银行行业：金融政策超预期

Investment Rating - The industry investment rating is "Buy" [3] Core Viewpoints - The report highlights several significant monetary policy measures announced by the People's Bank of China, including a reduction in existing mortgage rates by approximately 50 basis points, which is expected to decrease annual household interest payments by around 150 billion CNY [2] - A reserve requirement ratio cut of 50 basis points is planned, providing approximately 1 trillion CNY in long-term liquidity to the financial market, with potential further cuts depending on market conditions [2] - The report anticipates that the central bank's actions will have a neutral overall impact on banks' net interest margins but will positively influence economic recovery and asset quality [2] - The report suggests that the central bank will support capital markets through new financial instruments, with an initial allocation of 800 billion CNY aimed at stock market purchases, which exceeds market expectations [2] - The report recommends focusing on banks with high excess provisions, as asset quality will be more critical than interest margins in the near term [2] Summary by Sections Monetary Policy Measures - The People's Bank of China announced a reduction in existing mortgage rates, expected to lower household interest payments by about 150 billion CNY annually [2] - A reserve requirement ratio cut of 50 basis points will inject approximately 1 trillion CNY into the financial market [2] - The central bank plans to lower the 7-day reverse repurchase rate by 20 basis points, which is expected to guide down the MLF rate by 30 basis points [2] Capital Market Support - The central bank will create two financial tools to support the capital market, with an initial funding of 800 billion CNY for stock market interventions [2] - The report indicates that if the initial phase is successful, additional funding may be provided [2] Investment Recommendations - The report suggests that the recent monetary policy measures will help stabilize the real estate market and reduce the burden of household mortgage payments [2] - It emphasizes the importance of asset quality over interest margins for banks in the upcoming period and recommends focusing on banks with substantial excess provisions [2]