第一财经·2025-09-24 14:57Core Viewpoint - Since the initiation of the "9.24" market rally in 2024, bank stocks have emerged as one of the most outstanding sectors in the A-share market, with the China Securities Bank Index showing a cumulative increase of approximately 24% over the past year [3][4]. Market Performance - As of September 24, 2024, the China Securities Bank Index reached a new high of 8570.76 points, representing an increase of over 43% compared to the same date last year [3][4]. - The total market capitalization of A-share banks surpassed 10 trillion yuan for the first time, with Agricultural Bank of China briefly overtaking Industrial and Commercial Bank of China in market value before the latter regained its position [3][6]. Stock Performance - All 42 A-share listed banks recorded positive stock performance over the past year, with the highest stock price increase nearing 59% and the lowest at around 8% [5][6]. - Specifically, 36 banks saw stock price increases exceeding 20%, 23 banks over 30%, 5 banks over 40%, and 2 banks over 50% [5][6]. - The top three banks in terms of stock price increase were Qingdao Bank (58.87%), Xiamen Bank (50%), and Agricultural Bank of China (48.6%) [5][6]. Market Capitalization Growth - As of September 24, 2024, the total A-share market capitalization of the 42 listed banks was approximately 10.6 trillion yuan, an increase of 2.37 trillion yuan from 8.23 trillion yuan a year ago [6][7]. - The total market capitalization reached 13.9 trillion yuan, up by over 3 trillion yuan from 10.83 trillion yuan a year prior [6][7]. Recent Market Adjustments - Since July 2024, bank stocks have entered a phase of adjustment, with the China Securities Bank Index experiencing a decline of nearly 13% from its peak [9][10]. - Over half of the banks have seen stock price declines exceeding 10%, with some banks like Everbright Bank and Beijing Bank experiencing drops over 20% [10]. Valuation Insights - The median dividend yield for bank stocks is around 4.5%, which has decreased by over 1 percentage point compared to the previous year, yet remains competitive against other asset yields [10]. - The price-to-book (PB) ratio for the 42 listed banks is approximately 0.58, showing a slight increase from 0.5 a year ago, but the overall situation of banks trading below book value persists [10].