银行业周报：新政利好银行板块，市场表现积极

Investment Rating - The report maintains an "Outperform" rating for the banking sector, recommending specific banks such as Hangzhou Bank, Jiangsu Bank, Qilu Bank, Suzhou Bank, China Merchants Bank, and Shanghai Rural Commercial Bank [3][4]. Core Viewpoints - The recent policy changes are expected to stabilize the net interest margin for banks, leading to a gradual stabilization in revenue growth and maintaining profit growth at current levels. Non-performing loan ratios are expected to remain low, and the provision coverage ratio is anticipated to stay high [3][4]. - The introduction of new monetary policy tools is seen as beneficial for high-dividend banks, which will enhance liquidity and activity in the capital markets [4]. Summary by Sections Recent Performance Review - From September 20 to September 27, the banking sector rose by 10.84%, underperforming the CSI 300 by 4.86 percentage points. State-owned banks increased by 6.40%, joint-stock banks by 13.92%, city commercial banks by 10.93%, and rural commercial banks by 11.12% [5][6]. - Notable individual stock performances include Ningbo Bank with a 22.33% increase, Guiyang Bank at 20.00%, and Zhengzhou Bank at 19.63% [5][6]. Valuation Situation - As of September 27, the banking sector's projected price-to-book (PB) ratio for 2024E is 0.59. State-owned banks have a PB of 0.60, joint-stock banks also at 0.60, city commercial banks at 0.52, and rural commercial banks at 0.51 [12][15]. Recent Market Interest Rate Review - On September 27, the yield on AAA-rated 3-month interbank certificates of deposit decreased by 4 basis points compared to the previous week [16]. Recent Banking ETF Data - As of September 27, the Huabao CSI Bank ETF had a fund share of 314.054 million, increasing by 14.370 million from the previous week, with a net value increase of 11.76% [19][21].