银行行业周报：央行强调利率理性定价，化债新政利好银行板块

Investment Rating - The report maintains an "Outperform" rating for the banking sector [1]. Core Viewpoints - The People's Bank of China emphasizes rational pricing of interest rates and introduces new debt resolution policies, which are favorable for the banking sector. The report anticipates that the net interest margin will stabilize, revenue growth will gradually stabilize, and profit growth will maintain current levels, with non-performing loan ratios remaining stable [1][3]. Summary by Sections Market Performance - From November 1 to November 8, the banking sector increased by 1.38%, underperforming the CSI 300 by 4.12 percentage points. State-owned banks decreased by 0.34%, while joint-stock banks, city commercial banks, and rural commercial banks increased by 2.07%, 2.08%, and 2.02% respectively [4][6]. Recent Industry News - On November 6, it was reported that new housing loan rates in Guangzhou would not be lower than 3%, effective November 7. This change reflects a shift in the market dynamics of housing loans [2]. - The People's Bank of China released its third-quarter monetary policy report, indicating a continued push for interest rate marketization and improved policy rate transmission [3]. Valuation Situation - As of November 8, the banking sector's price-to-book (PB) ratio for 2024E is 0.61. State-owned banks have a PB of 0.61, joint-stock banks 0.64, city commercial banks 0.56, and rural commercial banks 0.52 [9][10]. Individual Bank Performance - Notable individual bank performances include Chongqing Bank with a 7.75% increase, Qingnong Bank with a 6.87% increase, and Zhengzhou Bank with a 6.80% increase during the same period [6][8].