当前浦发银行股价仍在合理估值区间内,即将启动的增发有助于提高每股净资产,降低PB,腾出估值空间,而且资本充足率的提高将促进未来贷款的增长并快速提升业绩。鉴于目前股票价位在前期推荐基础上已有较大涨幅,股价的短期调整是增持的良好机会,投资评级给予“谨慎增持”。 The current Shanghai Pudong Development Bank’s stock price is still within the reasonable valuation range, the upcoming issuance will help improve net assets per share, lower PB, to free up valuation space, and capital adequacy ratio will promote the growth of future loans and rapid performance improvement . In view of the current stock price has been based on the previous recommendation has a larger increase, the stock short-term adjustment is a good opportunity to increase holdings of investment rating given “cautious overweight.”