Recently, the bank stock market has been attracting attention, especially the performance of Agricultural Bank. Since the concept of 'central estimate' was proposed in November 2022, the stock price of Agricultural Bank has shown a continuous pump trend, with almost no significant pullback in three years.

Data shows that the Agricultural Bank's stock price has increased by approximately 150% over the past three years. Specifically, it rose by 33% in 2023, pumped by 55% in 2024, and increased by another 25% in 2025. Currently, the Agricultural Bank's price-to-book ratio is 0.85 times, the price-to-earnings ratio is 7.88 times, and the dividend yield is 3.8%.

The recent rise in bank stocks is driven by the 'Zhong Te Gu' concept, aimed at repricing Chinese assets. Notably, this rally has lasted for three years, with an average annual increase of no more than 50%, demonstrating characteristics of steady growth.

However, the valuations of other large state-owned banks are still around 0.7 times, indicating that the impact of the 'medium and special valuation' has not yet been fully realized. At the same time, the average price-to-book ratios of joint-stock banks and city commercial banks are 0.6 times and 0.83 times, respectively.

Industry experts believe that as the valuations of large state-owned banks gradually recover, the overall valuation level of the entire banking sector is expected to improve. This process will drive the stock prices of various banks closer to reasonable valuation ranges, bringing new opportunities for investors.

The structural opportunities currently presented in the banking stock market are worth following. While investors pay attention to the performance of individual stocks, they should also closely monitor the valuation trends of the entire banking sector to seize potential investment opportunities.