华创证券指出，股份制银行在稳定红利资产中年关股息率达5.9%，领先于农商行（4.9%）和城商行 （4.7%）。银行股的高股息、低估值特性在无风险利率下行背景下持续凸显类债属性，吸引稳健资金 配置。随着息差企稳、区域信贷需求回升及非息收入增长，部分优质银行有望展现业绩弹性，估值逻辑 或从PB向PE切换。当前行业现金流比例保持稳定，全A非金融25Q1-Q3现金流比例维持在24%-26%，接 近2021年峰值水平，反映企业从扩张转向审慎经营下的现金流积累趋势。但部分红利资产股息率因牛市 估值扩张和现金流收缩承压，需关注优质银行的盈利修复潜力。 金融ETF（510230）跟踪的是180金融指数（000018），该指数从金融行业中选取银行、保险、证券等 子行业的代表性上市公司证券作为指数样本，以反映金融行业内优质上市公司证券的整体表现。成分股 具有较高的市场影响力和良好的流动性。 （文章来源：每日经济新闻） ...

总市值逼近15万亿元。 随着股价上涨，A股银行板块在2025年迎来多个标志性事件。 中证银行指数触及8570.16点新高，板块总市值逼近15万亿元，农行与工行的"市值之王"争夺战…… 2025年，一场结构性"小牛市"行情席卷银行业，多个新高纪录搅动市场情绪。随着此后市场风险偏好变 化和板块轮动，银行板块涨幅震荡中有所回落。 展望2026年，银行股的价值重估之路将如何延续？在不少机构人士看来，新的一年银行业基本面改善存 在多方面条件支撑，更多配置型资金将继续流入银行板块，行业整体估值有望修复至1倍PB（市净率） 附近。但也有机构人士提示，在权益市场整体展望乐观的背景下，银行股估值修复仍需要一个过程。 哪些领涨，哪些垫底 回顾来看，2025年中证银行指数最高时一度触及8570.16点高位，进入下半年有所回落，最终收涨 6.79%。尽管板块全年表现并不算靠前，但其间不少个股在结构性小牛市中风光无两。 相较于以单边强势上行为主要特点的2024年，慢牛中的结构性分化是2025年银行股行情的突出特点。聚 焦个股表现，42家A股上市银行中，33家收涨、9家收跌。其中，仅厦门银行全年涨幅超越了2024年。 具体来看，不同于过 ...

Core Viewpoint - The banking sector is experiencing a valuation recovery, driven by increased dividends and stock price appreciation, despite still being in a state of deep undervaluation [1][2][4]. Group 1: Market Performance - Investors in bank stocks have seen significant gains this year, with some reporting stock values reaching 1.7 million yuan and benefiting from dividends [1]. - The banking sector index (Shenwan) has recorded a year-to-date increase of 6.35%, lagging behind the CSI 300 index by 11 percentage points, indicating a persistent undervaluation [1][2]. - Agricultural Bank of China has led the sector with a remarkable 50.7% increase in stock price this year, while Xiamen Bank also saw a substantial rise of 43.4% [2]. Group 2: Investment Trends - Long-term investors, including insurance funds and state-owned capital, are increasingly viewing bank stocks as a safe investment, contributing to a recovery in the banking sector [4]. - The trend of increasing dividends among banks is seen as a commitment to returning value to investors, with 37 A-share listed banks announcing mid-term dividends totaling 215.46 billion yuan [5][6]. - The implementation of mid-term dividends by banks, including a first for Industrial Bank, reflects a strategic move to attract stable long-term investments [6]. Group 3: Future Outlook - Analysts maintain an optimistic outlook for 2026, predicting a shift in the investment logic for bank stocks from merely defensive dividends to a combination of dividends and growth [7]. - The banking sector is expected to stabilize in terms of performance, with net interest margins projected to bottom out and begin to recover, contrasting with previous years of decline [7][8]. - The capital strength of major state-owned banks is being reinforced through new rounds of funding, enhancing their ability to support the real economy and manage risks effectively [8].

2025.12. 23 本文字数：1987，阅读时长大约3.5分钟 作者 | 第一财经 陈玺宇 2025年行将收官，在全球主要市场中，欧美银行股成为贯穿全年、持续跑赢大盘的板块之一。 无论是在欧洲还是美国，银行股年内均实现显著上涨，但从涨幅力度、节奏以及背后驱动逻辑看，欧 美银行股之间已显现出差异。 截至记者发稿，欧洲斯托克600银行指数（STOXX Europe 600 Banks）今年以来累计上涨约 65%，成为欧洲股市中表现最突出的行业指数之一；相比之下，美国银行板块涨幅虽不及欧银板 块，但表现也颇为强劲，KBW银行指数（KBW Bank Index）今年累计上涨约31%，标普500银行 指数（S&P 500 Banks Index）累涨约32%。 多家机构指出，银行股在2025年的集体走强，并非单一宏观因素推动，而更像是在货币政策拐点、 长期估值压制与资本回报预期改善等多重因素叠加下展开的一轮系统性重估。 欧洲银行股：长期低估之后的集中修复 在2025年的全球银行股行情中，欧洲银行板块无疑最为亮眼。有分析称，在本轮上涨之前，欧洲银 行股在全球资产配置中的权重长期偏低，其估值水平显著低于美国同行。 GT ...

Core Viewpoint - The future performance of European and American bank stocks will increasingly depend on the sustainability of earnings rather than further valuation expansion [4]. Group 1: European Bank Stocks - European bank stocks have shown significant recovery in 2025, with the STOXX Europe 600 Banks index rising approximately 65% year-to-date, making it one of the best-performing sectors in Europe [1]. - Analysts suggest that the rise in European bank stocks is more of a structural recovery rather than a typical cyclical rebound, as their valuation levels were significantly lower than their U.S. counterparts prior to this increase [2]. - The negative impact of the prolonged low-interest-rate environment on European banks' profitability has been a key factor suppressing their valuations [2]. - Major European banks have seen substantial stock price increases, with Deutsche Bank up about 97%, HSBC up approximately 48%, BNP Paribas up around 35%, and UBS up about 30% year-to-date [2]. Group 2: American Bank Stocks - American bank stocks have demonstrated more stable performance in 2025, with notable increases such as Citigroup up about 68%, Goldman Sachs up approximately 57%, and JPMorgan Chase up around 35% [5]. - The core strength of the U.S. banking system lies in its profitability and diversified business structure, which helps mitigate traditional credit cycle fluctuations [5]. - The valuation recovery for U.S. banks began earlier than for European banks, with the market already pricing in expectations of an economic soft landing and interest rate cuts [5]. Group 3: Future Outlook - For 2026, the consensus is shifting from "valuation recovery" to "earnings verification," with European banks needing to see a substantial recovery in credit demand and a reduction in geopolitical risks to maintain their strong performance [6]. - In the U.S., the focus will be on the Federal Reserve's policy path, with large banks expected to maintain capital returns if interest rate cuts are gradual and the economy achieves a soft landing [6]. - The bank stock market in 2026 is expected to be more selective, requiring investors to pay closer attention to earnings quality, risk management, and structural differences between markets [6].

回望"十四五"，兴业银行行长陈信健感触良多。在接受上海证券报记者专访时，他用"韧性"一词总结过 去的五年。 陈信健告诉记者，近几年，兴业银行锚定价值银行目标，持续锻造提升"五大能力"，发挥"三张名片"优 势，加快构建"数字兴业"，做好有兴业特色的金融"五篇大文章"，实现营收、净利润企稳回升，净息差 降幅有效收窄，三大领域风险由高发转向收敛，用实打实的业绩表现证明经营发展的韧性。 "十五五"即将开局，陈信健既满怀期待，也清醒地认识到挑战。比如，银行股长期低估值导致的资本外 源补充受阻，在一定程度上制约了银行服务实体经济和防范化解金融风险的能力，就是摆在包括兴业银 行在内的股份制银行面前的重要课题之一。 对此，陈信健表示："经营基本面是估值之锚，这就要求我们保持战略定力，打造价值银行，持续提升 价值创造能力。" 股份行低估值困境亟待破局 今年以来，银行股虽然涨势如虹，但是多数仍处于"破净"阴影之下，尤其是股份行估值回升较慢，市净 率（PB）处于银行板块中下水平。 对于银行股长期"破净"现象，陈信健认为，是市场存在一定偏见，导致银行股股价与内在价值存在较大 偏离。 ◎记者 马慜 从东南一隅起步到跻身国内系统重要性银 ...

Core Viewpoint - The mid-term dividend distribution by major state-owned banks in 2025 is characterized by an increase in quantity, faster pace, and stable strength, which may serve as a catalyst for the valuation recovery of the banking sector [1][5][6]. Group 1: Dividend Distribution Characteristics - The timing of mid-term dividends has advanced by nearly a month compared to last year, with 26 A-share listed banks announcing dividend plans totaling over 260 billion yuan, reflecting a 2.55% increase from last year [2][3]. - The total cash dividend amount from the six major state-owned banks is expected to exceed 200 billion yuan, maintaining a payout ratio of 30% of net profit attributable to shareholders [1][2]. - Industrial and Commercial Bank of China leads with a cash dividend of 1.414 yuan per 10 shares, totaling 50.396 billion yuan [1][2]. Group 2: Participation of Other Banks - Several joint-stock banks and regional banks have joined the dividend distribution, with notable participation from banks like Industrial Bank and China CITIC Bank, which have increased their dividend amounts compared to last year [4]. - A total of 32 listed banks have announced mid-term dividends, with 9 banks planning to implement dividends for the first time [2][4]. Group 3: Market Impact and Investor Sentiment - The stable dividend policies of state-owned banks are closely linked to regulatory guidance, and the implementation of mid-term dividends is expected to enhance the valuation recovery of bank stocks [3][6]. - The average dividend yield for listed banks is 4.48%, with 12 banks yielding over 5%, indicating strong investor interest in high-dividend stocks [2][6]. - Recent stock buybacks by major shareholders and executives signal positive market sentiment and confidence in the long-term investment value of certain banks [8].

Core Viewpoint - The announcement of interim dividends by major banks reflects their robust operational resilience and mature shareholder return mechanisms, which may act as catalysts for valuation recovery in the banking sector [1][5][6] Group 1: Dividend Announcements - Industrial and Commercial Bank of China and Agricultural Bank of China announced interim dividends totaling CNY 503.96 billion and CNY 418.23 billion respectively, with both distributing over CNY 300 billion in cash dividends [1] - As of December 9, 26 A-share listed banks have disclosed their 2025 interim or quarterly dividend plans, with a total proposed payout exceeding CNY 260 billion [1][2] - The six major state-owned banks are the primary contributors to dividends, proposing a total cash dividend of CNY 2,046.57 billion, accounting for over 70% of the total disclosed dividends [2] Group 2: Trends in Dividend Distribution - The six major banks, including ICBC, CCB, ABC, and BOC, have maintained a stable dividend payout ratio around 30% [2] - Regional banks are increasingly participating in dividend distributions, with several institutions like Ningbo Bank and Changsha Bank announcing their first interim dividends [2] - The introduction of interim dividends by banks like Industrial Bank marks a significant step in enhancing the high-dividend landscape among joint-stock banks [2] Group 3: Regulatory and Market Influences - The expansion of the interim dividend landscape is attributed to regulatory policies, solid operational fundamentals, and market demand [3] - Recent policies encourage listed banks to optimize their dividend strategies, with measures to enhance dividend stability and predictability [3] - The Shanghai Stock Exchange is actively promoting higher dividend payouts and increased frequency of distributions to enhance company valuations [3] Group 4: Investment Implications - Bank stocks are characterized by stable performance, low valuations, high dividends, and low volatility, making them attractive for institutional investors seeking low-risk dividend assets [4] - The recent stability in bank stock performance and the appeal of high-dividend stocks are expected to attract more long-term capital, reinforcing the positive cycle of management, dividends, and valuation recovery [5][6] - Analysts believe that the ongoing high dividend policies and stock buybacks will continue to attract long-term investors, enhancing the overall investment value of bank stocks [6]

Core Viewpoint - The mid-term dividend announcements from major Chinese banks reflect a robust financial performance and a commitment to shareholder returns, with a total proposed payout exceeding 2,600 billion yuan across 26 listed banks, indicating a trend towards higher dividends in the banking sector [1][2][4] Group 1: Major Banks' Dividend Announcements - Industrial and Commercial Bank of China and Agricultural Bank of China announced mid-term dividends of 503.96 billion yuan and 418.23 billion yuan respectively, with both distributing over 300 billion yuan in cash dividends [1] - The six major state-owned banks are the primary contributors to the dividend payouts, collectively proposing cash dividends of 2,046.57 billion yuan, accounting for over 70% of the total disclosed dividends [1] - The dividend payout ratio for these major banks remains stable at around 30%, continuing their tradition of high and stable returns [1] Group 2: Participation of Other Banks - Industrial Bank introduced its first mid-term dividend plan, proposing a payout of 119.57 billion yuan, which is 30.02% of its net profit for the first half of 2025 [2] - Other regional banks, such as Ningbo Bank and Changsha Bank, have also joined the mid-term dividend initiative, indicating a growing trend among smaller banks [2] - Chongqing Bank plans to distribute cash dividends of 5.85 million yuan, representing 11.99% of its net profit attributable to ordinary shareholders [2] Group 3: Regulatory and Market Influences - The expansion of mid-term dividends among listed banks is driven by regulatory policies, solid operational fundamentals, and market demand [2] - Recent policies encourage banks to optimize their dividend strategies, with the new "National Nine Articles" emphasizing cash dividend regulations and incentivizing high-dividend companies [2] - The Shanghai Stock Exchange is actively promoting higher dividend payouts and increased frequency to enhance company valuations [3] Group 4: Market Reactions and Future Outlook - The banking sector has shown stable performance since November, with high-dividend stocks attracting investor interest, suggesting that current valuations do not fully reflect their intrinsic value [3][4] - The implementation of mid-term dividends is seen as a signal of financial strength and a strategy to attract long-term capital, creating a positive cycle of management, returns, and valuation recovery [4] - Analysts believe that the increased dividend payouts and stock buybacks will stabilize market expectations and highlight the long-term investment value of bank stocks [4]

Core Viewpoint - The A-share market has been strong recently, with the financial sector, particularly the major banks, driving this momentum. However, many banks are trading below their net asset value, indicating a potential undervaluation in the market [1][2]. Financial Sector Performance - The banking sector's price-to-book ratio (PB) is currently at 0.56, meaning investors are only willing to pay 0.56 yuan for every 1 yuan of net assets, leading to a "broken net" situation for most banks since 2018 [1][2]. - As of December 1, 2023, 38 A-share listed banks have seen positive stock performance this year, with some banks experiencing over 30% gains [2][3]. Reasons for Underestimation - Several factors contribute to the long-term undervaluation of banks: - Profitability pressure, with the net interest margin at a historical low of 1.42% as of Q3 2025 [2]. - Lack of growth potential due to the large and cyclical nature of the banking industry [2]. - Concerns over asset quality, particularly in the real estate sector, which suppresses valuation [2]. Impact of "Broken Net" Situation - The long-term "broken net" status affects market confidence and constrains banks' operations. Banks typically rely on retained earnings to supplement core tier one capital, which is essential for expanding credit and supporting economic growth [2]. - Regulatory restrictions on refinancing for "broken net" companies further complicate capital replenishment, limiting banks' ability to expand credit and impacting profitability [2]. Future Outlook - The valuation recovery for banks is expected to be accompanied by significant differentiation. Banks with solid customer bases, stable asset quality, and strong positions in inclusive finance, green finance, and digital transformation are likely to gain market recognition [3]. - The current environment suggests that the time window for reallocating investments in bank stocks has opened, with a focus on larger banks likely to see greater valuation increases compared to smaller banks [3][4]. Investment Strategy - Investors may consider index-based investment tools to mitigate risks, as the top 10 constituents of the CSI Bank Index account for 65.30% of the total weight, allowing for risk diversification while maintaining concentrated exposure [3].