A股“新一哥”诞生！你买了吗？

Core Viewpoint - Agricultural Bank of China (ABC) has surpassed Industrial and Commercial Bank of China (ICBC) in A-share market capitalization, reaching 2.14 trillion yuan, marking a significant shift in the banking sector's competitive landscape [5][6]. Group 1: Market Performance - As of August 7, 2023, ABC's A-share closing price was 6.71 yuan per share, with a 1.36% increase, while ICBC's closing price was 7.84 yuan per share, with a 1.03% increase [5]. - ABC's stock price has seen a cumulative increase of over 30% this year, ranking third among bank stocks and first among the six major state-owned banks [6]. - The difference in circulating shares is a key factor affecting market capitalization, with ABC having 3.192 billion circulating shares compared to ICBC's 2.696 billion, a difference of nearly 500 million shares [6]. Group 2: Financial Performance - In the first quarter of 2023, only ABC and Bank of China reported year-on-year revenue growth, while other major banks experienced declines [6]. - ABC's non-performing loan ratio decreased by 0.02 percentage points year-on-year, contrasting with other banks that saw smaller declines or no change [6]. Group 3: Strategic Focus - ABC has significantly increased its county-level loan portfolio, with new loans exceeding 1 trillion yuan, positioning itself advantageously in rural infrastructure and modern agricultural development [7]. - The bank's focus on rural revitalization strategies has created a differentiated market position, which is expected to contribute positively to its future performance [7]. Group 4: Market Sentiment and Investment Trends - Institutional investors are increasingly optimistic about bank stocks, with public funds further increasing their holdings in the banking sector during the second quarter [8][9]. - As of the end of the second quarter of 2025, the proportion of actively managed public funds allocated to bank stocks reached 4.85%, the highest level since the second quarter of 2021 [10]. Group 5: Analyst Insights - Analysts suggest that the banking sector is benefiting from a stable operating environment and favorable macroeconomic policies, which are expected to support continued investment in bank stocks [11]. - The trend of increasing shareholdings by shareholders and executives indicates growing confidence in the banking sector's prospects [12][13].