银行央国企引领专题报告：市值管理助力价值经营，坚守红利投资主线

Investment Rating - The report maintains a "Buy" rating for the banking sector, emphasizing the potential benefits from the new round of state-owned enterprise (SOE) reforms and enhanced value management strategies [4]. Core Insights - The deepening reforms of SOEs in China are expected to create new investment opportunities, particularly through enhanced value management practices aimed at preserving and increasing the value of state assets [3][28]. - The banking sector, characterized by its significant SOE attributes, is poised to benefit substantially from these reforms, with state-owned banks playing a crucial role in the capital market [3][43]. Summary by Sections New Round of Reforms: From Institutional Construction to Value Management - The report outlines the evolution of SOE reforms in China, highlighting five distinct phases that have progressively focused on enhancing core competitiveness and optimizing the layout of state-owned assets [16][23]. SOE Investment Opportunities through Value Management - Value management has become a key focus in the latest SOE reforms, addressing issues such as the disparity between market value and intrinsic value, and enhancing shareholder returns [28]. - As of November 2024, state-owned enterprises are trading at a discount of approximately 44.88% compared to private enterprises, indicating significant room for valuation improvement [28]. Impact of Value Management on Banking Operations and Investment Logic - The report identifies several dimensions of value management that are reshaping banking operations: 1. Increased expectations for dividends and share buybacks, enhancing shareholder returns [4]. 2. Expanded financing channels to bolster core Tier 1 capital, opening up valuation recovery opportunities [4]. 3. Transformation of business models to mitigate the downward pressure on return on equity (ROE) [4]. 4. The rise of the digital economy, with technology enhancing banking efficiency [4]. 5. Increased efforts to mitigate risks and improve credit costs, particularly in the real estate sector [4]. Investment Recommendations - The report suggests that the renewed focus on value management and increased dividend payouts will create favorable conditions for valuation recovery in the banking sector. It recommends specific banks, including Industrial and Commercial Bank of China, China Construction Bank, and Postal Savings Bank of China, among others [4].