SPD BANK(SH:600000) Shang Hai Zheng Quan Bao·2025-12-21 18:17Core Viewpoint - The article emphasizes the importance of reasonable market valuation for effective resource allocation and the development of a strong financial sector in China, highlighting the current low valuation of bank stocks and its mismatch with their profitability and risk management capabilities [2]. Group 1: Valuation Challenges - Bank stocks are experiencing a significant valuation pressure, with an average price-to-book (PB) ratio of only 0.53, indicating a deep "broken net" state [2]. - The decline in net interest margin is a primary factor affecting profitability, alongside concerns about potential risks in retail sectors and changes in funding attributes [3][4]. - The shift in funding attributes has led to a preference for stable returns among long-term capital, impacting the valuation dynamics of banks [4]. Group 2: Performance Disparities - The performance of different types of banks has shown significant disparities, with state-owned banks maintaining faster credit growth compared to joint-stock banks, which are forced to focus on quality over quantity in lending [5]. - The expectation of a value reassessment in bank stocks is crucial for opening up capital replenishment opportunities, with a PB ratio above 1 being a prerequisite for refinancing [5]. Group 3: Capital Replenishment Initiatives -浦发银行 has actively pursued refinancing to strengthen its capital base, successfully completing a significant convertible bond conversion, which is a milestone in its development [6]. - The conversion is expected to enhance the bank's core Tier 1 capital adequacy ratio by 0.65 percentage points, providing substantial capital support [6]. Group 4: Strategic Focus and Future Outlook - The bank aims to enhance its operational efficiency and profitability by focusing on its core business areas and leveraging its recent capital improvements [7]. -浦发银行 has established five key business tracks, emphasizing technology-driven and data-centric approaches to improve its service offerings and operational resilience [7][9]. - The bank's management has outlined four critical areas for improving core capabilities, including clear strategic development, maintaining asset quality, enhancing customer service, and fostering stakeholder relationships [9][10].