银行业周报：银行业绩趋势上行，按揭利率新定价机制落地

Investment Rating - The report maintains a positive investment recommendation for the banking sector, indicating a favorable outlook due to recent financial and fiscal policy measures [4][15]. Core Insights - The banking sector is experiencing an upward trend in performance, with improved earnings and asset quality, despite ongoing pressure on net interest margins [5][8]. - Recent policy measures from the central bank, including the introduction of a new pricing mechanism for commercial housing loans, are expected to enhance liquidity and support the banking sector [3][20]. - The report highlights specific banks as key investment opportunities based on their performance and market positioning [4][15]. Summary by Sections 1. Investment Highlights - The CITIC Bank Index decreased by 1.55%, outperforming the CSI 300 Index by 0.13 percentage points, with notable performances from Changsha Bank (+4.45%), Qilu Bank (+4.22%), and Chongqing Bank (+3.79%) [8]. - For the first three quarters of 2024, listed banks reported a revenue decline of 1.0% year-on-year, while net profit increased by 1.4%, driven by stable asset expansion and improved investment income [5][8]. 2. Industry and Company Dynamics 2.1 Industry Dynamics - The People's Bank of China has initiated a buyout reverse repurchase operation tool to maintain adequate liquidity in the banking system, which will be conducted monthly with a maximum term of one year [11][16]. - Major banks are implementing a new pricing mechanism for commercial housing loans, allowing for adjustments in the pricing cycle and interest rate add-ons [3][20]. 2.2 Company Dynamics - Notable performance metrics for various banks include: - Ningbo Bank reported a net profit of 20.707 billion yuan, a year-on-year increase of 7.02% [22]. - Agricultural Bank achieved a net profit of 215.262 billion yuan, a 3.60% increase compared to the previous year [24]. - Industrial and Commercial Bank's net profit for the first three quarters was 270.475 billion yuan, reflecting a 0.20% growth [22].