（文章来源：每日经济新闻） 8月6日，A股市值最大的股票发生变更，由此前号称"宇宙行"的工商银行变为农业银行。值得注意的 是，此前工商银行长期霸占A股"市值王"的宝座。而农业银行此次的登顶，也是农业银行的A股市值首 次超过工商银行。截至8月8日收盘，农业银行A股市值为21421.29亿元，工商银行A股市值为21002.79亿 元，农业银行当前仍为A股市值第一股。 每经资本眼研究员发现，农业银行股价之所以能自2022年以来持续跑赢工商银行，估值和业绩两个因素 不可忽视。可以说，农业银行的市值逆袭之路，起始于更低的市值，而过程则是伴随着更高的业绩增 速。而这恰恰是一种经典价值策略PE-g策略的复现。所谓PE-g策略，其基本思想是寻求更低的估值和更 高的业绩增速，将两者有机结合起来从而寻找更优的买入标的。PE是市盈率的英文简写，代表的是估 值，g则是代表业绩增速。 ...

Core Viewpoint - Agricultural Bank of China has surpassed Industrial and Commercial Bank of China to become the largest stock by market capitalization in A-shares, marking a significant shift in the market landscape [2][4]. Group 1: Market Capitalization Change - On August 6, 2025, Agricultural Bank's market capitalization reached 21,421.29 billion yuan, while Industrial and Commercial Bank's was 21,002.79 billion yuan [2]. - This change represents the first time Agricultural Bank's market value has exceeded that of Industrial and Commercial Bank [2]. Group 2: Historical Performance - In early 2022, Agricultural Bank's market value was 9,385.78 billion yuan compared to Industrial and Commercial Bank's 12,483.05 billion yuan, indicating a significant gap at that time [2]. - From 2022 to 2025, Agricultural Bank's stock price increased by 229.24%, while Industrial and Commercial Bank's stock price rose by 127.84% [2][3]. Group 3: Valuation and Performance Metrics - In early 2022, Agricultural Bank had a lower price-to-earnings (P/E) ratio of 4.27 compared to 4.74 for Industrial and Commercial Bank, and a lower price-to-book (P/B) ratio of 0.5 versus 0.57 [3]. - By early 2023, Agricultural Bank's valuation remained lower, but by the end of 2023, both banks had similar valuations, with current P/E ratios of 8.28 for Agricultural Bank and 7.66 for Industrial and Commercial Bank [3]. - Agricultural Bank's net profit growth rates from 2022 to 2024 were 7.48%, 3.91%, and 4.72%, respectively, while Industrial and Commercial Bank's were 3.67%, 0.79%, and 0.51% [3]. Group 4: PE-g Strategy - The shift in market capitalization is attributed to the classic value investment strategy known as PE-g, which seeks lower valuations combined with higher earnings growth [4]. - The strategy has been validated by numerous quantitative research reports indicating that stocks with lower valuations and higher growth rates tend to outperform the market over the long term [4][6].