“他们有英伟达，我们有银伟达!”所以真的“伟达”吗？

Core Viewpoint - The A-share market has been strong recently, with the financial sector, particularly the major banks, driving this momentum. However, many banks are trading below their net asset value, indicating a potential undervaluation in the market [1][2]. Financial Sector Performance - The banking sector's price-to-book ratio (PB) is currently at 0.56, meaning investors are only willing to pay 0.56 yuan for every 1 yuan of net assets, leading to a "broken net" situation for most banks since 2018 [1][2]. - As of December 1, 2023, 38 A-share listed banks have seen positive stock performance this year, with some banks experiencing over 30% gains [2][3]. Reasons for Underestimation - Several factors contribute to the long-term undervaluation of banks: - Profitability pressure, with the net interest margin at a historical low of 1.42% as of Q3 2025 [2]. - Lack of growth potential due to the large and cyclical nature of the banking industry [2]. - Concerns over asset quality, particularly in the real estate sector, which suppresses valuation [2]. Impact of "Broken Net" Situation - The long-term "broken net" status affects market confidence and constrains banks' operations. Banks typically rely on retained earnings to supplement core tier one capital, which is essential for expanding credit and supporting economic growth [2]. - Regulatory restrictions on refinancing for "broken net" companies further complicate capital replenishment, limiting banks' ability to expand credit and impacting profitability [2]. Future Outlook - The valuation recovery for banks is expected to be accompanied by significant differentiation. Banks with solid customer bases, stable asset quality, and strong positions in inclusive finance, green finance, and digital transformation are likely to gain market recognition [3]. - The current environment suggests that the time window for reallocating investments in bank stocks has opened, with a focus on larger banks likely to see greater valuation increases compared to smaller banks [3][4]. Investment Strategy - Investors may consider index-based investment tools to mitigate risks, as the top 10 constituents of the CSI Bank Index account for 65.30% of the total weight, allowing for risk diversification while maintaining concentrated exposure [3].