2004年银行股投资策略【31页】.pptVIP

中国国际金融有限公司 范艳瑾 2004 年3月 经营模式从“规模扩张”到“盈利质量”的转变 关于A股银行估值的讨论 影响银行股的近期因素 投资建议 欢迎提问！ Thank you for giving me the chance to talk with you about China’s banking industry. As you may know, China’s banking sector is highly concentrated; Four big state-owned banks dominate the market. But they are saddled with NPLs, make marginal profits, and lack core competency. It would take another 2-3 years for them to streamline their operation and sharpen their competitive edge. However, smaller players, joint-equity commercial banks, will be another story. They are fast growth, profit-oriented, comm