Core Viewpoint - In 2025, the A-share banking sector index increased by 12%, with significant fluctuations throughout the year, including a strong performance in the first half, a pullback in the third quarter, and a recovery in the fourth quarter [1] Group 1: Overall Market Performance - The A-share banking sector index saw a cumulative increase of 12% in 2025 [1] - Agricultural Bank of China (ABC) stood out with a stock price increase of over 52.66%, making it the highest-performing bank in terms of stock price growth [1] - By the end of 2025, six banks had stock price increases exceeding 20%, including ABC, Xiamen Bank, Shanghai Pudong Development Bank, Chongqing Bank, Industrial and Commercial Bank of China (ICBC), and Ningbo Bank [1] Group 2: Market Capitalization - By the end of 2025, ABC's A-share market capitalization surpassed that of ICBC, making it the highest market capitalization bank in A-shares, although ICBC still held a higher total market capitalization when including H-shares [1] - The total market capitalization rankings of the six major state-owned banks were led by ICBC (2.63 trillion yuan), followed closely by ABC (2.61 trillion yuan) [3] Group 3: Valuation Metrics - ABC's price-to-book (PB) ratio exceeded 1 for the first time, breaking the long-standing trend of state-owned banks trading below book value, which contributed to the overall valuation recovery of A-share listed banks [3] - The PB ratio for ABC was reported at 1.00, indicating a significant improvement in its market valuation [2] Group 4: Growth Drivers - The recovery of ABC's PB ratio is attributed to the potential release of county-level business opportunities amid urban-rural integration, which is expected to drive credit growth more significantly than its peers [4] - The bank benefits from lower liability costs and superior asset quality in the county financial sector, supporting steady growth in asset scale and profitability [4]

盘面上，大型科技股集体走高，阿里巴巴涨0.84%，腾讯控股涨0.59%，京东集团涨1.43%，小米集团涨 2.02%，网易涨2.59%，美团涨0.1%，快手涨1.1%，哔哩哔哩涨0.68%；半导体上涨，英诺赛科涨超 15%，中芯国际涨超4%，华虹半导体涨近4%；黄金板块下跌，珠峰黄金跌超6%，老铺黄金跌超 5%。"三桶油"走高，中海油涨近4%；风电股走低，龙头金风科技大跌近11%，核电股跟跌，航空股、 建材水泥股、钢铁股、保险股、濠赌股多数表现弱势。此外，港股6只新股今日齐挂牌：英矽智能大涨 24.66%，美联股份涨7.6%，五一视界涨29.9%，林清轩涨9.3%，迅策涨1%，卧安机器人基本平收。 企业消息 12月30日，港股三大指数早盘高开高走，午后涨幅进一步扩大，一扫昨日高开低走的低迷情绪，截止收 盘，恒生指数涨0.86%报25854.6点，恒生科技指数涨1.74%报5578.38点，国企指数涨1.12%报8991.02 点，红筹指数涨0.63%报4046.02点。 中国能源建设(03996.HK)：附属联合体中标陕西省安康市恒口示范区恒河、月河流域生态综合治理项 目。公告称，中标总金额68.64亿元人民 ...

智通财经APP获悉，中信证券发布研报称，近期人民币汇率升值预期升温，利好人民币权益资产表现。 央行下阶段政策工具使用更加灵活，重视内需目标。展望2026年，宏观金融条件稳定指向银行经营环境 稳定，预计银行息差见底，实体部门风险缓释中，收入与盈利修复。银行行业绝对收益逻辑来自于，银 行系统性风险再评估带来的估值修复，同时稳定权益回报特征驱动资金流入板块。预计2026年，银行板 块将继续演绎估值提升方向。 中信证券主要观点如下： 事件 2025年12月24日，中国人民银行公布四季度货币政策委员会例会纪要。 上周市场反弹，银行股表现平稳，展望下阶段修复空间显著 上周市场在政策与资金支撑下延续结构性行情，银行股表现相对平淡。A股方面，上周沪深300指数、 上证指数、深证成指、Wind全A 指数分别回升1.95%/1.88%/3.53%/2.78%，而同期中信银行股指数 （CI005021.WI）小幅下跌0.89%，阶段跑输大盘；H股方面，上周恒生指数上涨0.50%，恒生科技指数 上涨1.11%，而同期恒生H股金融业指数上涨0.37%，恒生中国内地银行指数上涨0.43%。该行认为，近 期人民币汇率升值，结合人民币历史升 ...

每经AI快讯，12月30日，中信证券研报表示，展望2026年，宏观金融条件稳定指向银行经营环境稳 定，预计银行息差见底，实体部门风险缓释中，收入与盈利修复。行业绝对收益逻辑来自于，银行系统 性风险再评估带来的估值修复，同时稳定权益回报特征驱动资金流入板块。预计2026年板块将继续演绎 估值提升方向。 ...

（文章来源：第一财经） 中信证券研报表示，近期人民币汇率升值，利好人民币权益资产表现。央行下阶段政策工具使用更加灵 活，重视内需目标。展望2026年，宏观金融条件稳定指向银行经营环境稳定，预计银行息差见底，实体 部门风险缓释中，收入与盈利修复。行业绝对收益逻辑来自于，银行系统性风险再评估带来的估值修 复，同时稳定权益回报特征驱动资金流入板块。预计2026年板块将继续演绎估值提升方向。 ...

国海证券认为，国内银行PB与ROE并不匹配，较美日明显低估；此外在经济景气度尚未明显提升、信 用风险改善的时间段，银行往往出现估值的修复。中长期视角下，银行估值提升具备理论及实践基础。 12月18日，银行板块集体反弹，A股42只银行股36股涨逾1%，上海银行、渝农商行涨超3%，建设银 行、工商银行、交通银行、农业银行、招商银行等19股涨超2%。 顺势而起，攻守兼备！银行ETF（512800）及其联接基金（A类：240019；C类：006697）被动跟踪中 证银行指数，成份股囊括A股42家上市银行，是跟踪银行板块整体行情的高效投资工具。银行ETF （512800）最新规模超136亿元，年内日均成交额超8亿元，为A股10只银行业ETF中规模最大、流动性 最佳！ 全市场规模最大的银行ETF（512800）场内价格收涨1.85%，一举收复5日、10日、60日3条均线，中期 趋势向好；全天成交额超11亿元，环比放量2.4亿。 回顾年内银行板块表现，上半年整体延续2022年以来的超额表现，行情逻辑为红利主线推动的价值重 估。三季度市场风险偏好大幅提升，银行板块明显回调。进入四季度，市场风格再平衡，叠加银行中期 分红提前落 ...

银行又要撒"红包"了。 12月8日晚间，工商银行与农业银行同步发布2025年中期分红派息实施公告显示，两家国有大行将在12 月15日完成现金红利发放，合计向A股股东派发约762亿元现金股息。 21世纪经济报道记者梳理，截至目前，今年共有32家上市银行宣布（拟）实施中期分红（或三季度分 红），数量较2024年多8家，其中9家银行为首次计划实施；目前已有26家银行宣布具体的利润分配方 案，平均分红率为24.9%，合计分红金额2645.66亿元，较去年增长2.55%。 四大行中期分红即将落地 工商银行出手最为大方。公告显示，该行2025年中期利润分配方案已获股东会审议通过，A股每股派发 现金股息0.1414元，股权登记日定于12月12日。此次派发现金股息总计约503.96亿元，其中A股派发约 381.23亿元。 农业银行方面，2025年半年度利润分配方案同样获得股东会通过。本次利润分配每股派发现金红利 0.1195元，共计派发现金红利约418.23亿元。其中，A股现金红利约381.50亿元。两家银行的除权（息） 日均为12月15日。 国有大行今年中期分红落地节奏明显加快。12月5日，中国银行、建设银行已率先发布中期 ...

21世纪经济报道记者梳理，截至目前，今年共有32家上市银行宣布（拟）实施中期分红（或三季度分红），数量较2024年多8 家，其中9家银行为首次计划实施；目前已有26家银行宣布具体的利润分配方案，平均分红率为24.9%，合计分红金额2645.66亿 元，较去年增长2.55%。 记者丨叶麦穗编辑丨肖嘉 银行又要撒"红包"了。 12月8日晚间，工商银行与农业银行同步发布2025年中期分红派息实施公告显示，两家国有大行将在12月15日完成现金红利发 放，合计向A股股东派发约762亿元现金股息。 四大行中期分红即将落地 工商银行出手最为大方。公告显示，该行2025年中期利润分配方案已获股东会审议通过，A股每股派发现金股息0.1414元，股权 登记日定于12月12日。此次派发现金股息总计约503.96亿元，其中A股派发约381.23亿元。 农业银行方面，2025年半年度利润分配方案同样获得股东会通过。本次利润分配每股派发现金红利0.1195元，共计派发现金红利 约418.23亿元。其中，A股现金红利约381.50亿元。两家银行的除权（息）日均为12月15日。 国有大行今年中期分红落地节奏明显加快。12月5日，中国银行、建 ...

Group 1 - The banking sector showed active trading on November 21, with the China Securities Bank Index down 0.20% at the time of reporting, while China Bank saw a rise of over 2%, reaching a historical high [1] - A comprehensive cooperation agreement was signed between China Agricultural Development Bank and China Construction Bank on November 19, involving 13 branches for deeper collaboration in financial markets, syndicate loans, and consulting services [1] - The banking industry in China is transitioning from a phase of scale expansion to one of transformation and value creation, as stated by the president of China Merchants Bank at the 2025 Shenzhen International Financial Conference [1] Group 2 - Shenwan Hongyuan reiterated a focus on a dual strategy of "leading banks as the platform + bottom-tier joint-stock banks and quality city commercial banks as the performers," suggesting that state-owned banks and China Merchants Bank will elevate the valuation center [2] - It is anticipated that relatively undervalued state-owned banks may experience a valuation recovery next year, while quality small and medium-sized banks with improving fundamentals and high credit growth are expected to show significant stock price elasticity amid improving economic expectations [2]

Group 1 - The banking sector experienced significant movement on November 20, with China Bank (601988.SH) reaching a historical high of 6.33 CNY per share, while Construction Bank (601939.SH) rose by 4.73% and Postal Savings Bank (601658.SH) increased by 3.84%, leading to a 1.93% rise in the banking index (881155.TI) [1] - As of the midday close, China Bank's market-to-book ratio was 0.76, indicating that it has not yet recovered to above 1, with only Agricultural Bank and China Merchants Bank among 42 A-share listed banks having a market-to-book ratio greater than 1, reflecting investor skepticism about the banks' book values [3] Group 2 - Tianfeng Securities noted that in a low interest rate environment, the divergence between loan growth and bond investment growth in banks' asset structures may become more pronounced, suggesting a reversal in the competitive landscape of the banking system [3] - Open Source Securities indicated that bond market interest rates may have reached a favorable allocation point for state-owned banks, predicting significant bond purchasing activity in Q4, while emphasizing that bank valuations remain historically low and suggesting an increase in bank sector allocations [3] - The recommendation includes allocating to large state-owned banks like Agricultural Bank and Industrial and Commercial Bank as core holdings, while also suggesting core allocations to leading comprehensive banks such as China Merchants Bank, CITIC Bank, and Industrial Bank, with flexible allocations to Jiangsu Bank, Chongqing Bank, and Chongqing Rural Commercial Bank [3]