Positive factors resonate, and bank stocks are expected to welcome the market of valuation repair


Since November, listed banks have continued to be sought after by market funds, and banking stocks have ushered in an obvious upward trend. Analysts pointed out that the recent rise in bank shares was related to many favorable policies, such as the expected reduction of reserve ratio and the launch of the individual pension system. The policy helps to superimpose the low valuation, and the bank stock is expected to welcome the valuation repair market. The data of continuous rebound of bank stocks shows that since November, bank stocks have gone out of the rebound market, with the largest increase among all A-share sectors. From November 1 to December 1, the China Securities Bank Index rose by nearly 13% in total, and most of the 42 listed banks in A-share gained positive gains. Among them, the A-share price of China Merchants Bank has risen by more than 30% since November, and Ping An Bank, Industrial Bank and CITIC Bank have all risen by more than 15%. As for the recent performance of bank stocks, Wang Yifeng, an analyst with Everbright Securities, believes that the recent resonance of favorable factors on the policy side has boosted the performance of the bank sector. Among them, the "three arrows" of real estate financing have been launched, boosting the prosperity of the real estate industry, easing the pressure on the quality of bank assets, and infrastructure has formed an important support for "credit easing". At the same time, with the continuous optimization of epidemic prevention policies, the expectation of economic bottom stabilization has increased. In addition, it is noteworthy that the People's Bank of China has decided to reduce the deposit reserve ratio of financial institutions by 0.25 percentage points on December 5, 2022. After the reduction, the weighted average deposit reserve ratio of financial institutions was about 7.8%, releasing about 500 billion yuan of long-term funds in total. Yang Delong, chief economist of Qianhai Kaiyuan, believes that the RRR reduction will help increase money supply, help financial institutions provide more financial support to enterprises, benefit the stock market, bond market and property market, help the economy to further recover, and help boost market confidence. Shareholders have increased their holdings in succession. With the help of favorable policies, market funds have also shown a preference for increasing positions in bank stocks recently. The shareholders of some banks have started to increase their holdings to express their confidence in the development prospects of relevant banks. According to the information disclosed by China Insurance Association on November 28, Taiping Life Insurance raised its H-shares of ICBC on November 25. TPL said that before taking part in the listing, TPL had held 4.28 billion H-shares of ICBC. On November 25, TPL bought 80 million H-shares of ICBC again, involving about HK $307.7 million. After the listing, TPL held 5.02% of ICBC's H-shares in Hong Kong. At the same time as the insurance capital was raised, the enthusiasm for shareholders of some banks to increase their holdings also increased. On November 21, Bank of Nanjing issued a suggestive announcement that more than 5% of shareholders increased their shareholding by more than 1%. The bank said that its major shareholder Jiangsu Transportation Holding Co., Ltd. and its wholly-owned subsidiary Jiangsu Spruce Capital Management Co., Ltd. increased their holdings of 108 million shares in the bank with their own funds through centralized bidding transactions between October 20 and November 18, 2022. On the evening of November 18, Bank of Jiangsu released the announcement of major shareholders' shareholding increase. On November 18, 2022, Jiangsu Ninghu Expressway Co., Ltd. increased its shareholding of 76.6 million shares in the bank through block trading with its own funds,

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