Yu Fenghui: Bank Shares Become "Cabbage Price" Is The Market Choice.

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Judging from the current absolute stock price, ICBC is hovering at 4 yuan, the Bank of China is less than 3 yuan, the Agricultural Bank is 2.56 yuan, the Construction Bank is about 4.5 yuan, the Minsheng Bank is 5.5 yuan, and the Bank of communications is about 4.6 yuan.

It is figurative to be "cabbage price".

7-8 times earnings were considered "bank shares".

There are many interpretations and analyses of the current "embarrassment" of banking stocks.

The impact of the European debt crisis on the US and the two global economy

After listing from four large banks, it can be said responsibly that as a senior practitioner, almost no change is even worse than before.

The internal management is still a set of administrative and institutionalization, such as risk prevention mechanism, internal operation efficiency, equity control system, capital constraint mechanism, human resource management system, etc., but there is no change in wearing a beautiful and gorgeous coat.

Not to mention a listed company, that is, a general enterprise should also have a minimum accounting consciousness, cost consciousness and profit consciousness. However, the four largest banks do not, for example, at the end of each month, at the end of the year, at the end of the year, and at the end of the year, it is a living example to spoil the cost at high cost.

To say that something has changed, the remuneration of bank executives has increased by many times than before.

Of course, it also erode a lot of business results.

The capital constraint mechanism of listed banks is virtually useless and has little effect.

Capital constraint mechanism is the minimum defense line to prevent banks from expanding blindly, preventing asset risks and protecting creditors.

However, China's banks have been introduced completely, but they are completely distorted.

It not only does not restrain the blind expansion of loans, but also brings deep injury and impact to capital market and financing market.

Because banks blindly lend money and lead to insufficient capital adequacy, they can easily raise capital in the capital market by means of issuance, expansion and issuance of bonds.

Almost every year, listed banks have refinancing schemes.

Recently, Wu Xiaoling, deputy governor of the former people's Bank of China, said that the bank's capital shortfall will be 400 billion yuan in the future.

The 400 billion countries will not be able to finance. The only way is to raise funds by issuing and issuing bonds in the stock market.

The growth of listed banks is becoming increasingly low.

At present, the banks are entangled in the fact that their profit growth is becoming less and less and their potential is getting smaller and smaller.

At present, the bank's main profits come from two channels: first, loan interest income, and two intermediary business income.

Relying on the blind expansion of the loan is narrower and narrower. It not only consumes more capital, but also has more and more risks and more and more hidden dangers.

Especially with the rapid expansion of social direct financing, financial disintermediation has become a trend.

The way to rely on intermediate business income is also not optimistic.

Because large banks rely on national credit for a long time, their ability of innovation and development is very low, and financial products are scarce.

At the same time, in order to develop intermediate business income, some banks even started to charge the traditional service items without any technical content, no added value and no additional financial revenue to customers. The public response was very strong, and the credibility and credibility of banks were severely damaged.

But if these items are not abolished, there will be little intermediary business revenue for large banks.

Large listed banks are in the dilemma of pformation.

It can be said that at least no profit growth point has been seen yet.

Where is the potential for growth?

Therefore, I do not agree with the current bank valuation and performance deviate from the argument.

Remember, this is the choice and judgement of the market.

Large listed banks must rationally analyze and observe why the market makes such choices and judgments, so that they can catch up with each other quickly, and do business management on a down-to-earth basis, so that they not only resembles listed companies, but more importantly, they are similar to listed companies.

By then, the market will definitely make another choice and judgement.

Please believe that the choice and judgement of the market are always right.