Industry Overview - The report provides an in-depth analysis of the banking industry under the new capital regulations, focusing on the classification and grading of 395 bond-issuing banks [1][2] - The core view of the report is that the new capital regulations, issued by the Financial Regulatory Bureau in November 2023, have introduced a three-tier classification system for commercial banks based on consolidated asset size and overseas debt, with differentiated capital requirements [2] - The report updates the classification and grading of banks based on the latest disclosed total asset size, capital indicators, and leverage ratios from the 2023 annual reports [2] Bank Classification and Grading - Among the 395 sample bond-issuing banks, 63 are classified as Tier 1, accounting for 15.95% of the total, with total assets of 317.7 trillion yuan, representing 89.61% of the total assets [3] - Tier 2 banks comprise 325 institutions, accounting for 82.28% of the total, with total assets of 36.8 trillion yuan, representing 10.37% of the total assets [3] - Only 7 banks are classified as Tier 3, accounting for 1.77% of the total, with total assets of 450 billion yuan, representing 0.01% of the total assets [3] - Among the 42 A-share listed banks, 31 meet the Tier 1 classification requirements, while the remaining 11 are Tier 2, including 3 city commercial banks and 8 rural commercial banks [3] Bank Grading by Risk Weight - The report classifies banks into four grades (A+, A, B, C) based on their risk weight requirements under the new regulations [12] - A+ grade banks must have a core Tier 1 capital adequacy ratio of at least 14% and a leverage ratio of at least 5%, with a risk weight of 20%-30% for bank claims [12] - A grade banks must meet the minimum capital requirements and buffer capital requirements set by their respective regulatory authorities, with a risk weight of 20%-40% for bank claims [12] - B grade banks must meet the minimum capital requirements but may not fully meet other capital requirements, with a risk weight of 50%-75% for bank claims [12] - C grade banks do not meet the minimum capital requirements or have received adverse audit opinions, with a risk weight of 150% for bank claims [12] Financial Bond Issuance - As of July 30, 2024, A+ grade banks have issued 1.68 trillion yuan in outstanding certificates of deposit, accounting for 9.46% of the total, with 314.4 billion yuan in 3M and below and 1.36 trillion yuan in 3M and above [3] - A+ grade banks have issued 587 billion yuan in outstanding Tier 2 capital bonds, accounting for 14.37% of the total, and 275.3 billion yuan in perpetual bonds, accounting for 10.92% of the total [3] - A grade banks have issued 16.4 trillion yuan in outstanding certificates of deposit, accounting for 92.54% of the total, with 1.84 trillion yuan in 3M and below and 14.6 trillion yuan in 3M and above [3] - A grade banks have issued 3.52 trillion yuan in outstanding Tier 2 capital bonds, accounting for 86.08% of the total, and 2.29 trillion yuan in perpetual bonds, accounting for 90.76% of the total [3] - B and C grade banks have relatively small amounts of outstanding financial bonds, with 45.9 billion yuan in certificates of deposit, 6.6 billion yuan in Tier 2 capital bonds, and 10.3 billion yuan in commercial bank bonds [3] Key Bank Data - The report provides detailed data on key financial indicators for major banks, including total assets, core Tier 1 capital adequacy ratios, leverage ratios, and outstanding financial bonds [18][19][20] - For example, Industrial and Commercial Bank of China (ICBC) has total assets of 476 trillion yuan, a core Tier 1 capital adequacy ratio of 13.78%, and a leverage ratio of 7.68%, with 7.165 trillion yuan in outstanding certificates of deposit [19] - China Construction Bank (CCB) has total assets of 421.573 trillion yuan, a core Tier 1 capital adequacy ratio of 11.37%, and a leverage ratio of 6.79%, with 16.632 trillion yuan in outstanding certificates of deposit [19] - Bank of China (BOC) has total assets of 397.293 trillion yuan, a core Tier 1 capital adequacy ratio of 14.11%, and a leverage ratio of 7.76%, with 12.25 trillion yuan in outstanding certificates of deposit [19]

广发证券 跟踪分析|银行 银行行业 行业评级 买入 对次许级 买入 银行买了多少基金（2023）？ 报告日期 2024-07-31 GFSECURITIES 证券研究报告 核心观点： 相对市场表现 我们去年12月在报告《银行买了多少基金？》中盘点了120家发债银行 10% 2022年末基金持有规模情况、目前发债银行2023年年报已披露，本篇报 ts24 07.24 告将盘点233家发债银行2023年未基金持有情况 -10% 233家发货银行2023A基金投资占比情况见表3截至23年末， 233家 17% 发债银行会配投资规模共98万亿元， 占总资产的29%，其中基会投资规 -24% 占总金融投资规模的7.03% 分银行类型来君，服份行、 *x300 模6.92万亿元 城商行基金投资占金融投资比重相对偏高，分别为12.55% 12.16%，农 商行为6.13% 国有行占比最低，仅2.77% A股上市银行方面， 截至 分析师： 他军 23年12月为 上市银行合计金融投资规模共80.87万亿元，占总资产比 SAC 执机号: S0260518020004 6.86%，股份行和城商行同格偏高，分别为12.95%、15. ...

[Table_Page] 跟踪分析|银行 证券研究报告 [Table_Title] 银行视角看政治局会议 等待财政加力，关注大省区域行 [Table_Summary] 核心观点： ⚫ 2024 年 7 月 30 日，中央政治局召开会议，分析研究当前经济形势， 部署下半年经济工作，我们解读如下： ⚫ 其一，经济形势研判回归中性，战略保持定力。本次会议删除"经济运 行中积极因素增多，动能持续增强，社会预期改善"等相对偏乐观的表 述，增加了"当前外部环境变化带来的不利影响增多，国内经济运行出 现分化"表述。对于经济问题的应对方面，提到要"积极主动应对"、 "保持战略定力"。会议对经济运行压力重视程度增加，表示"坚定不 移完成全年经济社会发展目标任务"，预计短期政策会加码，但同时表 示要保持战略定力，可能意味着政策力度有限。 ⚫ 其二，等待财政发力。会议提到，"宏观政策要持续用力、更加给力"、 "加强逆周期调节"，同时删除"要靠前发力有效落实已经确定的宏观 政策"表述，改为"加快全面落实已确定的政策举措，及早储备并适时 推出一批增量政策举措"。新增"加快专项债发行使用进度"、"优化财 政支出结构"。年内财政预算仍有空 ...

[Table_Page] 跟踪分析|银行 [Table_Title] 银行行业 证券研究报告 [Table_Grade] 行业评级 买入 前次评级 买入 报告日期 2024-07-31 银行买了多少基金（2023）？ [Table_Summary] 核心观点： ⚫ 我们去年 12 月在报告《银行买了多少基金？》中盘点了 120 家发债银行 2022 年末基金持有规模情况。目前发债银行 2023 年年报已披露，本篇报 告将盘点 233 家发债银行 2023 年末基金持有情况。 ⚫ 233 家发债银行 2023A 基金投资占比情况见表 3。截至 23 年末，233 家 发债银行金融投资规模共 98 万亿元，占总资产的 29%，其中基金投资规 模 6.92 万亿元，占总金融投资规模的 7.03%。分银行类型来看，股份行、 城商行基金投资占金融投资比重相对偏高，分别为 12.55%、12.16%，农 商行为 6.13%，国有行占比最低，仅 2.77%。A 股上市银行方面，截至 23 年 12 月末，上市银行合计金融投资规模共 80.87 万亿元，占总资产比 重的 28.77%，其中合计投资基金规模约 5.55 万亿元 ...

Investment Rating - The report maintains a "Buy" rating for CATL (300750 SZ) with a target price of CNY 307 23 per share based on a 26x PE valuation for 2024 [2][4] Core Views - CATL's performance continues to exceed expectations with H1 2024 revenue of CNY 1667 67 billion (-11 88% YoY) and net profit of CNY 228 65 billion (+10 37% YoY) [2] - The company's Q2 2024 revenue was CNY 869 96 billion (-13 18% YoY +9 06% QoQ) with a gross margin of 26 64% (+4 68pct YoY +0 22pct QoQ) [2] - CATL's overseas market share reached 26 85% from Jan-May 2024 with a slight decline of 0 48pct YoY [2] - The company is expected to achieve a 50% market share in Europe by 2025 and a global share of 40 4% [2] Financial Performance - CATL's battery shipments reached 107GWh from Jan-May 2024 a 31 13% YoY increase [2] - The company's gross margin for H1 2024 was 26 53% (+4 9pct YoY) with Q2 gross margin at 26 64% (+4 68pct YoY +0 22pct QoQ) [12] - R&D expenses for H1 2024 were CNY 8 592 billion (-12 77% YoY) with an R&D expense ratio of 5 15% (-0 05pct YoY) [14] Overseas Expansion - CATL's overseas expansion is progressing with a focus on Europe and the US The company's LRS model is expected to drive a market share inflection point in the US by 2026 [2] - The company's factories in Hungary and Michigan are expected to boost its global market share in the long term [2] Profitability and Valuation - CATL's unit depreciation is expected to decrease from CNY 0 05/Wh in 2023-2024 to CNY 0 034/Wh by 2026 providing more profit elasticity [17] - The company's sales rebates for H1 2024 are estimated at CNY 2 65 billion with CNY 660 million in Q2 [18] - EPS for 2024-2026 is forecasted at CNY 11 82 13 20 and 15 16 per share respectively [2] Market Position and Strategy - CATL's Shenxing battery technology is driving a new cycle of fast-charging electric vehicles with a 10-minute charge providing 400km of range [10] - The company is expected to achieve a nominal production capacity of 740GWh 836GWh and 1000GWh by the end of 2024 2025 and 2026 respectively [22] - CATL's global market share is projected to reach 40 4% by 2025 driven by its strong position in Europe and China [20]

[Table_Page] 跟踪分析|房地产 证券研究报告 [Table_Title] 房地产及物管行业 24 年第 30 周周报 7 月环比热度下降，多地推进保障房筹建 [Table_Summary] 核心观点： ⚫ 本周政策情况：聚焦制度建设，新模式加快推进。中央政策方面，短 期政策方向上明确提出"允许有关城市取消或调减住房限购政策、取 消普通住宅和非普通住宅标准"，中长期制度建设上聚焦房地产开发融 资方式、商品房预售制度、税收制度及土地制度改革完善。随着二十 届三中全会"加快构建新模式"的表态加强，本周城中村改造的配套 文件《城中村改造国土空间规划政策指引》发布，河南、广东等各省 市积极推进保障房筹建，三大工程推进强度提升。 ⚫ 本周基本面情况：推盘回落，成交热度低迷。据 Wind 及克尔瑞，本 周 51 城新房成交面积 320.4 万方，环比上升 2.0%，同比下降 28.4%， 近期新房成交热度低迷。二手房方面，本周 13 城网签口径成交 162.2 万方，环比下降 5.9%，同比上升 31.1%，74 城认购口径日均成交 2077 套，环比下降 1.1%，同比上涨 38.2%，二手房成交热度略微回落 ...

[Table_Title] 国防军工行业 [Table_Page] 跟踪分析|国防军工 证券研究报告 | --- | --- | |------------------------|------------| | [Table_Grade] 行业评级 | 买入 | | 前次评级 | 买入 | | 报告日期 | 2024-07-30 | 卫星互联网建设加速，供需共振板块景气可期 [Table_Summary] 核心观点： ⚫ 应用牵引：卫星互联网军民发展需求大，全球互联网产值持续增长。 根据麦肯锡预测 2025 年前全球卫星互联网产值可达 5600 亿至 8500 亿美元。卫星互联网可实现偏远地区覆盖，拓展互联网产业应用，同时 通信领域天地一体化的发展需求也将带动卫星互联网产业加速发展； 可实现战场通信、态势侦察、导航协助等多种战场应用。 ⚫ 供需共振：火箭供给能力边际改善，星座建设开启支撑产业需求。供 给端方面，运载火箭是航天器入轨的必要工具，其发展是卫星互联网成 功运营的充分条件之一。当前我国发射端能力制约正逐步改善，根据科 普海南公众号及上海经信委公众号，海南商业航天发射场当前已具备 执行发射能力，火箭端 ...

[Table_Page] 深度分析|酒店餐饮 证券研究报告 [Table_Title] 酒店行业系列一 供需生变，回归常态化 [Table_Summary] 核心观点： ⚫ 供给快速提升，关注结构性变化。商业物业空置率走高、租金下行后， 优质物业成本下降、可得性提升，叠加酒店属于现金流回报相对稳定 的稳健投资，疫后酒店供给快速提升。据中国饭店协会公众号，截至 23 年底全国酒店总数/客房总数为 32.3 万家/1650 万间，恢复至 19 年 的 96%/94%；连锁化率继续提升，23 年底达 41.0%，同增 2.2pp，但 较美国 70%+水平仍有差距；结构方面，经济型酒店仍占主体，但中端 及以上酒店份额持续提升。 ⚫ 休闲需求景气延续，静待商旅需求改善。据 iFinD，24Q1 国内旅游人 数/收入均同增 17%，重要节假日恢复弹性更强。24 年法定节假日比 往年更长，一方面有望进一步推涨旅游景气度，另一方面有望带动中 长线游及出游半径提升，旅游高景气有望更切实地传导至酒店需求（短 线、近郊游住宿必要性相对低）。而受宏观经济波动及办公习惯改变影 响，商旅仍在渐进复苏，据携程商旅调研数据，24 年较多企业 ...

[Table_Page] 深度分析|汽车 证券研究报告 [Table_Title] 汽车行业：24 年数据点评系列之九 24 年 H1 重卡出口依旧亮眼，俄罗斯以外 地区重卡出口同比+28.6% | --- | --- | |------------------------|------------| | [Table_Grade] 行业评级 | 买入 | | 前次评级 | 买入 | | 报告日期 | 2024-07-30 | [相对市场表现 Table_PicQuote] [Table_Summary] 核心观点： ⚫ 写在前面：2020 年下半年以来，随中国汽车供应链的率先恢复使得中 国品牌卡车出口数量显著提升，21 年以来卡车出口保持高速增长。我 们认为：1.前期疫情冲击下海外供给不足为中国品牌卡车出口提供突破 契机，疫情后国内企业良好的要素成本控制提升了中国品牌海外竞争力 及盈利能力。2.口碑传播或将为出口弹性及持续性贡献正面影响：参考 中国重汽 MAN 系列车型在国内单一市场的口碑传播及销量爬坡尚且需 要较长周期，在更加复杂的海外市场实现突破难度系数更高，一旦通过 性价比建立良好口碑，出口弹性及持续 ...

[Table_Page] 公告点评|城商行Ⅱ [Table_Title] 杭州银行（600926.SH） 业绩高增，质量优异 [Table_Summary] 核心观点： ⚫ 杭州银行披露 2024 年半年度业绩快报，我们点评如下：24H1 营收同 比增长 5.36%，增速较 24Q1 上升 1.9pct；归母净利润同比增长 20.06%，增速较 24Q1 下降 1pct，业绩维持高增长；24Q2 单季度营 收、归母净利润同比分别增长 7.33%、18.96%，营收增速单季度环比 回升 3.8pct，预计手工补息整改带来的负债成本下行，净息差企稳， 净利息收入对业绩增长提供有效支撑。 ⚫ 存贷规模高增。资产端，24H1总资产和贷款总额同比分别增长13.8%、 16.5%，分别较 24Q1 上升 0.8 pct、0.4 pct。结构上，贷款增速显著 高于总资产增速，也明显高于行业信贷增速，资产结构中信贷占比提 高，对息差也会形成结构性贡献。负债端，24H1 总负债和存款总额同 比分别增长 13.2%、13.7%，增速较 24Q1 末分别变动+0.2 pct、+2.7 pct。存款增速环比显著上升，预计主要受益于行 ...