中经财富是《中国经营报》旗下专注于银行板块、投资理财的媒体平台。让投资变简单，让您的财富天天升值！ A股银行股正迎来一波久违的"扬眉吐气"行情。截至10月21日收盘，农业银行走出13连阳，再创历史新高。且截至10月20日收盘，农业银行股价已经超过 了每股净资产值7.65元（截至2025年6月30日，下同），成为自2018年以来，国有四大行中股价罕见超过每股净资产值的一家银行。 除农业银行外，截至10月21日收盘，招商银行、成都银行、常熟银行、杭州银行等多家银行股价也很接近每股净资产，他们的股价分别为41.98元/股、 18.40元/股、7.08元/股和16.39元/股，他们的每股净资产值分别为42.1元、19.47元、8.79元和18.02元。 "未来可能会有越来越多的银行股打破'破净'状态，因为在当前经济增长的状态之下，银行股的盈利相对稳定，分红率也较高，确实契合了一部分投资者 的需求。"杨德龙说。 林先平表示，关于银行股未来走向，打破"破净"状态可能成为趋势。原因包括银行板块整体估值处于历史低位，随着经济复苏，银行业绩有望提升；监管 政策支持银行稳健经营，市场信心增强；同时，高股息率吸引长期资金配置，推动 ...

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]

Investment Rating - Industry Rating: Outperform the Market (Maintained Rating) [5] Core Insights - The banking sector has been persistently trading below book value since 2018, with a significant valuation gap compared to other sectors. As of July 12, 2024, the dividend yield reached 7.26%, the highest in a decade, exceeding the 10Y government bond yield by 5.00 percentage points [12][8]. - As of August 18, 2025, the CITIC secondary banking sector saw a valuation increase of 32.53% over the past year, with a price-to-book (PB) ratio of 0.72 and a return on equity (ROE) of 8.92%. However, this remains below the overall PB-ROE trend of other secondary sectors [12][8]. - The report identifies three main reasons for the long-term trading below book value: asset quality exposure risks, declining profitability, and asset expansion rates significantly outpacing other industries, which depresses valuations [2][16]. Summary by Sections 1. Long-term Trading Below Book Value - The banking sector has been trading below book value for seven consecutive years since March 23, 2018. Despite multiple rounds of valuation recovery, it remains significantly lower than other sectors in terms of PB-ROE valuation logic [12][8]. 2. Main Reasons for Trading Below Book Value 2.1 Asset Quality Exposure Risks - Historical data shows that the growth rate of non-performing loans (NPLs) and credit scale growth have experienced "inversion" periods, indicating that NPL growth outpaced credit growth. This has led to market concerns about the actual value of bank assets [3][17]. 2.2 Declining Profitability - The report suggests that the current ROE corresponds to a theoretical PB of approximately 0.63. To return to a PB of 1, the ROE would need to reach about 14.15% [39][9]. 2.3 High Growth Rate of Book Value - The growth rate of banks' book value has significantly outpaced other sectors, which, under current operational pressures, has a dampening effect on the PB valuation denominator [9][16]. 3. Future Outlook - There is potential for marginal improvement in the fundamentals of bank stocks this year, which could theoretically support further valuation recovery [10][12].