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statistics from gf securities show that 246 long-term net-breaking stocks occupy important space in the market. among them, the banking and real estate industries have the largest number, occupying the first and second places respectively. this is no accident. in recent years, financial policy adjustments and industrial structural adjustments have caused some companies to face difficulties, but these difficulties have also brought opportunities to some companies - they can take advantage of government policies and market demand to achieve transformation and upgrading.

the number of net-breaking stocks in the banking industry remains high, reflecting the overall development of the industry and changes in the investment environment. among the 42 listed banking companies, except for china merchants bank, bank of ningbo, and bank of chengdu, all other companies are long-term net-breaking stocks. minsheng bank has the lowest price-to-book ratio at only 0.29 times, but it still maintains high dividends. the number of long-term net-breaking stocks in the steel, transportation, non-bank finance, construction and decoration, trade and retail, basic chemicals and pharmaceutical and biological sectors also exceeds 10.

the market performance of these net-breaking stocks often varies depending on the policy environment. in the past few years, china's economic development has undergone transformation and adjustment, from a traditional growth model to a new economic model. these shifts bring new opportunities, but they also mean challenges for some industries.

it is worth noting that even in the short term, these net-breaking companies may be driven by market sentiment. however, in the long term, these companies have strong profitability and have the opportunity to achieve transformation and upgrading through changes in policy and market environment, thereby obtaining higher returns.

for example, state-owned enterprises are often recognized by investors because of their stable profitability and government support. for example, daqin railway, which is mainly engaged in coal transportation, has a price-to-book ratio of 0.83 and a dividend rate as high as 7.86%. the total dividends in the first half of the year accounted for 40% of the net profit attributable to the parent company, and the average dividend ratio over the past seventeen years reached 54%. many banking companies still maintain fairly high dividend yields even when their average price-to-book ratio is only a little over 0.6.

the korean stock market also has the problem of low valuation. at the beginning of this year, the overall price-to-book ratio of the kospi index was only 0.93 times, and half of the stock markets had a net ratio of less than 1 times. south korea has launched the "enterprise value enhancement plan", and a series of measures have helped some industries with low valuations and high dividends achieve good growth.

similarly, the tokyo stock exchange also announced the first list of companies that voluntarily disclosed plans to improve capital efficiency. the lower price-to-book ratio refers to the accelerated progress of information disclosure by larger companies. judging from the effects so far, the stock price potential has been release.

during the investment process, opportunities and risks should be judged from a long-term perspective and market changes, and adjustments and decisions should be made based on one's own investment strategies.