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2023年以來，農行PB估值提升在四大行中最高，反映其盈利確定性（倍）-行業數據

2023年以來，農行PB估值提升在四大行中最高，反映其盈利確定性（倍）
2023年以來，農行PB估值提升在四大行中最高，反映其盈利確定性（倍）
市場表現亦反映撥備帶來的盈利確定性。2023 年以來農行 PB 估值由四大行最低上升至最高水平，主要源于撥備釋放空間充足，對應未來盈利確定性較強，股息穩定強化其紅利邏輯。
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2023年以來，農行PB估值提升在四大行中最高，反映其盈利確定性（倍）_第1頁
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2023年以來，農行PB估值提升在四大行中最高，反映其盈利確定性（倍）_第2頁
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2023年以來，農行PB估值提升在四大行中最高，反映其盈利確定性（倍）_第3頁
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2023年以來，農行PB估值提升在四大行中最高，反映其盈利確定性（倍）_第4頁
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2023年以來，農行PB估值提升在四大行中最高，反映其盈利確定性（倍）_第5頁
2023年以來，農行PB估值提升在四大行中最高，反映其盈利確定性（倍）_第6頁
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2023年以來，農行PB估值提升在四大行中最高，反映其盈利確定性（倍）_第7頁
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2023年以來，農行PB估值提升在四大行中最高，反映其盈利確定性（倍）_第8頁
2023年以來，農行PB估值提升在四大行中最高，反映其盈利確定性（倍）_第9頁
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2023年以來，農行PB估值提升在四大行中最高，反映其盈利確定性（倍）_第10頁
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2023年以來，農行PB估值提升在四大行中最高，反映其盈利確定性（倍）_第11頁
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2023年以來，農行PB估值提升在四大行中最高，反映其盈利確定性（倍）_第12頁
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2023年以來，農行PB估值提升在四大行中最高，反映其盈利確定性（倍）_第13頁
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2023年以來，農行PB估值提升在四大行中最高，反映其盈利確定性（倍）_第14頁
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2023年以來，農行PB估值提升在四大行中最高，反映其盈利確定性（倍）_第15頁
2023年以來，農行PB估值提升在四大行中最高，反映其盈利確定性（倍）_第16頁
2023年以來，農行PB估值提升在四大行中最高，反映其盈利確定性（倍）_第17頁
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2023年以來，農行PB估值提升在四大行中最高，反映其盈利確定性（倍）_第18頁
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2023年以來，農行PB估值提升在四大行中最高，反映其盈利確定性（倍）_第19頁
2023年以來，農行PB估值提升在四大行中最高，反映其盈利確定性（倍）_第20頁
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2023年以來，農行PB估值提升在四大行中最高，反映其盈利確定性（倍）_第21頁
2023年以來，農行PB估值提升在四大行中最高，反映其盈利確定性（倍）_第22頁
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2023年以來，農行PB估值提升在四大行中最高，反映其盈利確定性（倍）_第23頁
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2023年以來，農行PB估值提升在四大行中最高，反映其盈利確定性（倍）_第24頁
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2023年以來，農行PB估值提升在四大行中最高，反映其盈利確定性（倍）_第25頁
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2023年以來，農行PB估值提升在四大行中最高，反映其盈利確定性（倍）_第26頁
2023年以來，農行PB估值提升在四大行中最高，反映其盈利確定性（倍）_第27頁
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2023年以來，農行PB估值提升在四大行中最高，反映其盈利確定性（倍）_第28頁
2023年以來，農行PB估值提升在四大行中最高，反映其盈利確定性（倍）_第29頁
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2023年以來，農行PB估值提升在四大行中最高，反映其盈利確定性（倍）_第30頁
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2023年以來，農行PB估值提升在四大行中最高，反映其盈利確定性（倍）_第31頁
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2023年以來，農行PB估值提升在四大行中最高，反映其盈利確定性（倍）_第32頁
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2023年以來，農行PB估值提升在四大行中最高，反映其盈利確定性（倍）_第33頁
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2023年以來，農行PB估值提升在四大行中最高，反映其盈利確定性（倍）_第34頁
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2023年以來，農行PB估值提升在四大行中最高，反映其盈利確定性（倍）_第35頁
2023年以來，農行PB估值提升在四大行中最高，反映其盈利確定性（倍）_第36頁
所屬報告： 銀行行業深度報告：破解利潤調節器從撥備論證大行盈利確定性價值-250419（42頁）.pdf
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