大行评级｜瑞银：恢复征收债券增值税对银行的负面影响应属轻微

Group 1 - The Ministry of Finance and the State Taxation Administration announced the resumption of VAT on interest income from newly issued government bonds, local government bonds, and financial bonds starting from August 8 [1] - Interest income from bonds issued before this date will continue to be exempt from VAT until maturity [1] - Retail investors have a monthly bond purchase limit of 100,000 yuan, with interest income exempt from VAT [1] Group 2 - The impact of VAT resumption on banks is expected to be minor, with an average revenue impact of 0.5% and a net profit impact of 1.3% for the Chinese banking sector [1] - Regional banks may experience a slightly larger impact [1] - Banks can mitigate the effects through investment strategy adjustments and tax optimization [1] Group 3 - Market sentiment may be influenced by expectations of tightening fiscal policy [1] - UBS recommends H-shares of major banks such as China Construction Bank, Industrial and Commercial Bank of China, Bank of China, and CITIC Bank, which have dividend yields of approximately 5% or higher [1] - For A-shares, UBS recommends China Merchants Bank [1]