Core Viewpoint - Agricultural Bank of China (ABC) has reached a historical high in stock price, closing at 7.62 yuan per share, with a market capitalization of 2.59 trillion yuan, reflecting a year-to-date increase of over 49% [2]. Group 1: Stock Performance - On October 17, ABC's stock price surged, hitting a historical peak during trading [2]. - The market capitalization of ABC is now 2.59 trillion yuan, indicating significant investor confidence [2]. - The year-to-date stock price increase for ABC exceeds 49%, showcasing strong performance in the market [2]. Group 2: Valuation Metrics - ABC's A-share price-to-book (PB) ratio has reached 1, breaking the long-standing trend of state-owned banks trading below book value [4]. - Other major state-owned banks, such as ICBC, CCB, BOC, and others, continue to trade below book value, with PB ratios of 0.72, 0.72, 0.65, 0.55, and 0.70 respectively [5]. - The long-term PB ratio below 1 for many banks is attributed to market perceptions of their asset quality and future profitability pressures [5].

Group 1 - Agricultural Bank of China (ABC) A-share price-to-book ratio (PB) reached 1 for the first time, breaking the long-standing "below book value" situation of state-owned banks [1] - As of October 17, ABC's stock price closed at 7.62 yuan, with a market capitalization of 2.67 trillion yuan, and the stock has increased over 49% year-to-date [1] - Other major state-owned banks still have PB ratios below 1, with Industrial and Commercial Bank of China (ICBC) and China Construction Bank (CCB) both at 0.72, Bank of China (BOC) at 0.65, Bank of Communications (BoCom) at 0.55, and Postal Savings Bank of China (PSBC) at 0.7 [1] Group 2 - Tianfeng Securities report attributes the long-term PB ratio below 1 for banks to significant exposure of non-performing assets and ongoing pressure [2] - Market expectations of continued pressure on bank profitability contribute to the low PB ratios [2] - The growth rate of banks' net assets per share is significantly higher than that of other sectors, which negatively impacts the denominator in the PB valuation [2]