中信证券：银行板块基本面格局稳定，绝对收益延续

Core Insights - The core viewpoint indicates that the banking sector's asset allocation in Q3 is primarily supported by government bonds, with social financing remaining stable. There is a need to boost credit demand as both household and corporate loan demands are weak, awaiting the effects of new consumption and real estate policies [1] Group 1: Banking Sector Performance - In Q3, the structure of bank liabilities changed significantly, with a decline in both household and corporate deposits, while non-bank deposits increased substantially, reflecting a trend towards diversified investment channels [1] - The interest rates for newly issued corporate loans in August decreased by approximately 10 basis points compared to Q2, while personal housing loan rates remained stable. It is expected that asset yield rates will have slight downward space, but savings cost reductions will help stabilize interest margin expectations [1] - The mid-year earnings of banks have stabilized and improved slightly more than expected, with stable interest margin expectations, investment income contributing to revenue, and stable asset quality. The quarterly profit improvement is significant, and there is still potential for annual profit growth [1] Group 2: Market Outlook and Investment Strategy - The stable fundamental landscape solidifies investor confidence in sector allocation, with a positive outlook for continued absolute return trends [1] - Given the bottom recovery of the banking sector's beta performance, there is more room for individual stock selection to shift towards alpha strategies. It is recommended to focus on sub-sectors with high and stable ROE and optimistic valuation space [1]