Comparative Analysis of Investment Value Between Bank Stocks and Thermal Power Stocks

1. Dialectical Analysis of Bank Stocks’ Limitations
   : Investors have raised issues such as opaque asset quality of bank stocks and overvaluation of the four major banks, but verification results show that the asset quality of bank stocks is strictly regulated, and the credibility of publicly disclosed information is high [1]; the valuation levels (PB, PE) of the four major banks (ICBC, Agricultural Bank of China, Bank of China, Construction Bank) are in the lower range of the A-share market, not overvalued [0].
2. Practical Support for the Advantages of Thermal Power Stocks
   : The potential for asset value revaluation and room for dividend rate increase of thermal power stocks have been partially verified by the market. Some thermal power enterprises may have value revaluation possibilities due to new energy transformation or asset integration [2], such as CLP Holdings once stated that it will increase dividends under stable performance growth [3]; the green power consumption cost pass-through mechanism also brings expectations for profit improvement.
3. Immediate Reflection of Market Performance
   : On December 21, 2025, the utilities sector (including some thermal power stocks) rose by 1.6731%, outperforming the financial services sector’s 0.25077% increase [0], reflecting the market’s short-term preference for thermal power stocks.

1. Deviation Between Investor Perception and Market Reality
   : Some negative views of investors on bank stocks (opaque asset quality, overvaluation of the four major banks) are inconsistent with public data, and such unvalidated market remarks should be treated with caution.
2. Differentiation of Investment Logic for Thermal Power Stocks
   : The investment opportunities of thermal power stocks vary by company, not the entire sector uniformly has the potential for asset revaluation and dividend increase, and specific corporate fundamentals need to be combined for analysis.
3. Correlation Between Short-Term Market Performance and Long-Term Value
   : The single-day performance difference between the utilities sector and the financial services sector reflects the market’s recognition of the short-term investment value of thermal power stocks to a certain extent, but long-term value still needs to continuously track the profit changes of the industry and enterprises.

• Opportunities
  : The new energy transformation and asset integration process of some thermal power enterprises may bring asset value revaluation opportunities; the increase in dividend rate under the background of profit improvement also provides investors with stable income expectations.
• Risks
  : Investors’ cognitive biases towards bank stocks may lead to misjudgments; the low valuation and stable dividends of bank stocks still have long-term investment attractiveness; the investment opportunities of thermal power stocks have individual differences, and blind follow-up of sector investment should be vigilant against.

This analysis compares the investment value of bank stocks and thermal power stocks, pointing out that some negative views of investors on bank stocks are inconsistent with actual market data, while the asset revaluation and dividend increase potential of thermal power stocks have been partially verified. The market performance on December 21, 2025 shows that the utilities sector (including thermal power stocks) is better than the financial services sector in the short term [0]. Investment decisions need to combine specific corporate fundamentals and long-term market trends, and carefully evaluate the differences in investment value between the entire sector and individuals.