China Construction Bank Corporation (CCB) shares closed at CNY 10.31 per share on May 26, rising 1.68% during the session. The stock hit an intraday high of CNY 10.36, setting a new historical record. CCB currently leads the six major state-owned banks in share price and is the only one among them to surpass the CNY 10 per share mark. According to Wind data, CCB's total share capital stands at 261.6 billion shares. Of this, A-shares account for 21.183 billion shares, representing 8.1% of the total. Based on the latest closing price, CCB's A-share market capitalization is approximately CNY 218.397 billion. When combined with its Hong Kong market capitalization, the bank's total market value reaches CNY 2.05 trillion, placing it behind Industrial and Commercial Bank of China and Agricultural Bank of China. CCB's share price has risen approximately 20% since hitting a low of CNY 8.52 per share on March 2. Looking at the year-to-date performance, the stock has accumulated a gain of about 11.10%. In contrast, the overall banking sector has experienced volatile adjustments since the beginning of the year, with the sector index declining 7.16% as of the May 26 close. As of May 26, CCB's price-to-earnings (P/E) ratio and price-to-book (P/B) ratio were 7.89 times and 0.76 times, respectively, showing a slight increase from the start of the year. Overall, 42 listed banks remain in a state of trading below book value, with 16 banks having P/B ratios below 0.5 times. Industry analysts suggest that market recognition of its operational performance is a key driver behind CCB's recent share price appreciation. The bank's first-quarter report shows a net profit of CNY 86.821 billion and a net profit attributable to shareholders of CNY 86.291 billion, representing year-on-year increases of 3.68% and 3.53%, respectively. Net interest income reached CNY 153.468 billion, up 8.13% year-on-year, while non-interest income grew 20.02% to CNY 57.788 billion. The net interest margin stabilized and improved, with CCB's first-quarter net interest margin at 1.36%, a 0.02 percentage point increase from the full-year 2023 figure. Furthermore, CCB has maintained a stable dividend payout ratio of around 30% in recent years, with a dividend yield remaining at approximately 4%.
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