国庆假期后首个交易日，A股银行板块表现强劲1。申万银行指数上涨1.03%，37只银行股飘红1。其中工商银行和中国银行双双创出历史新高1。
分析人士认为，银行股上涨主要源于基本面边际改善和长线资金的价值重估1。具体而言，净息差触底企稳、资产质量风险得到缓释、业绩表现超出预期，这些都是关键的改善指标1。然而需要注意的是，42家上市银行仍全面破净，板块平均市净率约0.6倍1。股价上涨的主要驱动因素是市场为稳定分红给出更高价格，而非源于利润爆发的预期1。
对于后续投资布局，市场建议国有大行适合作为长期底仓配置，优质城商行则是另一条重要的选股主线1。投资策略上应坚持重配置、轻交易的原则，分批进行布局1。
On the first trading day following the National Day holiday, China's banking sector demonstrated robust performance overall.1 The Shenwan Banking Index rose 1.03%, with 37 out of 42 listed bank stocks closing in positive territory.1 Industrial and Commercial Bank of China and Bank of China both reached historic highs.1
Analysts attribute this rally to marginal improvements in fundamentals and a revaluation of long-term value amid the low-interest-rate environment.1 However, the sector remains challenged by widespread net asset value deterioration—all 42 listed banks are trading below book value, with the sector's average price-to-book ratio standing at approximately 0.6 times.1 Rather than expectations of profit surges, the primary driver of stock price appreciation is the market assigning a higher premium to stable dividend payments.1 Key improvement indicators include net interest margins bottoming out and stabilizing, risk easing in asset quality, and earnings resilience exceeding expectations.1 Investors are advised to maintain large-cap state-owned banks as long-term core holdings while considering high-quality city commercial banks as an alternative selection criterion, adopting a strategy of favoring allocation over trading and building positions in phases.1
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