[UBS: The H shares of major state-owned banks still have room for about 30% growth] On November 6, Yan Meizhi, head of Asian financial industry research at UBS Investment Bank, said at a media sharing conference that the revenue of major state-owned banks in the third quarter increased by 9.4% year-on-year, net profit increased by 8.6%, and the net interest margin stabilized at 1.33%. Its H stock market net ratio is less than 0.6 times, and a restoration to 0.8 times corresponds to about 30% room for growth. UBS stress tests show that the cumulative additional credit cost of unsecured consumer loans in five years is approximately 170 basis points, and the existing provision space of major state-owned banks is sufficient to cover this cost. Yan Meizhi said that the H stock market net ratio of major state-owned banks is expected to be revalued from 0.6 times to 0.8 times, corresponding to about 30% room for growth; A shares usually have a 15% premium over H shares, and the valuation may move closer to 1 times in the next few years. The current dividend rate of the banking sector is about 4.5%, which is still attractive. (21 Finance)