“银伟达”来了，农行股价13连阳之后总市值登顶A股

Core Viewpoint - Agricultural Bank of China (ABC) has seen a significant rise in its stock price, attributed to its solid performance fundamentals, increased market risk aversion, changes in fund preferences, active institutional allocation, and valuation recovery dynamics [5][10]. Group 1: Stock Performance - As of October 21, 2025, ABC's stock price reached 7.88 CNY per share, marking a 1.68% increase and a total market capitalization of 2.76 trillion CNY, surpassing Industrial and Commercial Bank of China (ICBC) by 0.04 trillion CNY [2]. - Since September 25, 2025, ABC's stock has risen for 13 consecutive trading days, with a cumulative increase of over 20%, significantly outperforming the broader market [4]. - Year-to-date, ABC's stock has increased by 54.51%, leading other state-owned banks such as ICBC (15.58%), China Construction Bank (10.73%), and Bank of China (2.28%) [4]. Group 2: Valuation Metrics - ABC's price-to-book (PB) ratio has surpassed 1 for the first time in seven years, reaching 1.03 as of October 21, 2025, making it the only major state-owned bank with a PB ratio above 1 [7]. - In comparison, ICBC's PB ratio stands at 0.73, China Construction Bank at 0.72, Postal Savings Bank at 0.69, Bank of China at 0.66, and Bank of Communications at 0.56 [7]. Group 3: Financial Performance - For the first half of 2025, ABC reported a revenue growth rate of 0.35% and a net profit growth rate of 1.80%, while other major banks experienced negative growth [9]. - ABC's non-performing loan (NPL) ratio is 1.28%, lower than that of ICBC and China Construction Bank, indicating better asset quality [10]. Group 4: County Financial Services - ABC has a strong presence in county-level financial services, with county loans amounting to 10.77 trillion CNY, accounting for 40.9% of total loans, and a loan growth rate of 9.6% year-on-year [13]. - The bank's county deposits are nearly 14 trillion CNY, representing 46.02% of total deposits, benefiting from low deposit costs and high stability [14]. Group 5: Market Outlook - Analysts suggest that ABC's strong performance is a result of its strategic focus on county financial services, which is expected to continue driving growth and valuation recovery [12][15]. - Factors supporting the banking sector's valuation re-evaluation include approaching dividend distribution, stabilizing interest rates, and the implementation of targeted monetary policy tools [15].