近期，中信证券发布研报指出，当前银行股的性价比已显著提升。报告认为，在宏观经济企稳、信贷需求逐步恢复以及资产质量改善的背景下，银行板块估值处于历史低位，而股息率则维持在较高水平，投资吸引力明显增强。一方面，随着国内经济温和复苏，企业盈利预期改善，银行净息差压力有望缓解；另一方面，监管政策趋于稳定，叠加部分优质银行持续优化资产负债结构，盈利能力具备韧性。此外，当前A股上市银行平均市净率（PB）普遍低于0.6倍，远低于历史均值，安全边际充足。中信证券建议投资者关注经营稳健、资产质量优良、分红稳定的头部银行，认为其在当前市场环境下具备较高的配置价值和防御属性。总体来看，银行股在低估值、高股息和基本面边际改善的三重支撑下，正成为中长期资金布局的重要方向。
Recently, CITIC Securities released a research report stating that the current valuation of bank stocks has become significantly more attractive. The report notes that, against the backdrop of macroeconomic stabilization, gradual recovery in credit demand, and improving asset quality, the banking sector is trading at historically low valuations while offering relatively high dividend yields—making it increasingly appealing to investors. On one hand, as China’s economy shows signs of mild recovery and corporate earnings expectations improve, pressure on banks’ net interest margins is expected to ease. On the other hand, regulatory policies have stabilized, and leading banks continue to optimize their asset-liability structures, demonstrating resilient profitability. Moreover, the average price-to-book (P/B) ratio of listed A-share banks is currently below 0.6x, well under historical averages, providing a strong margin of safety. CITIC Securities recommends investors focus on large, well-managed banks with solid asset quality and consistent dividend payouts, highlighting their strong defensive characteristics and strategic allocation value in the current market environment.Overall, supported by low valuations, high dividend yields, and marginal improvements in fundamentals, bank stocks are emerging as a key target for medium- to long-term capital deployment.
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