More than 80% of bank stocks have a dividend yield of over 3%

　　Our reporter Zhang Ying

　　With the closing on Tuesday, the A-share trading closed in the first half of 2020.

　　In the first half of the year, individual stocks in the market continued to deduce structural markets. It can be seen that in the soaring rotation of technology stocks and pharmaceutical stocks, bank stocks can be described as "calling good or not", showing lonely performance.

　　From the outrageous shouting at the beginning of the year, "the definite opportunity for bank stocks is 100%," the mid-year bank sector index ranked second in Shenwan's first-tier industry decline list with a decline of 11.9%. Nevertheless, facing the "embarrassment" ", many institutions still shouted that bank stocks ushered in "the best buying point."

　　Statistics found that within the past month, 11 bank stocks were given a "buy" or "overweight" rating by institutions, accounting for up to 30.56% of the industry's constituent stocks, becoming the industry's most bullish industry in the near future.

　　In this regard, Xia Fengguang, a fund manager of the private equity ranking network, said in an interview with a "Securities Daily" reporter that the banking sector is expected to gradually build the bottom, and some excellent stocks will have the possibility of valuation repair. On the one hand, because of the introduction of the registration system, the market supply and demand relationship has changed, and the banking industry with a low valuation for a long time is expected to be able to repair the valuation; on the other hand, because of the further strengthening of financial reform and opening up, a batch of competitiveness Outstanding high-quality banks are expected to stand out from them, and thus benefit. Banks are highly leveraged industries, and are heavily influenced by policies. It is recommended to focus on banks with a high proportion of retail business and adequate non-performing provisions, because these banks have fewer uncertainties, more clear competitive advantages, and easier to obtain higher estimates. value.

　　While the collective performance of bank stocks is not good, we can also see a large area of ​​bank stocks breaking through.

　　Statistics found that as of June 30, the P/B ratio of the banking sector was only 0.6 times. Among them, 29 banks' stock market net ratio is less than double, accounting for 80.5% of the constituent stocks in the industry. Huaxia Bank, Bank of Communications, Minsheng Bank, Bank of Beijing, China CITIC Bank, etc. are all listed.

　　"The valuation of most bank stocks has reached the lowest since listing, and the Hong Kong stocks of China CITIC Bank and Bank of Communications have hit an extreme value of 0.3 times and 0.4 times the price-to-book ratio." Jiang Xiaofei, founding partner of Dayan Capital, told the Securities Daily reporter, The current valuation of bank stocks has already digested many negative factors in advance, such as the impact of the epidemic in February and March and the transfer of benefits to some real economies. The central bank has not conducted open market operations for two consecutive months in May and June, and the interest rate of government bonds has returned to a steeper trend. In the second half of the year, the economy stabilized and corporate borrowing demand expanded, which is good for the banking industry. Therefore, bank stocks are now Good buying point.

　　As Warren Buffett’s famous quote “The stock price decline is the investor’s best friend.” Industry insiders also agree that if the stock dividend is expected, then the stock price decline means that the corresponding dividend rises, but it is more conducive to thickening long-term earnings. .

　　"Saving a bank is worse than buying a bank." In the era of low interest rates, this famous quote in the stock market will be repeatedly mentioned.

　　In stark contrast to the sluggish performance of bank stocks and large-scale net breaks, the 36 bank stocks listed on the A-share market have generally high dividend yields. According to the statistics of Flush Flush, reporters from the "Securities Daily" found that based on the announced pre-tax dividend per share as the payment basis and the latest closing price as the benchmark stock price, the dividend rate of 29 bank stocks was more than 3%, accounting for more than 80%. Among them, the dividend rate of 12 banks including Minsheng Bank, Bank of Beijing, Bank of Communications, Zheshang Bank, China Everbright Bank, etc. exceeds 5%.

　　Anxin Securities believes that “the long-term dormancy and long-term achievements of the marvelous achievements”, and the low valuation of bank stocks and positions, provide the necessary and insufficient conditions to repair the market. The banking sector is the allocation period in the third quarter, with absolute returns; the fourth quarter is the potential harvest period, with periodic valuation repairs and relative returns.

　　At the same time, Soochow Securities made it clear in the latest research report that it actively optimistic about core bank stocks in the second half of the year. First of all, banks and brokerages jointly promote the development of direct financing, which will benefit the capital market in the long term, but the short-term impact is limited, and it should not respond to the excessive expectations of banks’ direct investment in equity markets. The core of institutional innovation is still financial support entities. Secondly, bank stocks were expected to be excessively pessimistic in the first half of the year, with a sharp correction in valuation and sufficient margin of safety. (Securities Daily)