[economic Daily: a rational look at the valuation of Bank stocks] on May 26, an article in the Economic Daily pointed out that bank stocks have been mired in the "mystery of low valuation" for a long time. Apart from general reasons, the low valuations of bank stocks are related to market misunderstandings. There are doubts in the market that the counter-cyclical management of the banking industry contradicts the concept of market-oriented management, so it is impossible to carry out market-oriented valuation of banks. This perception is a misreading of Chinese banking and even global banking. Banks are different from non-financial enterprises, their operational stability is related to social and public interests, and their risks are highly spillover. For this reason, it has become the consensus of the global banking industry to continuously improve supervision, especially counter-cyclical management. In recent years, China's banking industry has continued to improve the "micro-prudential + macro-prudential" management. judging from the data of the first quarter of this year, China's banking industry has maintained sound operation and asset quality is at a high level in the world. It is believed that with the evolution of valuation logic and investment concept, time will give the answer to the question of "how much is reasonable?"