一年半涨57%！“银伟大”暂时歇脚，估值贵了吗？

Core Viewpoint - The banking sector has been a focal point in the market, with the China Securities Banking Index experiencing significant growth, leading to comparisons with major U.S. tech stocks like Nvidia [1][4]. Group 1: Market Performance - As of July 11, the China Securities Banking Index has accumulated a 57% increase since the beginning of 2024, outperforming major global indices such as the Nasdaq (37%), Hang Seng Tech Index (39%), and Shanghai Composite Index (18%) [4]. - The recent trading day saw the banking index drop by 2.36% after a series of record highs, indicating a potential pause in its upward momentum [1][4]. Group 2: Factors Influencing Growth - The rise in banking stocks is attributed to several positive factors, including high dividend yields, increased investments from insurance funds, and greater allocations from public funds [5]. - Despite the positive outlook, there are growing concerns about valuation constraints as the sector approaches historically high levels, with key metrics such as a price-to-book (PB) ratio of 1 and a dividend yield of 4% being closely monitored [5]. Group 3: Valuation Metrics - As of July 11, the median price-to-book ratio for 42 banking stocks was 0.7, with some banks like Chengdu Bank, Hangzhou Bank, and China Merchants Bank trading above their book value [5]. - The dividend yield for these banking stocks has decreased to below 5%, with a median yield of approximately 3.9%, reflecting the impact of rising stock prices [5].