银行业周报：M2增速保持稳定，9月LPR持平

Investment Rating - The report maintains an "Outperform" rating for the banking industry, recommending companies such as Hangzhou Bank, Jiangsu Bank, Qilu Bank, Suzhou Bank, China Merchants Bank, and Shanghai Rural Commercial Bank [4][5][12]. Core Viewpoints - The report anticipates that as interest margins stabilize, the revenue growth of banks is expected to gradually stabilize, with profit growth likely to maintain its current level. Non-performing loan ratios are expected to remain low, and the provision coverage ratio is expected to stay high [4][5]. - The report highlights that the central bank's August social financing data shows a stable M2 growth rate, with a year-on-year increase of 8.1% in August, reflecting overall market liquidity stability [4][5]. - The September Loan Prime Rate (LPR) remained unchanged, with the one-year LPR at 3.35% and the five-year LPR at 3.85%, indicating potential for future adjustments based on economic trends [4][5]. Summary by Sections Recent Performance Review - From September 13 to September 20, the banking sector rose by 1.79%, outperforming the CSI 300 by 0.46 percentage points. Among different types of banks, state-owned banks increased by 1.92%, joint-stock banks by 1.65%, city commercial banks by 2.05%, and rural commercial banks by 1.83% [5][7]. - Individual stock performance showed Shanghai Rural Commercial Bank leading with a 4.26% increase, followed closely by Ningbo Bank at 4.23% and Qilu Bank at 3.86% [5][9]. Valuation Situation - As of September 20, the banking sector's projected price-to-book (PB) ratio for 2024E is 0.55 times, with state-owned banks at 0.57 times, joint-stock banks at 0.53 times, city commercial banks at 0.47 times, and rural commercial banks also at 0.47 times [12][15]. Market Interest Rate Review - On September 19, the yields on AAA-rated and AA-rated 3-month interbank certificates of deposit remained stable compared to the previous week, indicating a steady interest rate environment [16].