银行事件点评：2024Q3货币政策执行报告点评：关注银行非理性定价行为，坚定坚持支持性货币政策立场

Investment Rating - The report maintains a "Recommended" rating for the banking industry, indicating a positive outlook on the sector's fundamentals and performance relative to the market index [1][4]. Core Insights - The People's Bank of China (PBOC) has reaffirmed its commitment to a supportive monetary policy stance, emphasizing the importance of promoting a reasonable recovery in prices as a key consideration for monetary policy [2][3]. - The report highlights concerns regarding irrational competition among banks, suggesting that the PBOC will push for rationalization in deposit and loan pricing to help stabilize banks' interest margins [2][4]. - The report notes that the decline in loan rates has outpaced the reduction in deposit rates, which has drawn the attention of the PBOC, indicating a need for banks to enhance their pricing capabilities [2][3]. Summary by Sections Monetary Policy Execution Report - The PBOC's third-quarter monetary policy execution report emphasizes a supportive monetary policy and the need for price recovery as a guiding principle [3][4]. - The report suggests that if local debt supply shocks occur due to debt resolution, the PBOC will provide appropriate liquidity support [3]. Industry Performance - The banking sector has shown varied performance, with a 1-month decline of 3.1%, a 3-month increase of 12.6%, and a 12-month increase of 24.3% [2]. - The weighted average interest rate for new corporate loans in September was 3.51%, reflecting a 12 basis points decrease from June and a 31 basis points decrease year-on-year [2]. Key Companies and Earnings Forecast - The report provides earnings forecasts for several banks, including: - Postal Savings Bank: 2024E EPS of 0.88, PE of 6.01 [5] - CITIC Bank: 2024E EPS of 1.24, PE of 5.43 [5] - Industrial Bank: 2024E EPS of 3.70, PE of 5.05 [5] - Jiangsu Bank: 2024E EPS of 1.71, PE of 5.34 [5] - Hangzhou Bank: 2024E EPS of 2.82, PE of 4.97 [5] - Ningbo Bank: 2024E EPS of 4.13, PE of 6.34 [5] - Qilu Bank: 2024E EPS of 1.01, PE of 5.55 [5]