农行流通市值反超工行，反腐是市值管理的“核动力”？

Core Viewpoint - The article discusses the recent rise of Agricultural Bank of China (ABC) in market capitalization, highlighting the impact of anti-corruption measures on the bank's stock performance and overall market perception [4][5][14]. Market Capitalization Dynamics - As of August 20, 2025, ABC's market capitalization reached 22,634 billion, surpassing Industrial and Commercial Bank of China (ICBC) at 20,464 billion [4]. - ABC became the new market leader among state-owned banks, a significant shift given its historical position as the "fourth oldest" bank [5]. Financial Performance - In Q1 2025, ABC reported a net profit of 719.3 billion, marking a 2.2% year-on-year growth, the only major bank to achieve positive growth during this period [6]. - ABC's stock price increased nearly 33% this year, driven not only by financial performance but also by a broader market sentiment influenced by anti-corruption efforts [6]. Anti-Corruption Measures - The anti-corruption campaign began in May 2024 with the investigation of senior executives, leading to a series of high-profile dismissals [7]. - By March 2024, ABC had initiated 847 cases, resulting in 789 disciplinary actions and 36 criminal cases against employees, including eight senior executives [12]. - The campaign has focused on financial risk areas, particularly in credit approval and asset disposal, revealing previously hidden bad debts [12][14]. Market Reactions - The market perceives the exposure of corrupt practices as a positive development, as it allows for the identification and resolution of "invisible bad debts" [10]. - ABC's stock price recovery from a low of 2.8 to over 7 reflects investor confidence in the bank's governance improvements and compliance measures [8][14]. Regulatory Environment - The regulatory scrutiny of ABC has intensified, evolving from individual penalties to comprehensive sector-wide reforms targeting compliance and governance [13]. - Key focus areas for regulatory action include credit compliance, data governance, and financial services for agriculture [13]. Conclusion - The rise in ABC's market value raises questions about the underlying productivity of banks when anti-corruption becomes a primary driver of market performance [15].