瑞银颜湄之：H股银行股息率更有优势

Group 1 - The banking sector is experiencing a correction, with declines of approximately 0.85% in July and 2.17% in August, attributed to style switching and profit-taking, but recent policies on "anti-involution" and consumer loan interest subsidies are seen as beneficial for banks [1][4] - The phenomenon of "deposit migration" is not significant at present, as the scale is much lower than during the 2015 stock market surge, despite an increase in retail investor stock accounts [2][4] - Large banks maintain reasonable loan-to-deposit ratios, with one state-owned bank at about 70% and another at 90%, indicating no significant deposit shortages [4][7] Group 2 - H-shares of banks are favored over A-shares due to higher dividend yields, with some large banks potentially offering yields above 5.5% post-capital injection [5][7] - The revenue growth of state-owned banks in the first half of the year is attributed to increased intermediary business income and bond investment returns, while joint-stock banks are still facing revenue declines [7][8] - The recent implementation of consumer loan interest subsidies is expected to have a marginal impact, primarily benefiting middle-income groups, while asset quality is being monitored to prevent funds from flowing into the stock and real estate markets [8][9] Group 3 - The recent correction in bank stocks is viewed as a normal market fluctuation, with factors such as profit-taking and a shift in market focus contributing to the decline [9] - Future stabilization of bank stocks will depend on policy signals, clear economic expectations, and the upcoming dividend distribution period at the end of the year [9]