银行业周报：银行三季度业绩向好，资本计量高级法申请范围扩大

Investment Rating - The report maintains a "Recommended" rating for the banking sector [2][32]. Core Views - The banking sector has shown slightly better performance than the market, with a decline of 1.66% compared to the 1.68% drop in the CSI 300 index. Notably, state-owned banks decreased by 0.82%, while joint-stock banks fell by 2.61% [1][15]. - The performance of listed banks in Q3 2024 has improved, with a year-on-year increase of 1.43% in net profit for the first nine months of 2024, despite a 1.05% decline in operating income [1][10]. - The expansion of the scope for applying advanced capital measurement methods is expected to enhance the capital adequacy ratios of quality banks, benefiting their credit issuance and risk resistance capabilities [2][11]. Summary by Sections Latest Research Insights - Listed banks have shown positive quarterly growth in revenue and profit, with Q3 2024 net profit increasing by 3.53% compared to the previous quarter. The return on equity (ROE) stands at 11.22% [1][10]. - The decline in interest income has slowed, and the optimization of liability costs has supported the stabilization of interest margins [10][11]. Market Performance - The banking sector's price-to-book (PB) ratio is 0.64, with a dividend yield of 5.02%, indicating a significant discount compared to the overall A-share market [1][22]. - Individual bank performances varied, with notable increases in shares of Changsha Bank (+4.45%) and Qilu Bank (+4.22%) [1][15]. Regulatory and Policy Developments - The Financial Regulatory Authority has expanded the application of advanced capital measurement methods to first-tier banks, which is expected to improve their capital adequacy ratios and risk management [2][11]. - The report highlights the importance of fiscal and monetary policies in promoting economic recovery, particularly through real estate policy adjustments [2][32]. Investment Recommendations - The report recommends focusing on the banking sector due to its recovery potential, with specific stock picks including Industrial and Commercial Bank of China, China Construction Bank, Postal Savings Bank, Jiangsu Bank, and Changshu Bank [2][32].