Zhong Guo Zheng Quan Bao·2025-11-25 20:27Core Viewpoint - The recent surge in share buybacks by shareholders and executives in A-share banks, particularly city commercial banks like Nanjing Bank and Chengdu Bank, reflects strong confidence in the banks' fundamentals and a market preference for high-dividend assets [1][2]. Group 1: Shareholder and Executive Buybacks - Nanjing Bank announced that BNP Paribas (QFII) increased its stake by 12.8 million shares, raising its total holding from 17.02% to 18.06% [1]. - Chengdu Bank's major shareholders, Chengdu Industrial Capital Group and Chengdu Xintianyi, collectively spent 611 million yuan to buy 3.4247 million shares, with plans for further purchases [2]. - Executives from Changshu Bank and Shanghai Rural Commercial Bank also announced their intentions to buy shares, indicating a commitment to their banks' long-term value [2]. Group 2: Market Conditions and Valuation - The increase in buybacks is attributed to expectations of economic recovery, improved performance, and valuation corrections, with 38 out of 42 A-share listed banks seeing stock price increases this year [2][3]. - The banking sector's overall price-to-book ratio remains at historical lows, suggesting potential for valuation recovery [2][3]. Group 3: Investment Outlook - Analysts express optimism regarding the banking sector, highlighting the appeal of high-dividend, low-valuation characteristics of bank stocks, especially during periods of economic stagnation [4]. - Investment strategies focus on banks with regional advantages and strong performance certainty, particularly in areas like Jiangsu, Shanghai, Chengdu, Shandong, and Fujian [4].