金融行业周报：存量房贷政策出台，息差有望稳定

Investment Rating - The report maintains an "Outperform" rating for the banking sector [4][29]. Core Views - The recent economic policies are expected to stabilize the interest margins of commercial banks, with a projected average reduction of approximately 0.5% in existing mortgage rates [4]. - The banking sector's revenue growth is anticipated to gradually stabilize, with profit growth expected to maintain current levels and non-performing loan ratios remaining low [4]. - Recommended banks include Hangzhou Bank, Jiangsu Bank, Qilu Bank, Suzhou Bank, China Merchants Bank, and Shanghai Rural Commercial Bank due to their favorable asset quality and growth prospects [4]. Summary by Sections 1. Recent Performance Review - From September 27 to October 4, the banking sector rose by 4.65%, underperforming the CSI 300 by 3.83 percentage points [5][6]. - Among the banks, state-owned banks increased by 2.66%, while joint-stock banks, city commercial banks, and rural commercial banks saw increases of 5.21%, 5.75%, and 5.82%, respectively [5][6]. 2. Valuation Situation - As of September 30, the banking sector's projected price-to-book (PB) ratio for 2024E is 0.61 times, with state-owned banks at 0.61, joint-stock banks at 0.64, city commercial banks at 0.55, and rural commercial banks at 0.54 [12][15]. 3. Recent Market Interest Rate Review - On September 30, the yield on AAA-rated 3-month interbank certificates of deposit increased by 8 basis points compared to the previous week [17]. 4. Recent Banking ETF Data - As of October 4, the Huabao CSI Bank ETF had a fund share of 349,784 million, increasing by 37,260 million from the previous week, with a net value increase of 4.59% [20][22].