Four More Banks Hit All-Time Highs in a Row; Banking Stocks Continue Four-Year Bull Run

Following multiple record highs in September, banking stocks surged to new peaks again after the October holiday. Early on October 12, ICBC, China Construction Bank, Bank of China, and CITIC Bank collectively hit historic highs. Yunnan Rural Commercial Bank, Chongqing Bank, and Ningbo Bank rose over 3%, while CITIC Bank, Bank of China, Minsheng Bank, and China Merchants Bank gained more than 2%. This rally for banking stocks has not been achieved overnight. Wind data shows that since the start of 2023, the WIND Banking Index has risen by over 65%, ranking in the top 10 among 67 Chinese industry indices, just behind oil and gas, semiconductors, and energy equipment. Among listed banks, Agricultural Bank of China's A-share price increased by 191.51%, Bank of China by 160%, and China Construction Bank by 139.03%, placing them at the top.