银行：规范同业活期存款定价行为有何影响？

Investment Rating - The report maintains the investment rating for the banking industry [1] Core Insights - The self-regulatory mechanism aims to standardize the pricing behavior of interbank demand deposits, requiring commercial banks to use the 7-day reverse repurchase rate as a pricing benchmark, which is expected to enhance the transmission effect of policy interest rates [2][4] - As of the end of Q3 2024, the total interbank deposits of listed banks reached approximately 26.9 trillion yuan, with state-owned banks showing significant growth, indicating an increased demand for interbank deposits due to pressures from deposit outflows [2][5] - The regulation of interbank demand deposit pricing is anticipated to lower banks' funding costs, potentially increasing net interest margins by 1.1 basis points if the average cost of interbank demand deposits decreases by 20 basis points [3][8] Summary by Sections Section 1: Regulatory Changes - The self-regulatory mechanism is expected to prevent high-interest deposit solicitation and arbitrage, ensuring that interbank demand deposit rates fluctuate around the policy interest rate of 1.5% [2][4] Section 2: Market Size and Growth - By the end of Q3 2024, interbank deposits accounted for 9.8% of total liabilities for listed banks, with state-owned banks' interbank deposits increasing by 5.3 trillion yuan compared to the end of the previous year [5][6] Section 3: Financial Impact - The potential reduction in interbank demand deposit costs could lead to a measurable improvement in the net interest margins of listed banks, particularly benefiting state-owned and joint-stock banks [3][8]