银行研思录之八：银行股回报有多高？

Investment Rating - The report maintains a "Recommended" rating for the banking sector, indicating a positive outlook for the industry [3]. Core Insights - The banking sector has consistently outperformed the market in most years since the end of 2008, with a cumulative return significantly higher than that of the broader market indices [6][10]. - The report highlights that the banking sector benefits from a shift in institutional investment styles, favoring long-term performance and actual profitability, which is expected to lead to a valuation recovery for the sector [6][10]. - High-profit growth banks have shown exceptional performance, with a cumulative increase of 2322% and an annualized return of 21.5% since the end of 2008, indicating the potential for higher returns through selective investment within the banking sector [6][10]. Summary by Sections Industry Scale - The banking sector comprises 41 listed companies, with a total market capitalization of 9875 billion and a circulating market capitalization of 9784.5 billion [3]. Performance Metrics - The absolute performance of the banking sector over different time frames is as follows: 1 month: 4.7%, 6 months: 11.8%, and 12 months: 24.3% [5]. - The banking index has outperformed the market indices, with the A-share banking index showing a cumulative increase of 404% and an annualized return of 10.4% since 2018 [6][10]. Historical Returns - From 2008 to the present, the banking sector has outperformed the CSI 300 Total Return Index in 10 out of 17 years, demonstrating a high success rate for investments in this sector [6][10]. - The report provides detailed cumulative return data, showing that the banking sector's returns have generally exceeded those of the broader market indices in most years since 2008 [12][14].