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互联网的发展,将体制外的新兴角色带入这一脱媒和混业的趋势,必将掀起更大波澜。在A股市场,银行作为权重最高的板块,在2005-2007年的大牛市中表现出色。但从2008年以后,这一板块的估值不断下降,投资者对低估值和业绩增长之间的矛盾不太理解。究其原因,银行股利润增长最快的阶段是经济景气上升期,财务报表呈现出量价齐升的特征,货币供应量扩张驱动资产负债表膨胀,有息负债和资产的规模都不断扩张,
The development of the Internet and the emerging role of the outside of the system into this trend of disintermediation and mixing will definitely create more waves. In the A-share market, banks, as the most heavily weighted sector, performed well in the big bull market from 2005-2007. However, since 2008, the valuation of this sector has been declining, and investors have not quite understood the contradiction between undervaluation and performance growth. The reason for this is that the fastest growth in the profitability of bank stocks is due to the rising economic boom. The financial statements are characterized by a rise in the volume and price, the expansion of the money supply drives the expansion of the balance sheet, the expansion of the interest-bearing liabilities and assets,