农业银行成新“宇宙行”

Core Viewpoint - Bank stocks have shown resilience in the market, with significant gains and historical highs, driven by their stable high dividend yields and solid asset quality [1] Group 1: Market Performance - On September 4, the banking index rose by 0.75%, with Agricultural Bank leading the gains, up 5.17%, reaching a market capitalization of 2.55 trillion RMB, surpassing Industrial and Commercial Bank [1] - Postal Savings Bank's stock also increased by over 2.9%, with its market value exceeding 2 trillion RMB, marking a historical high [1] Group 2: Analyst Insights - Analysts suggest that bank stocks are transitioning from "pro-cyclical" to "weak-cyclical" assets, with stable underlying asset quality and performance, making them attractive to long-term investors amid an "asset shortage" environment [1] - The banking sector has seen significant price increases this year, with Agricultural Bank's stock up 47.15%, followed by Qingdao Bank at 39.88% and Shanghai Pudong Development Bank at 37.88% [1] Group 3: Future Outlook - Despite the notable gains, the banking sector's valuation is currently at a historical low of approximately 0.6 times PB, with a dividend yield close to 4%, indicating a certain safety margin [1] - Expectations for 2025 suggest it may mark the end of the banking industry's earnings downturn, with anticipated improvements in fundamentals and asset quality [1]