Core Viewpoint - In 2025, bank stocks in the A-share market experienced a significant independent rally, with the saying "it's better to buy banks than to deposit in banks" gaining traction [2] Group 1: Stock Performance - Among 42 A-share listed banks, 21 saw their stock prices increase by over 10% in 2025, with Agricultural Bank of China leading at a 52.66% annual increase, followed by Xiamen Bank at 35.78% [2] - China Merchants Bank, known as the "banking leader," maintained the highest stock price among listed banks, closing at 42.1 yuan per share with an annual increase of 11.76% by December 31, 2025 [2] Group 2: Market Capitalization - Agricultural Bank of China reached a historic market capitalization of 2.55 trillion yuan on September 4, 2025, surpassing Industrial and Commercial Bank of China (ICBC) for the first time, although ICBC ended the year with a market cap of 2.63 trillion yuan, slightly ahead of Agricultural Bank's 2.61 trillion yuan [3] - Agricultural Bank became the only bank in the A-share market with a price-to-book (PB) ratio exceeding 1, indicating a significant valuation recovery in the banking sector [3] Group 3: Industry Dynamics - The banking sector in 2025 witnessed notable changes, including a reshuffling among leading banks, a significant restructuring of village and town banks, and a divergence among city commercial banks [3][4] - Jiangsu Bank emerged as the new leader among city commercial banks, surpassing Beijing Bank in profitability and market capitalization [4] - The "trillion club" expanded to nine city commercial banks as Chongqing Bank's total assets exceeded 1 trillion yuan in 2025 [4] - A total of 368 banks were either merged or dissolved by regulatory approval in 2025, surpassing the total for the entire year of 2024, with village banks accounting for 176 of these closures [4]