银行业周报：10月居民信贷需求回升，A股回购贷款密集落地

Investment Rating - The industry investment rating is "Outperform the Market" [2][5] Core Viewpoints - Recent policies are favorable for the banking sector, with net interest margins expected to remain stable, revenue growth gradually stabilizing, and profit growth maintaining current levels. Non-performing loan ratios are expected to remain low, and provision coverage ratios are expected to stay high [5][6] - The report recommends several banks including Hangzhou Bank, Jiangsu Bank, Qilu Bank, Suzhou Bank, China Merchants Bank, and Shanghai Rural Commercial Bank due to their strong asset quality and growth potential [5][6] Summary by Sections Recent Industry Performance - From November 8 to November 15, the banking sector declined by 1.84%, outperforming the CSI 300 by 1.46 percentage points. State-owned banks fell by 0.98%, joint-stock banks by 2.69%, city commercial banks by 1.78%, while rural commercial banks increased by 0.37% [8][13] - Notable individual stock performances included Changshu Bank rising by 5.44% and Qilu Bank declining by 5.53% [8][13] Financial Statistics - In October, M1 decreased by 6.1% year-on-year, but the decline was less than in September. M2 increased by 7.5%, indicating a recovery in resident credit demand [6] - Resident loans increased by 160 billion yuan, with short-term loans up by 49 billion yuan and medium to long-term loans up by 110 billion yuan [6] Valuation Situation - As of November 15, the banking sector's 2024E price-to-book (PB) ratio is 0.60. State-owned banks have a PB of 0.60, joint-stock banks 0.62, city commercial banks 0.55, and rural commercial banks 0.53 [19][21] Recent Market Activity - The report notes a significant increase in stock repurchase loans, with major banks actively participating, which is expected to enhance market confidence and liquidity [7][8]