银行业周报：居民信贷边际改善，逆周期调节助力稳增长

Investment Rating - The report maintains a "Recommended" rating for the banking sector, highlighting its configuration value [4][54]. Core Views - The banking sector has shown slightly better performance than the market, with a decline of 1.98% compared to the 3.29% drop in the CSI 300 index [2][24]. - There is a marginal improvement in household credit demand, with M1 and M2 indicators showing positive changes, indicating a recovery in financial conditions [3][18]. - The report emphasizes the effectiveness of incremental policies, particularly the 10 trillion yuan debt restructuring plan, which is expected to support social financing [4][54]. Summary by Sections Latest Research Insights - The financial data for October indicates a year-on-year decrease in social financing by 448.3 billion yuan, with a total of 1.4 trillion yuan added in October [3][16]. - The marginal recovery in household credit demand is noted, with a year-on-year increase of 1,946 billion yuan in household loans, while corporate loans decreased by 1,934 billion yuan [3][18]. Weekly Market Performance - The banking sector's performance was slightly better than the overall market, with specific banks like Changshu Bank and Ruifeng Bank showing notable gains of 5.44% and 3.93% respectively [2][24]. Valuation of the Sector and Listed Companies - As of November 15, 2024, the banking sector's price-to-book (PB) ratio stands at 0.64, indicating a 39.03% discount compared to the overall A-share market [38][54]. - The dividend yield for the banking sector is reported at 5.14%, which is higher than the overall A-share market average [38][54]. Investment Recommendations - The report suggests that the banking sector is likely to benefit from improved credit demand and supportive monetary policies, recommending specific banks such as Industrial and Commercial Bank of China, China Construction Bank, and Postal Savings Bank [4][54].