[Citic Securities Yang Fan: banking valuation is obviously on the low side and there is still much room for improvement] on May 30, at the CITIC Securities 2023 Capital Market Forum, Yang Fan, chief policy analyst at Citic Securities, said that banking valuation has shown a downward trend in recent years, and there is still much room for improvement. There are many reasons for the decline of banking valuation, such as the decline of profitability and asset quality, but from the horizontal and vertical comparison, the valuation of China's banking industry is still obviously on the low side. The ROE/PB index of most domestic banks is more than 15 times, while that of foreign banks, such as JPMorgan Chase and Bank of America, is about 10 times. As of early May 2023, the average PB of 42 listed banks was only 0.62 times, which was generally higher than 1.5 times higher than that of their peers. (Gao Yanyun, reporter of the Financial Associated Press)