银行业周报：存贷利率实现对称调整，息差企稳仍需等候

Investment Rating - The industry rating is "Overweight" [3][22] Core Viewpoints - The banking index decreased by 1.22%, underperforming the CSI 300 index by 5.66 percentage points, with joint-stock banks and regional banks showing better performance [3][5] - The LPR was comprehensively lowered by 25 basis points, leading to a symmetric adjustment of deposit and loan rates, which is expected to alleviate the pressure on banks' net interest margins [3][17] - The recent fiscal and monetary policies are expected to support stable growth in bank credit, with a focus on the implementation effects of these policies [22] Market Review - The banking index (Shenwan) fell by 1.22% during the period from October 21 to October 27, 2024, ranking 31 out of 31 industries [5] - The performance of major banks, joint-stock banks, city commercial banks, and rural commercial banks showed varied results, with joint-stock and regional banks performing better [5][6] - The top-performing banks included Ningbo Bank (+3.51%) and Zhengzhou Bank (+2.01%), while the worst performers included Bank of China (-2.77%) and Agricultural Bank of China (-3.21%) [5] Funding Market - The central bank's net injection in the open market was 19,571 billion yuan, indicating a stable funding environment [8] - The one-year interbank certificate of deposit rates for state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks were 1.94%, 1.96%, 2.09%, and 2.05%, respectively, with slight increases [11][8] Industry and Company Dynamics - The launch of the national small and micro enterprise funding flow credit information sharing platform aims to enhance credit support for small and micro enterprises [19] - The comprehensive evaluation results for the stable development capabilities of commercial banks were published, indicating an increase in the number of participating banks from 61 to 194 over the years [20] Investment Recommendations - Focus on banks with superior asset quality and sustainable performance, particularly high-dividend regional banks and state-owned banks, as they are expected to provide significant dividend yields [22] - The optimization of policies supporting the real estate sector is anticipated to further mitigate asset risks and strengthen bank asset quality [22]