农行股价“12连阳”?市净率再“破1”

Core Viewpoint - Agricultural Bank of China (ABC) has experienced a significant rise in its A-share stock price, achieving a 12-day consecutive increase and surpassing a price-to-book (PB) ratio of 1, indicating a potential valuation recovery for bank stocks in the market [1][3]. Group 1: Stock Performance - ABC's A-share stock price reached a high of 7.76 CNY per share on October 20, closing at 7.75 CNY, with a daily increase of 1.71% [1]. - Year-to-date, ABC's A-share stock has risen by 51.65%, leading the banking sector [1]. - The total market capitalization of ABC's A+H shares is approximately 2.63 trillion CNY as of October 20 [1]. Group 2: Financial Performance - For the first half of 2025, ABC reported operating revenue of 369.94 billion CNY, a year-on-year increase of 0.8% [1]. - The net profit attributable to shareholders was 139.51 billion CNY, reflecting a year-on-year growth of 2.7%, making it the only major bank to achieve both revenue and profit growth [1]. Group 3: Investment Insights - Analysts highlight four key strengths of ABC: significant credit growth potential in county economies, leading personal deposit ratios, the lowest non-performing loan (NPL) ratio among peers, and strong provisioning for risk management [2]. - Market analysts predict a favorable 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 [2]. - The crossing of the PB ratio above 1 is seen as a pivotal moment for bank stock valuation recovery, with expectations for continued positive performance in the sector [3].