推动价值再发现：聚焦核心能力，锚定长期主义

Core Viewpoint - The misalignment between the fundamental performance and valuation of listed banks in the A-share market is impacting investor returns and the banks' image in the capital market, which in turn restricts their refinancing capabilities and credit supply [1] Group 1: Market Dynamics - Listed banks contribute nearly 40% of net profits but only account for 12% of total market capitalization as of the latest closing date [1] - The focus on market value management has become a priority for many banks, linking market performance to management evaluations and compensation [1] - The overall valuation of the banking sector has improved, alleviating the pressure of being below book value, with some quality banks gradually moving out of this zone [2] Group 2: Strategic Focus - To enhance bank stock valuations, efforts should be made in four areas: policy guidance for long-term capital, prioritizing quality and efficiency in operations, improving market communication, and establishing stable and diverse dividend policies [1][2] - Banks are shifting from short-term thinking to long-term core capability building, emphasizing asset quality control and risk management [2][3] Group 3: Operational Improvements - Banks are adopting a balanced approach to manage net interest margin pressures, avoiding reliance on either increasing volume or reducing prices [2] - Comprehensive operations are seen as a way to break through current market challenges, with banks diversifying their business to mitigate risks associated with dependence on a single segment [3] Group 4: Investor Relations - Strengthening investor relations and effectively communicating development narratives are crucial for building market trust [3][4] - Banks are enhancing investor returns through improved dividend mechanisms, increasing payout ratios, and introducing interim dividends to meet long-term capital needs [5] Group 5: Long-term Outlook - The process of valuation recovery for bank stocks is gradual, with a focus on maintaining profit resilience and transforming business models to create growth opportunities [5] - The investment value of bank stocks is expected to return to fundamentals, with banks that have clear strategies and strong execution likely to achieve valuation reconstruction first [5]