银行行业快评报告：金融政策持续发力

Investment Rating - The report maintains an "Outperform" rating for the banking industry, indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [5]. Core Insights - The report highlights that the recent monetary policy adjustments, including a 50 basis point reduction in the reserve requirement ratio (RRR) and a 20 basis point cut in the 7-day reverse repurchase rate, aim to support the real economy by providing approximately 1 trillion yuan in long-term liquidity [1][3]. - It is anticipated that the cumulative liquidity release could reach between 2.5 trillion to 3 trillion yuan by the end of 2024, which is expected to prepare for future fiscal policy initiatives [1]. - The report emphasizes that the adjustments in interest rates are designed to lower financing costs for the real economy and reduce prepayment behaviors among residents, thereby promoting consumption [1][3]. - The plan to increase the core Tier 1 capital of six major commercial banks is noted, with a focus on the methods and structures for capital replenishment [1]. - The report suggests that the banking sector's profit growth may have reached a bottoming phase, with increasing stability in profitability expected [1][3]. Summary by Sections Monetary Policy Impact - The central bank's recent measures include a 50 basis point RRR cut, leading to an average RRR of approximately 6.6% for commercial banks, with potential further reductions by 0.25-0.5 percentage points by year-end [1]. - The anticipated average decrease in mortgage rates is around 50 basis points, aligning existing loan rates with new loan rates [1]. Capital Support for Banks - The report discusses the expansion of the pilot program for equity investments by financial asset investment companies (AIC) under major commercial banks, increasing investment limits and proportions [1]. Investment Recommendations - The report concludes that the monetary easing measures are likely to enhance market confidence and stimulate economic growth, with a focus on high dividend strategies and the stability of bank stock performance [1][3].