目前银行股估值仍处历史低谷,具有相当大的投资价值。在低息时期,我们推荐城商银行板块;加息周期中建议投资重心转向具有高的利率及利差弹性的招商银行。 The valuation of bank stocks is still at a historic low, with considerable investment value. During the low interest rate period, we recommend the City Commercial Bank segment; the proposed investment focus in the rate hike cycle is shifted to China Merchants Bank with high interest rates and spread flexibility.