银行业周报：政策组合拳逐步落地，银行三季报预期平稳

Investment Rating - The report maintains a recommendation for the banking sector, indicating a positive outlook based on recent financial and fiscal policy measures [1]. Core Insights - Recent financial and fiscal policy measures have exceeded expectations, signaling a clear intent to stabilize growth and boost confidence, leading to a notable market style reversal [8]. - The impact on banks is generally favorable, with policies supporting local debt, stabilizing the real estate market, and optimizing small and micro financing policies, which are expected to improve asset quality [8]. - Although there is still pressure on net interest margins due to interest rate cuts, the rate of decline is expected to slow down significantly [8]. - The government plans to supplement core Tier 1 capital for six major banks, enhancing their operational stability and dividend sustainability [8]. Summary by Sections 1. Investment Highlights - The CITIC Bank Index rose by 2.61% during the week, outperforming the CSI 300 Index by 1.63 percentage points, with notable performances from Chongqing Bank (+13.00%), Jiangsu Bank (+7.54%), and Changsha Bank (+7.50%) [4]. - The "Four Four Two" policy package was introduced to promote a stable and healthy real estate market, which includes four cancellations of restrictions and four reductions in loan rates and down payment ratios [4][10]. 2. Industry and Company Dynamics 2.1 Industry Dynamics - The government has empowered local authorities to adjust or eliminate various housing purchase restrictions, which is expected to positively impact the banking sector [10]. - The People's Bank of China has initiated measures to support capital market stability, including the launch of securities, fund, and insurance company swap facilities [11][12]. 2.2 Company Dynamics - Ping An Bank reported a net profit of 39.73 billion yuan for the first three quarters of 2024, a year-on-year increase of 0.24%, while revenue decreased by 12.58% [17]. - CITIC Bank announced a cash dividend distribution based on its preferred shares, amounting to 1.428 billion yuan [17]. 3. Recent Market Review - The report highlights the performance of various banks, with Chongqing Bank showing a significant increase of 13.00% in stock price, while the overall banking sector index has seen a year-to-date increase of 37.74% [18].