银行3Q24货币政策执行报告点评：积极货币；疏通利率传导机制，稳息差

Investment Rating - The report maintains an "Overweight" rating for the industry [1][4][24] Core Insights - The financial policy is significantly supportive, emphasizing a supportive monetary policy stance [3][6] - The focus has shifted from quantity targets to price targets, aiming to promote reasonable price recovery and stabilize interest margins [3][8] - The report highlights the importance of optimizing credit structure, particularly in technology finance and inclusive finance [12][14] Summary by Sections Key Company Status - Jiangsu Bank: Current price 8.88, EPS forecast for 2024 is 1.72, PE ratio is 5.15, rated "Buy" [1] - Chongqing Rural Commercial Bank: Current price 5.47, EPS forecast for 2024 is 1.01, PE ratio is 5.40, rated "Buy" [1] - Shanghai Rural Commercial Bank: Current price 7.79, EPS forecast for 2024 is 1.27, PE ratio is 6.12, rated "Overweight" [1] - China Merchants Bank: Current price 38.33, EPS forecast for 2024 is 5.81, PE ratio is 6.59, rated "Overweight" [1] - Agricultural Bank of China: Current price 4.69, EPS forecast for 2024 is 0.75, PE ratio is 6.25, rated "Overweight" [1] Monetary Policy Execution - The report emphasizes a supportive monetary policy stance with increased intensity in monetary policy adjustments [3][6] - The focus is on price indicators rather than quantity, aiming for a reasonable recovery in prices and stabilizing interest margins [3][8] - The report indicates that the central bank will narrow the interest rate corridor to enhance the effectiveness of monetary policy transmission [8][19] Credit Policy - The report discusses the optimization of credit structure, with a focus on technology finance, which has seen a 14.8% year-on-year increase in medium to long-term loans in the manufacturing sector [12][14] - Inclusive finance initiatives have led to a 14.5% year-on-year increase in inclusive small and micro loans [12][14] Real Estate Policy - The report highlights a stronger emphasis on stabilizing the real estate market, with policies aimed at supporting the acquisition of existing properties for affordable housing [16][18] Interest Rate Policy - The report notes the need to address the "involution" phenomenon in bank lending rates, where competition has led to lower loan rates than policy rates [21][22] - The central bank aims to maintain a reasonable net interest margin to ensure effective monetary policy transmission [21][22]