩稳健增长且资产质量提升，其估值依旧难以得到有效修复。 然而，现在农业银行股价超过每股净资产值，预示着市场对银行股的看法正在改变。这可能是由于多方 面因素共同作用的结果。一方面，银行自身的业绩表现和资产质量提升逐渐得到市场认可，同时，银行 股的盈利能力也保持稳定，这为股价的上涨提供了坚实的基本面支撑。另一方面，宏观政策环境和资金 面 ...

Core Points - Former president of Shandong University of Science and Technology, Zeng Qingtian, has been appointed as the president of Agricultural Bank of China’s subsidiary, Nongyin Financial Technology Co., Ltd. (Nongyin Jin Ke) [1][5] - The appointment follows the announcement of Zeng's removal from his position at the university by the Shandong Provincial Government [2] Company Overview - Nongyin Jin Ke, established in July 2020 with a registered capital of 600 million yuan, is a wholly-owned subsidiary of Agricultural Bank of China, located in Tongzhou District, Beijing [3] - The company focuses on providing information technology services, technology output, and innovative technology research to both internal and external clients of the Agricultural Bank Group [3][4] - Nongyin Jin Ke is part of the Agricultural Bank's technology governance structure, which includes "one bureau, two centers, and one company," and aims to become a leading digital ecological financial technology company [4] Financial Insights - In 2024, Agricultural Bank of China plans to invest a total of 24.97 billion yuan in information technology, which will account for 3.51% of the bank's total operating income [4] - As of the end of 2024, the number of personnel engaged in technology and digital management at the bank is expected to reach 27,561, representing 6.1% of the total workforce [4]

Regulatory Dynamics - The Financial Regulatory Bureau has published a list of 238 insurance institutions with designated regulatory responsibilities, effective until June 30, 2025, indicating a shift of regulatory authority to local agencies for most property, reinsurance, and life insurance institutions [1] - Multiple local governments have issued warnings about scams related to gold custody, rental returns, and virtual investments, urging the public to be cautious of high-yield investment traps [1] Industry Dynamics - Over 300 small and medium-sized banks have merged, dissolved, or exited the market in 2025, indicating a significant acceleration in industry consolidation, particularly among local rural commercial banks and village banks [2] - Agricultural Bank of China has integrated over 190 rural commercial bank branches in Jilin, reflecting a systematic approach to reform and restructuring in the rural banking sector [3] - Several payment institutions have undergone capital adjustments and personnel changes, with La Ka La reducing its registered capital from approximately 788 million to 777 million yuan [4] Corporate Dynamics - China Pacific Insurance expects a net profit increase of 40% to 60% for the first three quarters of 2025, driven by stable economic performance and strategic business improvements [7] - New China Life Insurance reported a 19% year-on-year increase in premium income, totaling 172.7 billion yuan for the first nine months of 2025 [7] - Yuexiu Group has completed an 18 billion HKD acquisition of Hong Kong Life, enhancing its financial services portfolio [7] - Ant Group's acquisition of Yao Cai Securities has received approval from the Hong Kong Securities and Futures Commission, pending further regulatory approvals [8] - Agricultural Bank of China's A-share stock has experienced a "12 consecutive days" rise, with its price-to-book ratio surpassing 1 for the first time in years [8]

Market Overview - The market opened higher but experienced a slight decline throughout the day, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index closing up by 0.63%, 0.98%, and 1.98% respectively, with over 4,000 stocks rising and more than 1,200 falling [4]. Superhard Materials - The superhard materials sector saw significant gains, with companies like Huifeng Diamond (+29.98%), Sifangda (+19.98%), and Liliang Diamond (+18.71%) reaching their daily limits [5][6]. - The rise in this sector is attributed to the export control of superhard materials, which include synthetic diamonds and cubic boron nitride, crucial for high-end manufacturing and technology [7]. - China's industrial diamond production accounts for 95% of the global market share, bolstered by the demand from the photovoltaic sector [7]. Coal Industry - The coal sector experienced a strong performance, with companies such as Daya Energy achieving seven consecutive trading limits, and both Liaoning Energy and Zhengzhou Coal Power hitting their daily limits [11]. - The tightening of supply in the coal industry is becoming a key investment theme, with expectations of improved coal prices due to increased demand in the fourth quarter [11]. Banking Sector - The banking sector has seen a rebound, particularly among local banks like Chongqing Bank and Xiamen Bank, while Agricultural Bank of China remains the largest in market capitalization, with a cumulative increase of over 17% in the past two weeks [10]. - Agricultural Bank of China has outperformed Industrial and Commercial Bank of China, marking a significant recovery in its stock performance [10]. Emerging Concepts - The "deep earth economy" concept emerged in the market, with stocks like ShenKai Co. and Petrochemical Machinery hitting their daily limits, indicating a growing interest in this area [3].

除了自身因素外，券商也从市场环境与投资节奏角度，对银行股的后续走势给出了积极判断。华泰证券 研报称，随着大盘上行斜率放缓，叠加近期经济指标仍待修复，四季度资金或有切换避险需求。同时， 根据历史经验，2011年以来银行指数在1月跑赢沪深300的概率高达79%，11月至次年1月是银行中期分 红的高峰，资金或提前布局"开门红"与中期分红行情。因此四季度市场配置需求将有所恢复，利好银行 股。 事实上，农行此次站上市净率1（PB），也被视为银行股迎来估值修复的分水岭。 "银行估值修复到1倍净资产以上是大概率事件，若牛市特征强化、其后续的板块轮动效应亦将催化银行 股行情持续，故建议投资者保持积极配置策略。"早在今年8月，中信证券首席分析师肖斐斐就曾预测银 行估值修复的具体情况。她表示，中期角度，银行板块仍在经历重估净资产过程，叠加股票市场的分层 逻辑或长期演绎，银行股对于机构投资者的价值有望持续提升。长线配置资金仍属欠配格局，预计后续 仍将演绎绝对价值。 （原标题：农行股价"12连阳"?市净率再"破1"） 10月20日，同花顺显示，农行A股盘中一度达7.76元/股，以7.75元/股收盘，单日涨幅1.71%。Wind显 示 ...

Core Viewpoint - Agricultural Bank of China (ABC) has experienced a significant stock price increase, achieving a 12-day consecutive rise and breaking the price-to-book (PB) ratio of 1, indicating a potential valuation recovery for bank stocks [1][5]. Group 1: Stock Performance - ABC's A-shares reached a closing price of 7.75 yuan on October 20, 2023, with a single-day increase of 1.71%, and a year-to-date increase of 51.65%, leading the banking sector [3]. - The market capitalization of ABC's A and H shares combined is approximately 2.63 trillion yuan [3]. Group 2: Financial Performance - For the first half of 2023, ABC reported operating income of 369.94 billion yuan, a year-on-year increase of 0.8%, and a net profit attributable to shareholders of 139.51 billion yuan, up 2.7%, making it the only major bank to achieve growth in both metrics [3]. Group 3: Strategic Insights - Analysts highlight four key strengths of ABC: 1. Greater credit growth potential due to deep engagement in county economies [4]. 2. Leading position in personal demand deposits among peers, resulting in lower funding costs and stronger interest margins [4]. 3. Lowest non-performing loan ratio compared to peers, with manageable risks in real estate-related loans [4]. 4. High provisions enhancing risk absorption and profit reinvestment capabilities [4]. Group 4: Market Outlook - Analysts predict a favorable market environment for bank stocks in the fourth quarter, driven by potential shifts in investment strategies and historical trends indicating strong performance for bank indices during this period [4][5].

Core Insights - The state-owned large bank sector saw an increase of 0.64% on October 20, with Agricultural Bank leading the gains [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] Bank Performance Summary - Agricultural Bank (601288) closed at 7.75, up 1.71%, with a trading volume of 5.617 million shares and a transaction value of 4.294 billion [1] - China Bank (601988) closed at 5.36, up 0.37%, with a trading volume of 3.336 million shares and a transaction value of 1.771 billion [1] - Construction Bank (601939) closed at 9.25, up 0.33%, with a trading volume of 1.424 million shares and a transaction value of 1.305 billion [1] - Industrial and Commercial Bank (601398) closed at 7.61, down 0.13%, with a trading volume of 3.920 million shares and a transaction value of 2.960 billion [1] - Transportation Bank (601328) closed at 6.97, down 0.14%, with a trading volume of 2.382 million shares and a transaction value of 1.648 billion [1] - Postal Savings Bank (601658) closed at 5.68, down 0.70%, with a trading volume of 1.839 million shares and a transaction value of 1.040 billion [1] Capital Flow Analysis - The state-owned large bank sector experienced a net inflow of 669 million in main funds, while retail funds saw a net outflow of 307 million [1] - Agricultural Bank had a main fund net inflow of 623 million, while retail funds saw a net outflow of 324 million [2] - Industrial and Commercial Bank had a main fund net inflow of 47.51 million, with retail funds experiencing a net outflow of 9.14 million [2] - Construction Bank had a main fund net inflow of 28.59 million, while retail funds saw a net inflow of 878.29 thousand [2] - China Bank had a main fund net outflow of 10.84 million, with retail funds experiencing a net inflow of 1.530 million [2] - Postal Savings Bank had a main fund net outflow of 21.77 million, while retail funds saw a net inflow of 334.70 thousand [2]

Core Viewpoint - The recent rebound in bank stocks, particularly Agricultural Bank of China, indicates a potential recovery in the banking sector after a period of decline, with Agricultural Bank's stock price showing significant strength and a return to a price-to-book (PB) ratio above 1 [1][2][3]. Group 1: Stock Performance - On October 20, major stock indices rose collectively, with Agricultural Bank's stock price reaching 7.74 CNY per share, marking a 1.57% increase and achieving a 12-day consecutive rise [1]. - Agricultural Bank's market capitalization fluctuated around 2.712 trillion CNY, at times surpassing that of Industrial and Commercial Bank of China [1]. - The stock price of Agricultural Bank hit a new high of 7.69 CNY, exceeding its mid-year net asset value of 7.65 CNY, before closing at 7.62 CNY [2]. Group 2: Valuation Metrics - Agricultural Bank's PB ratio has returned to above 1, ending a prolonged period of trading below book value for state-owned banks [2]. - Among 42 listed banks, only four, including Agricultural Bank, have a PB ratio above 0.9, while many others remain below 0.4 [2]. Group 3: Market Dynamics - The recent increase in Agricultural Bank's PB ratio is attributed to liquidity-driven factors, with the overall banking sector still in a valuation recovery phase [3]. - Since July, bank stocks have faced a downturn, but have rebounded post-National Day, with the China Securities Banking Index rising by 4.77% while the Shanghai Composite Index fell by 0.43% [3]. - Investors are seeking "safe havens" in bank stocks due to their low valuations, high dividend yields, and stable operations, especially during market volatility [3]. Group 4: Future Outlook - Analysts expect that the upcoming quarterly reports for banks will show a stable performance, with positive trends in interest margins and stable non-performing loan generation [4]. - The banking sector is anticipated to see a significant increase in attractiveness due to dividend value and the potential for asset revaluation as macro-prudential management expands [4]. - Short-term prospects are favorable for quality small and medium-sized banks with performance potential, while long-term views favor resilient state-owned banks and regional leaders amid increasing market concentration [4].