银行日报：银行业主要监管指标数据发布

Investment Rating - The industry rating is "Outperform the Market" [5] Core Views - The banking sector's performance this year has been driven by three main factors: the expansion of high dividend yield stock selection logic from state-owned banks to smaller banks, the relaxation of real estate policies, and market expectations of a slowdown in the decline of net interest margins and an impending bottoming of fundamentals [5] - Future performance will depend on the effectiveness of previous policies and the trajectory of fundamentals [5] - Key investment recommendations include focusing on Shanghai Pudong Development Bank, which is in a turnaround phase with improving credit costs and increased loan issuance, and paying attention to high dividend yield regional banks like Jiangsu Bank [5] Industry Performance - As of August 9, the Shanghai Composite Index fell by 0.34%, while the banking index rose by 0.43%. The performance of different banking sectors was as follows: state-owned banks +0.62%, joint-stock banks +0.60%, city commercial banks +0.16%, and rural commercial banks -0.67% [1] - The top three performing banks were Shanghai Pudong Development Bank (+1.79%), Nanjing Bank (+1.64%), and China Merchants Bank (+1.25%), while the worst performers were Changshu Bank (-1.77%), Qingnong Bank (-0.77%) [2] Key Data Tracking - As of the end of Q2 2024, the total assets of China's banking financial institutions reached 433.1 trillion yuan, a year-on-year increase of 6.6%. Large commercial banks accounted for 185.1 trillion yuan, growing by 7.9% year-on-year, representing 42.7% of the total [3] - The banking sector's dividend yield ranks second among all industry sectors, with Ping An Bank, Shanghai Bank, and Chengdu Bank having the highest individual dividend yields [4] Valuation Metrics - The PB (Price-to-Book) valuation shows that the top three banks in terms of valuation percentile over the past five years are Chongqing Rural Commercial Bank, Bank of Communications, and Agricultural Bank of China, while the lowest are Minsheng Bank, Wuxi Bank, and Chongqing Bank [4][7]