商业银行行业事件快评：政策积极落地彰显态度，银行息差影响好于预期

Investment Rating - The report assigns an "Overweight" rating to the commercial banking sector, consistent with the previous rating [2]. Core Insights - The People's Bank of China and the Financial Regulatory Authority introduced four financial support policies for the real estate sector on September 29, which are expected to stabilize expectations and boost confidence [4]. - The adjustment of existing mortgage rates is anticipated to positively impact bank interest margins, with a projected average reduction in existing mortgage rates from approximately 4.06% to about 3.55% [5]. - The report emphasizes that the current economic stimulus policies and measures to stabilize the real estate market are robust and rapidly implemented, likely to significantly improve expectations and bolster confidence [5]. Summary by Sections Policy Impact - The recent policies include a unified reduction of the personal housing loan down payment ratio to 15% and an extension of the operating property loan policy until the end of 2026 [5]. - The adjustment plan for existing mortgage rates consists of enhancing the long-term pricing mechanism and a one-time rate reduction for certain existing loans [5]. Interest Margin Expectations - The report predicts that the adjustment of existing mortgage rates will mitigate concerns regarding interest margin reductions, estimating a 5 basis point impact on net interest margins for listed banks in 2025 [5]. - The anticipated adjustment of existing mortgage rates is expected to be executed by October 31, with banks required to publish specific operational details by October 12 [5]. Investment Recommendations - The report continues to recommend specific banks such as Hangzhou Bank, Jiangsu Bank, and Changshu Bank, which are expected to benefit more from the recovery in the real estate chain and retail credit [5].