银行业周报：10万亿化债组合拳出台，利率传导机制完善

Investment Rating - The report maintains a "Recommended" rating for the banking sector [3][34]. Core Insights - The banking sector underperformed the market, with the Shanghai and Shenzhen 300 Index rising by 5.50% while the banking sector only increased by 1.37% [1][22]. - The introduction of a significant debt reduction plan is expected to alleviate local government debt risks, with a total of 10 trillion yuan allocated for debt replacement over the next five years [1][10]. - Capital replenishment for major state-owned banks is accelerating, with expectations for special government bond issuance to enhance credit capacity [3][34]. - The report highlights the ongoing reform of interest rate marketization, which is anticipated to optimize banks' funding costs [3][11]. Summary by Sections Latest Research Insights - The debt reduction initiative includes a 6 trillion yuan increase in local government debt limits and 4 trillion yuan in special bonds, significantly exceeding expectations [10]. - The estimated savings on interest payments from this debt replacement over five years is around 600 billion yuan, with a projected impact on bank net interest margins of -20.75 basis points [10][11]. - The capital replenishment for major banks is expected to improve their core Tier 1 capital adequacy ratios, enhancing their ability to support credit growth [10][11]. Weekly Market Performance - The banking sector's performance was weaker than the overall market, with state-owned banks declining by 0.35% and joint-stock banks increasing by 2.07% [22]. - Notable individual bank performances included Chongqing Bank (+7.75%) and Qingnong Commercial Bank (+6.87%) [22]. Valuation and Company Analysis - As of November 8, 2024, the banking sector's price-to-book (PB) ratio stands at 0.65, indicating a significant discount compared to the overall A-share market [27]. - The banking sector's dividend yield is reported at 5.02%, ranking second among all industries [27][30]. Investment Recommendations - The report suggests that the banking sector will benefit from the debt reduction measures and capital replenishment, maintaining a positive outlook on the sector [3][34]. - Specific stock recommendations include Industrial and Commercial Bank of China (601398), China Construction Bank (601939), Postal Savings Bank of China (601658), Jiangsu Bank (600919), and Changshu Bank (601128) [3][34].