银行业周报：特别国债补充大行资本，存量房贷利率调整细则公布

Investment Rating - The industry is rated as "Outperform the Market" [3] Core Views - Recent economic policies are expected to stabilize bank interest margins, with revenue growth gradually stabilizing and profit growth maintaining current levels. Non-performing loan ratios are expected to remain low, and provision coverage ratios are expected to stay high [3] - The Ministry of Finance plans to issue special government bonds to support state-owned commercial banks in replenishing capital, which is anticipated to enhance their risk resistance and credit issuance capabilities, thereby better supporting the real economy [3] - The adjustment of existing mortgage rates by major banks is expected to reduce the interest burden on residents, potentially increasing disposable income and promoting consumption [4] Summary by Sections Recent Industry Performance - From October 4 to October 11, the banking sector declined by 0.63%, outperforming the CSI 300 by 2.62 percentage points. Among them, state-owned banks increased by 0.91%, while joint-stock banks decreased by 0.38% [5][6] - Notable individual stock performances included Postal Savings Bank rising by 3.61% and Shanghai Rural Commercial Bank by 3.36% [5][6] Valuation Situation - As of October 11, the banking sector's 2024E price-to-book (PB) ratio is 0.62 times, with state-owned banks at 0.62 times, joint-stock banks at 0.64 times, city commercial banks at 0.54 times, and rural commercial banks at 0.54 times [12][15] Recent Market Rate Review - On October 11, the yield on AAA-rated 3-month interbank certificates of deposit remained unchanged, while AA-rated 3-month interbank certificates of deposit increased by 6 basis points compared to the previous week [17]