银行业周报：风格转变下优选弹性成长个股

Investment Rating - The report maintains a "Buy" recommendation for the banking sector, emphasizing a shift from dividend-focused investments to growth-oriented stocks [2][3]. Core Insights - The CITIC Bank Index rose by 4.65% during the week, underperforming the CSI 300 Index by 3.83 percentage points. Notable performers included Zhengzhou Bank (+10.26%), Lanzhou Bank (+10.00%), and Zijin Bank (+9.93%) [3][7]. - The People's Bank of China (PBOC) announced measures to lower existing mortgage rates and improve the pricing mechanism for housing loans, with a deadline for adjustments set for October 31, 2024 [3][7]. - The report highlights a transition in investment logic within the banking sector, favoring stocks with economic recovery potential, specifically recommending Ningbo Bank, China Merchants Bank, Hangzhou Bank, Chengdu Bank, Suzhou Bank, and Changshu Bank [3][11]. Industry Dynamics - The PBOC's monetary policy committee emphasized the need to enhance market-oriented interest rate formation and transmission mechanisms, aiming to lower financing costs for enterprises and residents [12]. - A new policy was introduced to unify the minimum down payment for commercial housing loans at no less than 15%, regardless of whether it is the first or second home [13]. - The PBOC has increased the proportion of re-loans for affordable housing from 60% to 100% for qualifying loans, enhancing market incentives for financial institutions [14][9]. - The duration of certain real estate financial policies has been extended until December 31, 2026, to support the stability of the real estate market [17]. Company Dynamics - Postal Savings Bank announced a mid-year profit distribution plan, proposing a cash dividend of RMB 1.477 per share, totaling approximately RMB 146.46 billion, which represents 30% of its net profit for the first half of 2024 [18]. - Shanghai Bank also released its mid-year profit distribution plan, proposing a cash dividend of RMB 2.80 per share, amounting to approximately RMB 3.98 billion [18]. - The report notes adjustments in the pricing of agency deposit fees by Postal Savings Bank, with reductions in various term deposit rates to optimize deposit structure and reduce costs [10][11].