Since this year, the stock prices of the three major banknote issuing banks in Hong Kong have all risen by more than 30%, and their net market ratios have all reached historic highs. At present, the PB of the three major banknote issuing banks has all risen above the 98% quantile in the past five years. Among them, HSBC and Standard Chartered have even broken through the 99% quantile in the past ten years. Judging from the horizontal comparison between A-shares and Hong Kong stocks, the overall increase in the Hong Kong stock banking sector has also outperformed the A-share banking sector by about 20 percentage points since this year.

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