Recently, CITIC Securities released a research report noting that the valuation of the banking sector continues to rise. The report states that the fundamentals of the banking industry are steadily improving, supported by a recovering macroeconomy, rebounding credit demand, and enhanced asset quality. Additionally, as investor preference grows for high-dividend, low-valuation assets, bank stocks—known for their defensive characteristics—are attracting increased interest from long-term capital. Moreover, some banks are actively advancing digital transformation and expanding fee-based services, gradually strengthening profitability and further supporting valuation recovery. CITIC Securities expects that, under a stable policy environment, stabilized interest rates, and manageable non-performing loan ratios, the banking sector will likely continue to gain market favor, with its valuation center potentially trending upward. Investors are advised to focus on leading banks with high-quality asset structures, strong capital adequacy ratios, and consistent dividend-paying capabilities.Overall, the banking sector remains in a valuation recovery phase and offers solid allocation value, particularly in times of heightened market volatility, where its defensive nature and stable income characteristics become even more appealing.
近期，中信证券发布研报指出，银行板块估值延续提升趋势。报告认为，在宏观经济稳步复苏、信贷需求回暖以及资产质量改善的多重支撑下，银行业基本面持续向好。同时，随着市场对高股息、低估值资产的偏好增强，银行股作为典型的防御性板块，吸引了更多长期资金的关注。此外，部分银行积极推进数字化转型与中间业务发展，盈利能力逐步增强，也为估值修复提供了动力。中信证券预计，在政策环境稳定、利率企稳及不良贷款率可控的背景下，银行板块有望继续获得市场青睐，估值中枢或将稳步上移。投资者可重点关注具备优质资产结构、较强资本充足率及良好分红能力的头部银行。总体来看，当前银行板块仍处于估值修复通道中，具备较好的配置价值，尤其在市场波动加大的环境下，其防御属性和稳定收益特征更具吸引力。
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