天天基金网·2025-08-07 05:01Core Viewpoint - Agricultural Bank of China has reached a historic high in market capitalization, becoming the "king of circulation market value" in A-shares, surpassing Industrial and Commercial Bank of China for the first time [1][2]. Market Performance - As of August 6, Agricultural Bank's A-shares have increased by 29.8% year-to-date, ranking third among 42 listed banks, following Shanghai Pudong Development Bank and Qingdao Bank [2]. - The total market capitalization of Agricultural Bank's A-shares is 2.26 trillion yuan, while the combined market value of Industrial and Commercial Bank (A-shares and H-shares) is 2.57 trillion yuan [2]. Institutional Investment - Insurance funds have been actively purchasing bank stocks, with at least five banks, including Agricultural Bank's H-shares, being targeted for significant investments [1][2]. - Public funds have increased their holdings in Agricultural Bank's A-shares, with a total of 93 public fund companies holding 10.37 billion shares as of the end of June, representing a significant increase from the previous quarter [3]. Dividend Distribution - A total of 6,325.94 billion yuan in cash dividends was distributed by 42 A-share listed banks for the 2024 fiscal year, an increase of nearly 200 billion yuan from the previous year [4]. Fund Allocation Trends - Public funds have shown a clear upward trend in allocating to bank stocks, with the proportion of active public funds' holdings in bank stocks reaching a new high since June 2021 [6]. - The focus of fund allocation has shifted from state-owned banks to high-quality city commercial banks and undervalued banks [6]. Future Outlook - UBS forecasts that the fundamentals of the Chinese banking industry will improve, with revenue growth expected to resume from 2026, driven by various factors including credit policy adjustments and improved risk expectations [8].