Is the valuation repair market starting? Among the four major banks, why did ABC's PB rate rise above 1 first?
Tianfeng Securities believes that the key to Agricultural Bank of China's success lies in its outstanding performance in financial market operations. In the first three quarters, the growth rate of net other non-interest income was leading, and through a low TPL account ratio, duration control strategy, and precise grasp of bond trading points, it achieved floating profits during the bond market adjustment period. In addition, the four fundamental factors brought by the deep cultivation of county-level financial services, including credit expansion potential, interest margin resilience, and asset quality advantages, also support valuation recovery. From a more macro perspective, the banking sector enters a seasonal "tailwind period" from November to January of the following year
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