Group 1 - Ping An Life increased its holdings in Agricultural Bank of China (ABC) by 44.05 million H-shares, raising its total holdings to 5.842 billion shares, which accounts for over 19% of ABC's total H-shares [1] - The banking sector's "high dividend, low valuation" characteristic has re-emerged, with average dividend yields for A-shares and H-shares listed banks at 4.3% and 5% respectively as of December 19 [1] - The report from Everbright Securities indicates that banks will face insufficient effective credit demand in 2025, with profit growth expected to be slow [1] Group 2 - The investment logic of "high dividend, low valuation" in the banking sector remains the main investment theme, with long-term capital allocation demand expected to continue [2] - Citic Securities reports that the recent appreciation of the RMB is favorable for the performance of RMB-denominated equity assets, and the central bank's policy tools will be used more flexibly [2] - The banking sector is expected to see a stabilization in operating conditions, with a bottoming out of interest margins and a recovery in income and profits as systemic risks are reassessed [2] Group 3 - The Hong Kong-listed banks in the domestic banking sector include Agricultural Bank of China (01288), China Merchants Bank (03968), Industrial and Commercial Bank of China (01398), China Construction Bank (00939), Minsheng Bank (01988), Postal Savings Bank of China (01658), and Citic Bank (00998) [3]
港股概念追踪|“适度宽松”基调下 国内银行价值重估未结束（附概念股）