农行13连阳，市净率站上1倍关口！传递出什么信号

Core Viewpoint - Agricultural Bank of China (ABC) has shown strong stock performance, leading the banking sector's rebound, with its A-shares reaching a new high and recording a 13-day consecutive rise [1][2] Group 1: Stock Performance - As of October 21, ABC's A-share price increased by 1.68%, closing at 7.88 yuan per share, with a total market capitalization exceeding 2.76 trillion yuan [1][2] - Since 2025, ABC's stock price has risen over 50%, significantly outperforming the overall banking sector [2] - ABC's A-share price-to-book ratio (PB) surpassed 1 for the first time since March 2018, breaking the long-standing "below par" situation of state-owned banks [2][4] Group 2: Investment Appeal - The high dividend yield of quality assets and stable performance are key factors attracting capital inflow into the banking sector [2][3] - The average dividend yield of the A-share banking sector is approximately 4.39%, notably higher than the 10-year government bond yield of 1.86%, creating a significant spread [3] - Major state-owned banks have dividend yields exceeding 4%, while some joint-stock banks and city commercial banks have yields between 5% and 5.5%, indicating high overall value [2][3] Group 3: Financial Performance - In the first half of 2025, ABC reported operating income of 369.94 billion yuan, a year-on-year increase of 0.85%, and a net profit attributable to shareholders of 139.51 billion yuan, up 2.7%, leading among the four major state-owned banks [3] - ABC has strengthened its competitive advantage in the rural market, with "three rural" credit issuance growing rapidly, adding 916.4 billion yuan to county loans, which now exceed 10 trillion yuan [3] Group 4: Market Sentiment and Future Outlook - Analysts suggest that the recent rise in ABC's PB ratio signals a positive valuation recovery for the banking sector, reflecting optimistic investor expectations for ABC's operational prospects [4] - Morgan Stanley's report highlights multiple factors supporting the revaluation of bank stocks, including upcoming dividend distributions, stable interest rates, and supportive financial policies [6]