穿透市值迷雾：何为真正的全球银行价值标杆

Core Viewpoint - The recent surpassing of Agricultural Bank's A+H share market value over Industrial and Commercial Bank (ICBC) has sparked discussions on how to measure the true value of global banks, emphasizing that metrics should go beyond mere market capitalization to include factors like operational resilience, risk management, and comprehensive strength [1][2] Group 1: Market Position and Valuation - ICBC's A/H share structure of "75/25" provides institutional resilience and mitigates market volatility, ensuring a balance between domestic capital dominance and international investor engagement [3] - Currently, ICBC's price-to-book ratio stands at 0.71, significantly lower than major international banks, indicating a valuation gap despite a high dividend yield of 5.8% for H shares and 4.2% for A shares, making it an attractive investment option [4] Group 2: Financial Performance and Growth - In the first half of 2025, ICBC reported a revenue of 4090.82 billion yuan, a year-on-year increase of 1.8%, and a net profit of 1688.03 billion yuan, maintaining its leading position among major banks [9] - The bank's total assets reached 52.32 trillion yuan, with a year-on-year growth of 7.2%, and customer deposits increased by 5.9% to 36.90 trillion yuan, showcasing robust growth [10] Group 3: Risk Management and Stability - ICBC maintains a non-performing loan ratio of 1.33% and a capital adequacy ratio of 19.54%, indicating strong risk management capabilities [11] - The bank's provision coverage ratio stands at 217.71%, providing a substantial buffer against potential loan losses, which is crucial in the context of rising global economic uncertainties [12]