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On the morning of April 18, banking shares and insurance shares strengthened collectively.
Wind data shows that as of the noon closing, all 42 bank stocks in the A-share market had risen, of which CITIC Bank (601998. SH) continued to lead the gains, hitting the limit in the session and closing up more than 6% at noon. At the same time, the stock prices of state-owned big banks have set new records, bank for economic construction （601939.SH）、 agricultural bank （601288.SH）、 Bank of China (601988. SH) reached the highest of 7.39 yuan/share, 4.58 yuan/share and 4.73 yuan/share in the session, and rose 0.55%, 0.45% and 0.64% respectively at the noon closing, Industrial and Commercial Bank of China The intraday maximum rose to 5.63 yuan/share, approaching its highest price of 5.66 yuan/share.
The trend of insurance stocks is stronger. As of the noon closing on April 18, six insurance stocks in the A-share market had risen by more than 2%, including Xinhua Life Insurance (601336. SH) China Life (601628. SH) and CPIC (601601. SH) increased by more than 4%.
The high dividend investment value of bank shares attracted market attention.
Wanlian Securities pointed out that since the end of 2023, in the process of continuous adjustment of the macro environment and corporate profit forecast, the high dividend strategy has received continuous attention from the market, among which the decline of long-term interest rates is an important factor driving the performance of high dividend asset prices. The high dividend yield and extremely low valuation of bank shares have become the best choice of funds, which, together with the rising demand for market defense, has boosted the market performance of the entire banking sector. Looking back, in the high dividend strategy, the support factors at the denominator end may have been more responsive, while the stability of the molecular end has become the key logic of high dividend stock selection. From a long-term perspective, the overall profit growth of the banking industry may have entered the bottom range, and the stability of profits will gradually reflect. In addition, from the perspective of dividend, the increase of dividend ratio is conducive to the improvement of bank stock valuation. However, due to the restrictions of the bank's own business model, in addition to the net profit, retained earnings are an important endogenous supplement to capital, which meets the regulatory requirements for capital adequacy and promotes the expansion of business and scale in the future. Considering the current dividend yield and valuation level of bank shares comprehensively. The short-term plate defense attribute is still obvious. The subsequent gradual economic recovery and improvement of credit risk may bring a new round of market catalysis.
As for CITIC Bank, which led the rise this time, Kaiyuan Securities pointed out in the research paper that, from a fundamental point of view, CITIC Bank has relied on the synergy advantage of the group in recent years, paid attention to customer stratified operation, and has many highlights in asset expansion, cost reduction and asset quality improvement. In 2023, the net profit attributable to the parent company was 67 billion yuan, the growth rate of which was the second highest among the listed shares disclosed in the annual report, showing good growth resilience. At the same time, CITIC Bank, backed by CITIC Group, a large central enterprise, has a solid foundation of corporate customers. In 2023, the corporate loan yield will rank the second highest among listed joint-stock banks with 4.43%, which has a strong ability to obtain high-quality corporate projects, or lay a good foundation for its loan issuance in the first quarter of 2024.
The implementation of Huijin's plan to increase its shareholding announced by the four state-owned banks (ICBC, ABC and BOC) on April 12 shows that from October 11, 2023 to April 10, 2024, Huijin's shareholding in ICBC, CCB, ABC and BOC increased by 0.08%, 0.03%, 0.11% and 0.11% respectively, and said that it would continue to support the long-term steady development of the four major banks. Haitong Securities It is believed that the substantial increase of Huijin's holdings represents a positive view of big banks.
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