银行业周报：财政贴息支持设备更新，信贷需求有望提升

Investment Rating - The industry investment rating is "Overweight" [2][23] Core Viewpoints - The current credit demand is weak, but fiscal interest subsidies for equipment updates are expected to boost loan growth in the manufacturing sector. The emphasis on risk prevention in real estate and local government debt will help improve bank asset quality and valuation safety [23] - The banking index rose by 0.36% this week, ranking 10th out of 31 industries, underperforming the CSI 300 index by 1.55 percentage points [2][5] - The market performance of major banks, joint-stock banks, city commercial banks, and rural commercial banks showed fluctuations of -0.03%, +0.83%, +0.25%, and -0.65% respectively, with joint-stock banks performing the best [2][5] Market Review - As of July 21, 2024, the banking index increased by 0.36%, with the top five performing banks being Bank of China (+2.97%), China Construction Bank (+2.44%), Agricultural Bank of China (+2.39%), Shanghai Pudong Development Bank (+2.38%), and Suzhou Rural Commercial Bank (+2.32%) [5][21] - The bottom five performing banks included Wuxi Bank (-1.34%), Zijin Bank (-1.57%), Shanghai Rural Commercial Bank (-1.73%), Suzhou Bank (-2.31%), and Changshu Bank (-3.07%) [5][21] Funding Market - The central bank's net injection in the open market was 1.17 trillion yuan, with a 3-month treasury cash deposit of 70 billion yuan and a winning rate of 2.85%. The average rates for DR001, DR007, overnight, and 7-day borrowing were 1.89%, 1.86%, 1.94%, and 2.00% respectively, indicating a tight funding environment [11][13] - The one-year interbank certificate of deposit rates for state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks were 1.96%, 1.97%, 2.09%, and 2.08% respectively, with a net financing of 46.87 billion yuan this month, indicating weak market demand [11][13] Industry and Company Dynamics - The 20th Central Committee's third plenary session emphasized the need to improve macro-control systems and enhance the consistency of macro policies, focusing on risk prevention in key areas such as real estate and local government debt [20] - The State Council has decided to increase support for large-scale equipment updates and consumer goods replacement policies, including raising the fiscal interest subsidy ratio for equipment update loans [22]