银行行业化债议案点评：化债政策协同发力，利好银行业

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [3]. Core Insights - On November 8, the National People's Congress Standing Committee approved a debt limit of 6 trillion yuan and the ability to replace hidden debts of 4 trillion yuan, increasing the debt resources available to 10 trillion yuan. This measure is beneficial for banks to improve asset quality, enhance credit issuance capacity, and maintain stable profitability, thus sustaining the "Outperform the Market" rating [4][5]. Summary by Sections Debt Policy Impact - The direct increase in local debt resources by 10 trillion yuan is expected to support economic growth and improve the quality of assets held by banks. The government will allocate 800 billion yuan annually from new local government bonds for five years specifically for debt replacement, which will help in managing and improving the asset quality of banks [5][6]. Benefits to the Banking Sector - The debt replacement policy is anticipated to bring three main benefits to the banking sector: 1. Improvement in asset quality as the management of debts transitions to a more transparent system, potentially reducing the non-performing loan ratio [6][7]. 2. Enhanced credit issuance capacity, allowing banks to release more credit limits after cleaning up bad assets, thus supporting economic development and financing needs of quality enterprises [7]. 3. Maintenance of stable profitability due to significant savings on interest expenses as the replacement of high-risk debts with lower-interest debts will reduce impairment losses for banks [7].