周报：股票回购增持专项再贷款细节仍需确认，关注招行和国有大行估值差

Investment Rating - Investment advice indicates that over the past decade, the current rise in H-share banks is supported by lower trading volumes for China Merchants Bank compared to the period from October 2020 to January 2021, but stronger than in May and August 2017 [9]. Core Insights - The performance of state-owned banks is relatively weaker compared to both 2020 and 2017, with China Merchants Bank's price increase significantly outpacing that of state-owned banks over the past two weeks [9]. - China Merchants Bank's 2024E price-to-book (PB) ratio exceeds 1.0x, while state-owned banks' PB is currently below 0.5x [9]. - Despite China Merchants Bank having a higher return on equity (ROE) compared to state-owned banks, there is no clear outperformance in profit expectations, particularly regarding year-on-year growth in pre-provision operating profit and net profit attributable to shareholders [9]. - If the Hong Kong stock market undergoes a correction in the short term, the extent of China Merchants Bank's pullback may be greater [9]. Summary of Related News - As of now, there is no official progress on the creation of special loans for stock repurchases and share increases [10]. - Pictet Asset Management has stated that it does not hold the 8.32% subscription rights for China Construction Bank H-shares as disclosed by Hong Kong Exchange filings [10].