银行行业：降准降息宽松预期兑现，存量房贷利率调降影响不负面

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The report emphasizes that the recent monetary policy adjustments, including reserve requirement ratio (RRR) cuts and interest rate reductions, have met market expectations for easing, which is expected to support the banking sector [1][5] - The adjustment of existing mortgage rates is anticipated to have a neutral impact on banks, as it will alleviate early repayment pressures and stabilize the quality of loans [2][5] Summary by Sections Industry Overview - The banking sector comprises 48 listed companies, with a total market capitalization of 113,618.8 billion yuan, representing 14.95% of the market [1] - The average price-to-earnings (P/E) ratio for the industry is 5.47 [1] Recent Developments - The People's Bank of China (PBOC) announced a 0.5 percentage point RRR cut, releasing approximately 1 trillion yuan in long-term liquidity, which is expected to ease funding pressures [1] - The main policy interest rate was reduced by 20 basis points to 1.5%, which is expected to lower the cost of financing for the real economy [1][2] Mortgage Rate Adjustments - The PBOC will guide banks to adjust existing mortgage rates down to levels close to new loan rates, with an expected average reduction of around 50 basis points [2] - This adjustment is projected to reduce annual interest expenses for households by approximately 150 billion yuan, promoting consumption and investment [2] Financial Policies - The extension of financial support policies for real estate companies is expected to alleviate cash flow pressures and stabilize the quality of real estate loans [5] - The report suggests that the banking sector should focus on high-dividend assets and banks with stable performance for investment opportunities [5]