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Changjiang Securities: Real estate policy accelerates bank stock valuation repair
Real estate policies accelerate the systematic valuation of bank stocks and repair the current round of real estate policy levels have exceeded expectations, and the market will continue to observe and price the new real estate policy. If the real estate market stabilizes, it will support the systematic restoration of bank stock valuations.
China Merchants Bank (03968): Zhu Jiangtao resigns as chief risk officer
China Merchants Bank (03968) issued an announcement. The company's board of directors reviewed and approved “On the Resignation of China Merchants Bank's Chief Risk Officer...
Nanjing Pharmaceutical Issues 500 Million Yuan Ultra-Short-Term Bonds
Nanjing Pharmaceutical (SHA:600713) issued ultra-short-term bonds amounting to 500 million yuan, according to the disclosure on the Shanghai Stock Exchange. The bonds have an issuance rate of 1.94% an
China Merchants Bank (03968) intends to appoint Ernst & Young Huaming and EY Hong Kong
China Merchants Bank (03968) issued an announcement. On May 27, 2024, the 13th time of the 12th board of directors of the company...
China Merchants Bank (03968): Li Jinming nominated as shareholder supervisor candidate
China Merchants Bank (03968) issued an announcement. Li Jinming was nominated as a candidate for shareholder supervision of the 12th board of supervisors of the company.
Changjiang Securities: Expectations to improve asset quality drive bank stock valuation repair
The Zhitong Finance App learned that Changjiang Securities released a research report saying that PB valuations of bank stocks have been completely “broken” since the second half of 2023. Among them, urban investment and real estate risks are the core influencing factors. As CITIC Chemical Bonds mitigate liquidity risks, the real estate policy will be further relaxed, which will strengthen the logic of improving asset quality, open up valuation limits, and be optimistic that the valuation of high-quality bank stocks will return above 1.0xPB. At the individual stock level, we focus on recommending China Merchants Bank (600036.SH), which has both high dividends and real estate attributes, Changshu Bank (601128.SH), a high-performing stock driven by recovery expectations, and in-depth adjustments from 2023
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