银行业金融支持经济高质量发展新闻发布会点评：靴子落地、修复重启，利好银行

Investment Rating - The report maintains a "Positive" outlook on the banking sector, emphasizing the supportive measures from the central bank aimed at fostering economic recovery [3]. Core Insights - The recent measures announced by the central bank, including a 0.5 percentage point reduction in the reserve requirement ratio and a 0.2 percentage point decrease in the 7-day reverse repurchase rate, are expected to stabilize banks' net interest margins and support their profitability [3][6]. - The report highlights that the adjustment of existing mortgage rates to align with new loan rates is projected to have a neutral impact on banks' interest margins, with an estimated reduction of about 6.2 basis points [4][6]. - The central bank's approach aims to ensure that banks can support the real economy without excessively compressing their profit margins, indicating a balanced strategy for economic recovery [3][4]. Summary by Sections Monetary Policy Impact - The central bank's recent actions are expected to release approximately 1 trillion yuan in long-term liquidity, with further reductions in the reserve requirement ratio possible later this year [6][7]. - The report anticipates that the adjustments in interest rates will lead to a decrease in banks' funding costs, which will help mitigate the impact of asset pricing declines [4][6]. Interest Margin Projections - The report estimates that the overall impact of the mortgage rate adjustments and interest rate cuts will lead to a decline in the average interest margin of listed banks by 16 basis points in 2024, stabilizing around 1.5% by 2026 [4][6]. - Specific impacts on different types of banks are noted, with state-owned banks expected to experience a more significant effect compared to joint-stock banks [4][6]. Capital Supplementation Strategy - The report discusses the planned capital supplementation for the six major banks, emphasizing the need for external capital to maintain stable profits and support sustainable lending to the real economy [6][7]. - It is noted that the average non-performing loan ratio for these banks is at a decade-low of 1.28%, indicating a stable asset quality environment for potential capital raising [6][7]. Investment Recommendations - The report suggests maintaining positions in high-dividend banks and identifies smaller banks that have been less affected by mortgage repricing as potential recovery plays [6][7].