银行行业动态点评：政策持续推进，强化市场信心

Investment Rating - The report maintains an "Overweight" rating for the banking sector [1] Core Viewpoints - Continuous policy support is enhancing market confidence, with multiple regulatory bodies actively implementing measures to stabilize the market [1] - The recent reduction in deposit rates and the anticipated cuts in reserve requirements and interest rates are expected to have a neutral impact on banks' net interest margins [1] - The introduction of new monetary policy tools aims to stabilize the capital market and improve liquidity, which is expected to boost investor confidence [1] Summary by Relevant Sections Policy Impact - The report highlights a series of policy measures announced on September 24, including cuts in reserve requirements and mortgage rates, aimed at supporting the economy and stabilizing the real estate market [1] - On October 18, deposit rates were adjusted downwards, and new tools to support the capital market were officially launched, indicating a proactive approach to policy implementation [1] Company Recommendations - Recommended stocks include: - Ningbo Bank (002142 CH): Target price of 26.29, rated "Buy" [3] - Hangzhou Bank (600926 CH): Target price of 15.87, rated "Overweight" [3] - Chengdu Bank (601838 CH): Target price of 19.49, rated "Buy" [3] - Nanjing Bank (601009 CH): Target price of 12.94, rated "Buy" [3] - Chongqing Rural Commercial Bank (3618 HK): Target price of 5.28, rated "Buy" [3] - China Merchants Bank (600036 CH): Target price of 40.61, rated "Buy" [3] - Industrial Bank (601166 CH): Target price of 22.06, rated "Buy" [3] - Agricultural Bank of China (1288 HK): Target price of 4.48, rated "Buy" [3] - Bank of Communications (3328 HK): Target price of 7.95, rated "Buy" [3] - Postal Savings Bank of China (1658 HK): Target price of 6.10, rated "Buy" [3] - China Construction Bank (939 HK): Target price of 6.98, rated "Buy" [3] - Bank of China (3988 HK): Target price of 4.84, rated "Buy" [3] - Industrial and Commercial Bank of China (1398 HK): Target price of 5.63, rated "Buy" [3] Financial Performance Insights - Ningbo Bank is expected to see a 5.4% increase in net profit and a 7.1% increase in revenue for H1 2024 [4] - Hangzhou Bank anticipates a 20.1% increase in net profit for H1 2024, indicating strong growth potential [5] - Chengdu Bank projects a 10.6% increase in net profit for H1 2024, reflecting solid performance [6] - Nanjing Bank's recent capital increase by a state-owned enterprise signals confidence in its operational quality [7] - Chongqing Rural Commercial Bank shows promising growth with a 5.3% increase in net profit for the first half of the year [8]