银行业本周聚焦：9月零售高频数据跟踪，资产质量平稳，边际持续放缓

Investment Rating - The report maintains a positive outlook on the banking sector, suggesting a "Buy" rating for selected banks such as Ningbo Bank, Changshu Bank, and China Merchants Bank, while also recommending attention to Chongqing Bank for debt resolution themes [12]. Core Insights - The retail asset quality of banks remains stable, with the current default rate for retail loan ABS products at 0.17% as of September 2024, unchanged from August [2][4]. - The overall loan balance for consumer loans increased by 35.3 billion yuan in September 2024, but the year-on-year growth has decreased significantly [3][10]. - The new credit data for October 2024 shows a total of 1.4 trillion yuan in new social financing, with a year-on-year decrease of 444.1 billion yuan [5][10]. Summary by Sections Retail High-Frequency Data Tracking - The default rate for retail loan ABS products remains stable at 0.17% as of September 2024, while the overdue rate has shown a slight increase [2][4]. - The total consumer loan balance increased by 35.3 billion yuan in September 2024, with a year-on-year decrease of 1.65 trillion yuan [3][10]. Social Financing and Credit Data - The new social financing growth rate for October 2024 is reported at 7.8%, with a slight month-on-month decline [5]. - New RMB loans in October 2024 amounted to 500 billion yuan, a year-on-year decrease of 238.4 billion yuan [10]. Sector Performance and Policy Insights - Recent counter-cyclical adjustment policies are expected to alleviate credit risk pressures in the banking sector, with a focus on supporting the real estate market [12]. - The report highlights the importance of monitoring the performance of banks in light of ongoing policy implementations aimed at stabilizing the economy [12].