2 1 Shi Ji Jing Ji Bao Dao·2025-11-21 02:56Group 1 - The banking sector showed active trading on November 21, with the China Securities Bank Index down 0.20% at the time of reporting, while China Bank saw a rise of over 2%, reaching a historical high [1] - A comprehensive cooperation agreement was signed between China Agricultural Development Bank and China Construction Bank on November 19, involving 13 branches for deeper collaboration in financial markets, syndicate loans, and consulting services [1] - The banking industry in China is transitioning from a phase of scale expansion to one of transformation and value creation, as stated by the president of China Merchants Bank at the 2025 Shenzhen International Financial Conference [1] Group 2 - Shenwan Hongyuan reiterated a focus on a dual strategy of "leading banks as the platform + bottom-tier joint-stock banks and quality city commercial banks as the performers," suggesting that state-owned banks and China Merchants Bank will elevate the valuation center [2] - It is anticipated that relatively undervalued state-owned banks may experience a valuation recovery next year, while quality small and medium-sized banks with improving fundamentals and high credit growth are expected to show significant stock price elasticity amid improving economic expectations [2]