AP, April 17 (reporter Gao Ping) See also the trading limit of bank shares. This afternoon, the banking sector rose in shock, CITIC Bank In the afternoon, the trading limit was closed, and as of the closing, CITIC Bank closed with the trading limit under a large number of orders. Against the background of the release of the new "National Ninth Rule" last week, the Shanghai Composite Index rose by more than 2% today, and 42 A-share banks collectively closed in red.
As for the stock price limit of the company, the reporter from the Associated Press of Finance called the Board Secretary Office of CITIC Bank as an investor, and the staff of the other party said that there was no information that should be disclosed but was not disclosed. In the opinion of the insiders, compared with other sectors, the banking sector is characterized by high dividends and high dividends. The dividend income is highly deterministic, and it is usually used as a defensive sector to improve the margin of safety. As a fixed income category with steady profit growth, high dividend yield and low valuation fluctuation, the banking sector has a greater allocation attraction and is relatively optimistic about the absolute return performance of the subsequent banking sector.
There are also bank stocks up and down. The shares of Bank of China and Agricultural Bank of China continue to hit new highs
Banking stocks performed well today. Among them, CITIC Bank sealed the limit in the afternoon. By the end of the day, it had closed the limit under a large number of orders, closing at 7.27 yuan/share, up 9.98%, and the transaction amount was nearly 1.5 billion yuan.
As for the company's stock price ceiling, when a reporter from the Associated Press of Finance called the Board Secretary Office of CITIC Bank as an investor, the staff of the opposite party said that there was no information that should be disclosed but was not disclosed. He further introduced that recently, the Bank also did the work after the disclosure of the annual report in accordance with the practice of previous years, actively communicated with investors in the roadshow, and the company's performance was relatively stable in the joint-stock banks, or delivered some confidence to the market.
In addition, some insiders believe that the rise and fall of China CITIC Bank's share price today may have something to do with the new "National Ninth Article" released last week. Since the release of the new "National Ninth Article", the stock prices of individual stocks beginning with "China" have performed well. It is understood that on April 12, the Several Opinions of the State Council on Strengthening Supervision and Risk Prevention to Promote the High Quality Development of the Capital Market (referred to as the new "National Ninth Article" for short) was publicly released. This is the capital market guidance document again issued by the State Council 10 years after the release of the "National Ninth Article" in 2004 and 2014.
"Last Friday, the State Council issued the opinion on promoting the high-quality development of the capital market, and a total of nine articles were called the new 'national nine articles'. This is the third time in history that the' national nine articles' have been issued." Yang Delong, chief economist of Qianhai Kaiyuan Fund, said that the new 'national nine articles' will be issued in 2024, mainly to promote the deepening reform of the capital market and high-quality development, This is to let funds support good companies with good performance to promote economic transformation.
Yang Delong said that before the Spring Festival, the national team began to enter the market. Last Friday, the national team announced the situation of the four major banks that once again entered the market to increase their holdings, which shows that the current market trend has gradually begun to reverse. The undervalued blue chips have begun to perform in the past two years. Many undervalued stocks with high dividend rates even hit new highs. This is actually the performance gradually dominating the market, Value investment has once again become the mainstream investment philosophy in the market.
In addition to the impressive performance of CITIC Bank's share price, the performance of the entire banking sector today is also remarkable, and the bank shares have strengthened on the whole in the late trading, Bank of China 、 agricultural bank Both set new records, Bank of Communications Hit a new high for more than 16 years, China Merchants Bank It rose by more than 2% to a new high in nearly seven months. As of the closing, the banking sector as a whole rose by more than 2%, and 42 A-share banks rose collectively.
The difference between the bank dividend yield and the yield of 10Y treasury bonds is still high. The industry is relatively optimistic about the absolute yield performance of subsequent sectors
The strength of banking stocks is related to the fact that the banking sector is a low wave dividend sector. Everbright Securities Wang Yifeng, chief analyst of the financial industry, said that under the background of the current "asset shortage" pressure has not been significantly alleviated, the difference between the dividend yield of A-share listed banks and the yield of 10Y treasury bonds is still at a historical high. Before the price difference returns to the average, the banking sector, as a fixed income category with steady profit growth, high dividend yield and low valuation volatility, still has a great attraction for allocation.
Cinda Securities According to the research report, in 2023, large state-owned banks will pay dividends of 413.3 billion yuan. Many banks said that the dividend rate is guaranteed. At present, the dividend yield of bank shares is stable. The bank beta market is usually located in the second half of the economic cycle. As the "reservoir" of the real economy, the banking sector has obvious pro cyclical characteristics. After the policy easing releases positive signals and the enterprise investment demand recovers, it is often accompanied by the repair of the banking stock market. The relatively stable high dividend level increases the defensive attribute of the banking sector, which has greater advantages at the current time point.
"The total dividend amount of listed banks has steadily increased, and the dividend ratio is at a high level." Analysts of Cinda Securities said that the dividend ratio is one of the important factors in stock selection. The increase of dividend and dividend ratio of listed banks is conducive to promoting the value growth of banks and enhancing the confidence of investors.
In addition, the industry believes that there are many factors that are expected to contribute to the rebound in the valuation of the banking sector. Among them, bank shares are usually defensive, including in the context of China Special Valuation+state-owned enterprise reform. In addition, the policy overweight is expected to reverse economic expectations. Banks are pro cyclical sectors, and the second half of the economic cycle is often the trigger point for the bank's beta market. The policy is good for the repair of bank fundamentals, and the risks of real estate and urban investment are expected to be gradually resolved.
Zhongtai Securities Dai Zhifeng, an analyst, also said that the economy determines the logic of bank stock selection. The weak and strong recovery of the economy correspond to different target varieties, and bank stocks are robust and defensive. Looking forward to the later stage, Wang Yifeng is relatively optimistic about the absolute return performance of the subsequent banking sector. In terms of investment targets, he suggested paying attention to two main lines: first, small and medium-sized banks in Jiangsu with strong regional economic resilience, strong credit pulse intensity, and high dividend and high profit characteristics; The second is the traditional "undervalued, high dividend" varieties.
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