登录新浪财经APP 搜索【信披】查看更多考评等级 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ ■ 苏向杲 近日，证监会召开"十五五"资本市场规划上市公司和行业机构座谈会。会上，大家建议"进一步丰富A 股市场指数、ETF、衍生品等产品服务体系，更好服务居民财富保值增值"。这一建议不仅呼应了居民 财富管理需求，更指向资本市场基础设施建设的深层布局，引发市场广泛关注。 近年来，A股指数体系持续完善，呈现出精细化、多元化的发展趋势。笔者认为，在我国经济高质量发 展、产业结构持续优化的背景下，进一步丰富A股指数体系具有多方面的深远意义。 其一，优化资本市场投资端生态，拓宽资产配置工具。 随着市场利率中枢趋势性下行，投资者对提升投资组合收益弹性的需求日益迫切。基于多样化指数开发 的ETF等产品，能使投资者以更低成本和更高效率布局高成长赛道、实施特定策略或进行全球资产配 置。丰富的指数产品还能适配不同的风险偏好与投资目标，为各类投资者提供多元化、工具化的资产配 置选择，有助于提升居民的财产性收入水平。 其四，促进资本市场更加成熟与开放，提升A股国际影响力。 成熟的资本市场，往往具备成熟的指数体 ...

Core Viewpoint - The article discusses the disparity in valuation between Chinese banks and their international counterparts, emphasizing that the low valuations of Chinese banks do not align with their profitability and market contributions [2][4][6]. Group 1: Economic Context - China's economic development over the past 40 years has been remarkable, with a unique political and economic system that influences capital market pricing [2][3]. - The pricing of bonds in China follows a risk premium principle, with government bonds having the lowest interest rates due to their high credit quality [3]. Group 2: Bank Valuation Analysis - From 2010 to 2023, the profit contribution of the banking sector to A-share listed companies has consistently exceeded 39%, yet their market capitalization share has decreased from 15.0% to 8.7% [3]. - In 2024, the price-to-book (PB) ratio for major Chinese banks is 0.56, while for U.S. banks it is 1.4, indicating a significant valuation gap [4]. - The average PB ratio for global banks is 1.37, whereas A-shares and H-shares of Chinese banks are at 0.62 and 0.40, respectively, which is less than half of the global average [5]. Group 3: Market Perception and Mispricing - The market perceives low valuations for A-share listed banks due to expectations of declining asset growth, profitability, and concerns over risk management [6]. - The true reason for the low valuations is attributed to a denial of China's political and economic system, leading to a mispricing of bank stocks over the past decade [6]. - The article argues that the conditions for a valuation recovery of bank stocks are maturing, with stable loan growth and a potential shift in government policy [6].