高股息助推估值修复，国有大行股价创近年新高

Group 1: Bank Stock Performance - Bank stocks have shown significant gains in April 2024, with major state-owned banks reaching multi-year highs, such as Agricultural Bank at 4.58 CNY and Bank of Communications at 6.95 CNY [1][2] - Central Huijin's support through share buybacks has contributed to the rise in bank stock prices, with over 1 billion shares accumulated across major banks [2] - The overall banking sector is recovering, driven by high dividend yields, with bank dividends maintaining above 5% since mid-2022, outperforming the broader market [1][2] Group 2: Financial Performance and Valuation - The net profit of major banks like CITIC Bank increased by 7.91% in 2023, with a non-performing loan ratio of 1.18%, indicating improved financial health [2][3] - Despite the positive performance of some banks, there is a notable divergence, with certain joint-stock banks experiencing profit declines of over 40% compared to their historical highs [3] - The average price-to-book (PB) ratio for listed banks remains below 1, indicating low valuation levels, with some banks like Minsheng Bank at 0.34 and Pudong Development Bank at 0.35 [5][6] Group 3: Market and Economic Context - The banking sector's recovery is supported by government policies aimed at stabilizing the financial market and addressing risks associated with real estate and local government financing [7][8] - Recent economic data shows a GDP growth of 5.3% in Q1 2024, which is expected to bolster the banking sector's performance and valuation recovery [8] - The shift in market sentiment towards high-dividend strategies reflects a broader trend in investor behavior, favoring stability in uncertain economic conditions [1][2]