第一财经·2025-08-07 09:55Core Viewpoint - The article highlights the significant rise of Agricultural Bank of China (ABC) as it surpasses Industrial and Commercial Bank of China (ICBC) to become the largest market capitalization bank in A-shares, marking a notable shift in the banking sector dynamics [2][5][6]. Market Performance - On August 6, A-shares recorded a three-day rise with over 3,300 stocks increasing in value, while the margin trading balance exceeded 2 trillion yuan for the first time in 10 years [2]. - As of the close on August 6, ABC's A-share market capitalization reached 2.11 trillion yuan, surpassing ICBC's 2.09 trillion yuan, a historic first [2][4]. - The top three A-share market capitalizations are now ABC, ICBC, and Kweichow Moutai, compared to the beginning of the year when the order was Kweichow Moutai, ICBC, and ABC [2]. Stock Performance - ABC's A-share price increased by 29.54% year-to-date, ranking third among 42 listed banks, while ICBC's price rose by 16.85% [7][8]. - Over the past year, ABC's stock has surged by approximately 49%, leading among major banks, with significant increases of 106% and 172% over the past two and three years, respectively [8]. Market Capitalization Changes - The total market capitalization of the banking sector in A-shares has surpassed 10 trillion yuan for the first time in the first half of the year, with ABC's market capitalization increasing by 4.086 billion yuan since the beginning of the year [6][9]. - The total market capitalization of state-owned banks has increased by approximately 1.6 trillion yuan since the beginning of the year, with ABC and China Construction Bank showing the largest increases [15]. Financial Performance - In Q1, ABC reported a revenue growth of 2.56%, while other major banks experienced negative growth, indicating its strong performance amidst a challenging environment [9]. - The asset scale of the six major banks has exceeded 200 trillion yuan, with ABC's non-performing loan ratio decreasing by 0.02 percentage points [10]. A-H Share Distribution - The article discusses the distribution of A and H shares among major banks, noting that ABC has the highest proportion of A shares at approximately 91%, while CCB has the lowest at about 8% [12][14]. - The A-share market capitalization of ABC is significantly influenced by its high A-share proportion compared to other banks, which have a larger portion of their shares listed in Hong Kong [14]. Future Outlook - Analysts suggest that the sustainability of the banking sector's performance will depend on several indicators, including the banks reaching a price-to-book ratio of 1 and the allocation of public funds to banks [15].