银行业国新办发布会点评：加大力度支持地方化债，财政仍有较大赤字提升空间

Investment Rating - The report maintains an "Outperform" rating for the banking sector [2] Core Insights - Increased support for local government debt is expected to enhance bank price-to-book (PB) ratios, particularly benefiting large banks' capital adequacy and credit capacity, which is favorable for the banking sector [3] - The issuance of special government bonds to supplement the capital of large state-owned commercial banks is anticipated to improve their risk resilience and credit issuance capabilities, thereby enabling stronger support for the real economy [3] - The central government's fiscal policy still has significant room for increasing deficits, which will likely lead to a series of targeted policies aimed at stabilizing economic growth and supporting the banking sector's asset growth [3]