银行业周报：重点领域贷款较快增长，货币政策精准性将提高

Investment Rating - The industry rating is maintained at "Overweight" [2] Core Insights - The banking index increased by 2.36% during the period from November 4 to November 10, 2024, with large banks and regional banks performing well [2][4] - The People's Bank of China (PBOC) has indicated a commitment to a supportive monetary policy stance, aiming to enhance the precision of monetary policy to foster stable economic growth and high-quality development [13][14] - Key areas of loan growth include a 14.5% year-on-year increase in inclusive small and micro loans, a 25.1% increase in green loans, and a 20.8% increase in loans to technology-based SMEs [13][14] Market Review - The banking index's performance ranked 27 out of 31 sectors, underperforming the CSI 300 index by 3.11 percentage points [4] - The performance of different bank types during the same period was as follows: large banks +1.08%, joint-stock banks +2.96%, city commercial banks +2.64%, and rural commercial banks +2.74% [4][5] - The top-performing banks included Chongqing Bank (+11.57%) and Zhengzhou Bank (+7.32%) [4] Funding Market - The PBOC conducted a net withdrawal of 1,315.8 billion yuan in open market operations, leading to an upward trend in short-term funding rates [2][10] - The one-year interbank certificate of deposit rates for different bank types were as follows: large banks 1.88%, joint-stock banks 1.91%, city commercial banks 2.08%, and rural commercial banks 2.07% [2][10] Industry and Company Dynamics - As of the end of Q3 2024, the total balance of RMB loans reached 253.61 trillion yuan, reflecting an 8.1% year-on-year growth [13] - The PBOC's Q3 monetary policy execution report emphasized the need for effective monetary policy transmission and the importance of maintaining a balance between supporting economic growth and ensuring the health of the banking sector [14] Investment Recommendations - The report suggests focusing on banks with strong asset quality and sustainable performance, particularly regional banks that may offer higher dynamic dividend yields [16] - The ongoing incremental policy measures are expected to support stable credit growth, while the optimization of financial support for the real estate sector will help mitigate risks [16]