银行业周报：六大行集体下调存款利率，股票回购增持再贷款政策落地

Industry Investment Rating - The report maintains an "Outperform" rating for the banking industry [1][2] Core Views - The banking industry's net interest margin is expected to remain stable, with revenue growth stabilizing and profit growth maintaining current levels [1] - Non-performing loan ratios are expected to stay low, while provision coverage ratios remain high [1] - The introduction of the stock buyback and shareholding increase relending policy is expected to significantly boost market enthusiasm for buybacks and shareholding increases [1] - The collective reduction in deposit rates by major banks is expected to stabilize the cost of liabilities and support net interest margins [2] Recent Industry Performance - The banking sector rose by 2.61% from 10/11 to 10/18, outperforming the CSI 300 by 1.63 percentage points [3][4] - State-owned banks rose by 1.59%, joint-stock banks by 1.86%, city commercial banks by 5.17%, and rural commercial banks by 3.64% [3][4] - Top performers included Postal Savings Bank (up 3.61%), Shanghai Rural Commercial Bank (up 3.36%), and China Construction Bank (up 2.90%) [3][4] Valuation - As of 10/18, the banking sector's 2024E PB ratio is 0.63x [10] - State-owned banks have a PB ratio of 0.63x, joint-stock banks 0.65x, city commercial banks 0.57x, and rural commercial banks 0.56x [10] Recommended Companies - The report recommends Hangzhou Bank (improving asset quality, low valuation, high safety margin), Jiangsu Bank (high profit growth, excellent asset quality), Qilu Bank (improving asset quality, low valuation, high safety margin), Suzhou Bank (improving asset quality, rapid scale growth), China Merchants Bank (strong retail business, excellent asset quality), and Shanghai Rural Commercial Bank (advantageous geographical location, excellent asset quality) [1] Policy Impact - The stock buyback and shareholding increase relending policy, with an initial quota of 300 billion yuan, an annual interest rate of 1.75%, and a term of 1 year, is expected to support listed companies and major shareholders in repurchasing and increasing shareholdings [1] - The collective reduction in deposit rates by major banks, including a 5 basis point cut in demand deposit rates to 0.1%, is expected to stabilize the cost of liabilities and support net interest margins [2]