基本面企稳与估值优势共振 业内人士认为，近期银行股东的密集增持并非偶然，而是由经济复苏预期、业绩改善与估值修复逻辑共 同作用的结果。 值得注意的是，这已是法国巴黎银行今年以来第二次增持南京银行。9月法国巴黎银行通过QFII渠道增 持南京银行1.08亿股，今年的两次增持合计超2.36亿股。除法国巴黎银行外，今年下半年以来，南京银 行还获得南京高科（600064）、紫金集团等股东的增持。 成都银行近期披露的股东增持进展也颇为亮眼。该行两大股东成都产业资本集团与成都欣天颐在8月27 日至11月21日期间，合计耗资6.11亿元增持该行3424.7万股，其中成都产业资本集团增持1404.48万股， 成都欣天颐增持2020.22万股，目前持股比例分别达6.06%和4.27%。公告明确此次增持计划尚未实施完 毕，两大股东将按照增持计划以自有资金继续增持成都银行股份。 中小银行的管理层自掏腰包增持同样引人关注。11月20日常熟银行（601128）公告称，该行行长陆鼎昌 等6名高管拟在未来6个月内增持该行A股股份不少于55万股；沪农商行（601825）则于11月18日披露， 该行行长汪明等5位高管已于11月13日至17日合计增 ...

A股上市银行正掀起一波密集增持热潮。11月25日，北京商报记者梳理发现，进入11月以来，南京银 行、苏州农商行、成都银行、青岛银行、常熟农商行、上海农商行等多家上市城商行、农商行相继披露 增持进展，大股东、核心高管团队等增持主体纷纷拿出"真金白银"，既传递出对银行自身发展前景的坚 定信心，也为资本市场注入一剂强心针。增持热潮背后，是银行业基本面稳健与估值洼地的双重驱动， 前三季度商业银行净利润达1.9万亿元，24家上市银行中期分红超2600亿元，11月以来银行股涨势喜 人，多家银行股价创历史新高。分析人士指出，随着宏观经济预期稳中向好，部分银行经营基本面持续 改善、业绩支撑力不断增强。在此背景下，银行高管及股东对自家银行未来发展预期乐观，低股价区间 成为增持的绝佳窗口期，既能稳定市场信心，又能获得可观的分红回报与投资收益。 银行股增持潮涌 11月以来，上市银行的增持动作密集落地，既有大股东的"大手笔"加码，也有核心高管团队的集体力 挺，部分银行的增持计划仍在持续推进中。 以成都银行为例，11月21日，该行公告显示，收到成都产业资本控股集团有限公司（以下简称"成都产 业资本集团"）、成都欣天颐投资有限责任公司（ ...

大金融政策和基本面展望 20251124 近期，中金公司合并了两家 AMC 转移到中投证券旗下的券商股权，此次合并 后，中金公司的净资产将跻身行业前五。这次收购提升了中金公司的经纪业务 排名，使其与自身净资产规模更加匹配。通过合并中兴、东信和信达等区域强 势券商，中金公司在经纪业务上的竞争力得到了显著增强。 然而，从二级市场 表现来看，此次公告后的股价表现相对疲软。这主要是因为金融企业合并需要 时间来整合流程和业务，对盈利产生积极贡献不是一蹴而就的。从长期看，这 种互补式并购有助于建设一流投行，但短期内可能不会立即带来显著收益。 整 个券商行业面临着化解风险和实现业务资源互补的大趋势。但这种趋势下，并 非所有合并都是立即见效的。同类型券商之间行政命令式合并操作难度大，实 现预期效果存在挑战。因此，从基本面到股价反馈存在滞后性且周期较长。目 前市场对于此类事件反应平淡，可以理解为主题性炒作已经持续足够久。 未来 展望方面，政策仍然是券商行业的重要先行指标。目前资本市场政策以稳为主， 因此需要关注未来政策动向，以判断行业发展方向。 当前市场环境下，券商板块的配置价值如何？ 摘要 房地产市场整体复苏缓慢，新房销售未 ...

据该行此前发布的三季度报，2025年前三季度，南京银行实现营业收入419.49亿元，同比增长8.79%； 归属于上市公司股东的净利润（以下简称"净利润"）180.05亿元，同比增长8.06%；扣除非经常性损益 后的净利润178.69亿元，同比增长8.39%。截至2025年9月末，南京银行资产总额超2.96万亿元，较上年 末增长3709.08亿元。 【文/羽扇观金工作室】11月21日，南京银行发布公告称，公司第一大股东法国巴黎银行近期通过二级 市场大手笔增持，致使法国巴黎银行及其一致行动人的合计持股比例突破18%，创下历史最高水平。 公告称，法国巴黎银行（QFII）于2025年9月29日至11月20日期间，通过集中竞价交易方式增持该行股 份约1.28亿股，占该行总股本的1.04%。此次增持完成后，法国巴黎银行（QFII）的直接持股比例由原 本的4.27%上升至5.31%。结合法国巴黎银行直接持有的12.75%股份，法国巴黎银行及其一致行动人对 南京银行的合计持股比例由17.02%增加至18.06%，触及1%的权益变动刻度。 对于此次增持，公告称，主要是基于大股东对南京银行未来发展的信心以及对公司价值成长的认可。 ...

近日，多家上市银行获得大股东或重要股东出手增持。 11月21日晚间，南京银行发布公告称，基于对该行未来发展的信心和价值成长的认可，大股东法国巴黎 银行通过QFII（合格境外机构投资者）主体增持南京银行股份。 同日晚间，成都银行也公布了股东增持计划进展公告，该行两名大股东合计增持成都银行股份约3424.7 万股。《证券日报》记者根据公开信息梳理，四季度以来，南京银行、成都银行、常熟银行、沪农商 行、苏农银行等多家上市银行的大股东或高级管理人员实施增持或计划增持，主要为经营韧性较强的城 商行、农商行。 多家银行获股东增持 南京银行发布公告称，法国巴黎银行（QFII）于2025年9月29日至2025年11月20日期间以自有资金通过 上海证券交易所交易系统以集中竞价交易方式增持南京银行股份约1.28亿股，占该行总股本的1.04%。 银行股估值修复仍有空间 近期，A股行情整体呈震荡走势，而银行板块中农业银行、工商银行等个股股价创下历史新高，板块整 体走出上行行情，受到市场关注。Wind资讯数据显示，四季度以来，Wind银行指数区间累计涨幅近 8%。 "在当前银行股估值处于历史低位的背景下，四季度以来上市银行获自家大股东 ...

本周（11月17日至21日），A股市场出现较大幅度回调。前期强势的科技股回落，市场避险情绪升温，银行股成交相对活跃，其中，超2 万亿市值的中国银行股价屡创新高，本周5个交易日有3次创历史新高。 Choice数据显示，本周共有46只个股股价创历史新高（不含近一年上市的次新股，按前复权价、涨跌幅复权算法统计，下同），较上周 的83只大幅减少。拉长时间维度看，今年以来截至11月21日，已有1003只个股股价创历史新高。 上述46只个股中，按照申万一级行业进行划分， 电力设备、基础化工、机械设备行业创新高的个股较为集中，均为6只；电子行业创新高 个股大幅减少至3只，此前3周均在10只以上。从上市板块看，主板股票有31只、科创板股票有6只、创业板股票有5只、北交所股票有4 只。 从估值角度看，国投证券表示，目前A股银行板块PB为0.73倍，港股国有大行PB估值约为0.55倍，与国际主流经济体银行业估值相比仍显 著偏低。2022年至今，银行板块的行情本质上是估值重估、中枢抬升的逻辑，银行估值修复行情未结束。此外，银行股股息率显著高于 无风险利率，在当前低利率环境下形成"股息率>利率"的配置逻辑。 从基本面看，银行业绩今年 ...

Core Viewpoint - The banking sector is experiencing a rebound, with several banks showing significant stock price increases, driven by the implementation of interim dividend plans and an overall positive sentiment towards bank stocks [1] Group 1: Stock Performance - As of the latest report, Minsheng Bank's stock rose by 3.56% to HKD 4.36, Postal Savings Bank increased by 2.88% to HKD 5.71, Bank of China gained 2.36% to HKD 4.77, and China Construction Bank saw a rise of 1.85% to HKD 8.28 [1] Group 2: Dividend Distribution - According to Wind data, as of November 19, 13 out of 42 listed banks have completed or are in the process of implementing their interim dividend distributions, with a total dividend amount reaching CNY 263.79 billion [1] - Additionally, 13 banks have announced their dividend plans, while 6 banks have had their interim dividend matters approved by annual shareholder meetings, awaiting specific plans from their boards [1] Group 3: Market Sentiment and Future Outlook - Industrial analysis indicates that the timing of interim dividend announcements has been moved forward this year, with major banks announcing their dividend timelines, where A-shares are set for distribution in mid-December 2025 and H-shares in late January 2026 [1] - The gradual rollout of interim dividend plans is expected to attract more funds focused on dividends, potentially enhancing investment in bank stocks and aiding in the recovery of sector valuations [1]

Core Viewpoint - The A-share banking sector has shown strong performance, with Agricultural Bank of China (ABC) reaching a historical high in stock price and market capitalization, indicating a significant valuation recovery in the banking sector [1][2]. Group 1: Agricultural Bank of China Performance - On October 22, ABC's stock price closed at 8.09 yuan, marking a historical high and a total market capitalization of 2.75 trillion yuan, with a price-to-book ratio of 1.06, breaking the long-standing "below book value" situation of state-owned banks [1][2]. - ABC has experienced a "14 consecutive days of gains" trend, with a year-to-date increase of 51.05%, significantly outperforming Industrial and Commercial Bank of China (ICBC), which has a year-to-date increase of 12.14% [2]. - The stock's strong performance is attributed to high dividend yields from quality assets and stable earnings, which provide solid support for the stock price [2]. Group 2: Factors Driving Valuation Recovery - The recovery in the banking sector's valuation is driven by three main factors: sustained inflow of long-term capital, stabilization of fundamentals, and a shift in market style [4]. - Long-term capital inflows, particularly from insurance companies, asset management companies (AMCs), and industrial capital, have provided robust purchasing power for bank stocks [4][5]. - The fundamental recovery is reflected in improved revenue growth and profitability forecasts for listed banks, with expected revenue growth of 1% and profit growth of 1.5% for the first three quarters of 2025 [5]. Group 3: Market Conditions and Investor Sentiment - The market's perception of bank stocks has shifted, with a historical tendency to undervalue banks at a price-to-book ratio below 1, now being reassessed due to the banks' operational resilience and compounding effects [3]. - The recent increase in global risk aversion, particularly following U.S. trade policy announcements, has led to a defensive shift towards bank stocks, which are characterized by low valuations and high dividends [6]. - Analysts suggest that the banking sector is entering a bottoming phase, with expectations of a more certain investment window in the fourth quarter and early next year, despite ongoing uncertainties in performance and external environments [7].

Core Viewpoint - The A-share banking sector is experiencing a significant rally, with Agricultural Bank of China (ABC) breaking the "price-to-book" (PB) ratio barrier, indicating a re-evaluation of bank stock values by investors [2][3][4] Group 1: Agricultural Bank of China Performance - As of October 21, ABC's stock price reached 7.88 CNY per share, surpassing its net asset value of 7.65 CNY per share, marking a historical high [3][4] - ABC's stock has shown a continuous upward trend, achieving 13 consecutive days of gains, which is a rare occurrence among the four major state-owned banks since 2018 [2][3] Group 2: Market Dynamics and Investor Sentiment - The recent performance of ABC is seen as a signal of renewed investor interest in undervalued bank stocks, particularly during market adjustments when stable returns are sought [3][4] - Other banks such as China Merchants Bank, Chengdu Bank, Changshu Bank, and Hangzhou Bank are also nearing their net asset values, suggesting a potential trend of breaking the "price-to-book" barrier [5] Group 3: Factors Influencing Bank Stock Recovery - Factors contributing to ABC's stock performance include its unique advantages in rural revitalization and inclusive finance, strong policy support, and improving asset quality with a low non-performing loan ratio [4][5] - Analysts predict that the banking sector is entering a bottoming phase, with expectations of improved performance as economic recovery progresses and regulatory support enhances market confidence [6]

Core Viewpoint - The A-share banking sector is experiencing a significant rally, with Agricultural Bank of China (ABC) breaking the "price-to-book" (PB) ratio barrier, marking a shift in market perception towards bank valuations [1][2][3] Summary by Sections Agricultural Bank of China Performance - As of October 21, ABC's stock price reached 7.88 CNY per share, surpassing its net asset value of 7.65 CNY per share, a first among the four major state-owned banks since 2018 [2][3] - ABC's stock has shown a 13-day consecutive rise, indicating strong market interest and a potential shift in investor sentiment towards bank stocks [1][2] Market Dynamics and Investor Sentiment - The recent performance of ABC is seen as a signal of renewed investor interest in undervalued bank stocks, particularly during market adjustments when stable returns are sought [2][3] - Analysts suggest that the banking sector is entering a bottoming phase, with expectations of a recovery in valuations as economic conditions improve [5] Other Banks Approaching Net Asset Value - Other banks such as China Merchants Bank, Chengdu Bank, Changshu Bank, and Hangzhou Bank are also nearing their respective net asset values, with stock prices at 41.98 CNY, 18.40 CNY, 7.08 CNY, and 16.39 CNY, compared to their net asset values of 42.1 CNY, 19.47 CNY, 8.79 CNY, and 18.02 CNY [4] - The trend of banks breaking the "price-to-book" barrier is expected to continue, driven by stable earnings and high dividend yields appealing to investors [4] Future Outlook for the Banking Sector - Analysts predict that banks with strong asset quality and stable profitability are more likely to break the "price-to-book" barrier in the future, supported by regulatory policies and market confidence [4] - The focus will be on whether the valuation recovery in the banking sector can be sustained, as it is influenced by policy, capital flow, and fundamental performance [4]