AGRICULTURAL BANK OF CHINA(SH:601288) Zheng Quan Shi Bao Wang·2025-10-17 09:46Group 1 - Agricultural Bank of China (ABC) A-share price-to-book ratio (PB) reached 1 for the first time, breaking the long-standing "below book value" situation of state-owned banks [1] - As of October 17, ABC's stock price closed at 7.62 yuan, with a market capitalization of 2.67 trillion yuan, and the stock has increased over 49% year-to-date [1] - Other major state-owned banks still have PB ratios below 1, with Industrial and Commercial Bank of China (ICBC) and China Construction Bank (CCB) both at 0.72, Bank of China (BOC) at 0.65, Bank of Communications (BoCom) at 0.55, and Postal Savings Bank of China (PSBC) at 0.7 [1] Group 2 - Tianfeng Securities report attributes the long-term PB ratio below 1 for banks to significant exposure of non-performing assets and ongoing pressure [2] - Market expectations of continued pressure on bank profitability contribute to the low PB ratios [2] - The growth rate of banks' net assets per share is significantly higher than that of other sectors, which negatively impacts the denominator in the PB valuation [2]