银行业周报：逆周期政策陆续落地，关注增量政策效果

Investment Rating - The industry rating is maintained at "Overweight" [2] Core Views - The banking index increased by 16.24% during the period from September 23 to September 30, 2024, with the performance of joint-stock banks and regional banks leading the market [2][5] - Recent financial policies have been intensively introduced, and the implementation of incremental monetary policies is expected to support stable growth in bank credit [25] - Adjustments to existing mortgage rates may exert pressure on bank interest margins, but the cost-saving effects from previous deposit rate self-discipline are still being realized [25] Market Review - The banking index (Shenwan) rose by 16.24%, ranking 30 out of 31 industries, underperforming the CSI 300 index by 9.28 percentage points [2][5] - The performance of major banks, joint-stock banks, city commercial banks, and rural commercial banks was 9.08%, 19.84%, 18.37%, and 16.93% respectively, with joint-stock and regional banks performing the best [5] - The top five performing banks included Ningbo Bank (+33.78%), Zhengzhou Bank (+31.90%), Guiyang Bank (+27.58%), Qingnong Bank (+25.63%), and Xi'an Bank (+25.34%) [5] Funding Market - The central bank's net injection in the open market was 192.7 billion yuan, with a significant easing of the funding environment [11] - The 7-day reverse repurchase rate was lowered by 20 basis points to 1.50% on September 27, indicating a clear easing of the funding situation [19] - The one-year interbank deposit rates for major banks, joint-stock banks, city commercial banks, and rural commercial banks were 1.92%, 1.92%, 2.07%, and 2.06% respectively, with a net financing of 501.07 billion yuan in September [14][11] Industry and Company Dynamics - The adjustment of the minimum down payment ratio for personal housing loans has been unified to no less than 15%, and the proportion of relending for eligible loans has been increased from 60% to 100% [23] - The applicable period for policies supporting the extension of existing financing for real estate has been extended to December 31, 2026 [23] - The optimization of financial support for the real estate sector is expected to continue mitigating risks and consolidating the asset quality of banks [25] Investment Recommendations - The high dividend configuration advantage of bank stocks is expected to continue, with a focus on regional banks with good asset quality and sustainable performance, as well as state-owned large banks with significant high dividend value [25]