银行业周报：央行全面降息，银行存款挂牌利率跟进下调

Investment Rating - The report maintains a positive investment suggestion for the banking sector, indicating a recovery in performance after a slight adjustment [1]. Core Insights - The CITIC Bank Index fell by 2.98% during the week of July 22-26, 2024, outperforming the CSI 300 Index by 0.69 percentage points. Notable performers included Hangzhou Bank (+0.69%), Industrial and Commercial Bank (+0.34%), and Bank of Communications (0.00%) [4]. - A comprehensive interest rate cut was implemented, with the People's Bank of China lowering the 7-day reverse repo rate by 10 basis points to 1.70%, and both the 1-year and 5-year LPRs were reduced by 10 basis points to 3.35% and 3.85%, respectively [4][9]. - Major state-owned banks led a new round of deposit rate cuts, with reductions in various deposit rates announced shortly after the interest rate adjustments [4][10]. - The report anticipates that while the banking sector faces pressure on interest margins, the margins are expected to stabilize in the short term, with a potential slight recovery in net interest margins for some listed banks [5][6]. Summary by Sections 1. Investment Highlights - The banking sector is expected to stabilize and recover in the second half of the year, supported by improved fundamentals and performance growth [6]. - Key investment lines include stable growth and high dividend yield stocks, with recommendations for major state-owned banks and select city commercial banks [6]. 2. Industry and Company Dynamics 2.1 Industry Dynamics - The central bank conducted a net injection of 12,400 billion yuan into the market, indicating a proactive monetary policy stance [7]. - The central bank's adjustments to the 7-day reverse repo rate and LPR are aimed at enhancing financial support for the real economy [8][9]. 2.2 Company Dynamics - Hangzhou Bank reported a revenue increase of 5.36% and a net profit growth of 20.06% for the first half of 2024, with a stable asset quality [13]. - Qilu Bank also showed strong performance with a revenue growth of 5.53% and a net profit increase of 16.98% for the same period [13]. 3. Recent Market Review - The report includes a detailed analysis of the performance of various banks, highlighting fluctuations in stock prices and valuation metrics [14][15].