银行业周报：零售信贷显著回暖，规范AMC不良资产业务

Investment Rating - The report maintains a positive investment recommendation for the banking sector, highlighting favorable impacts from recent financial and fiscal policies [1][16]. Core Insights - Recent financial and fiscal policies have exceeded expectations, signaling a clear reversal in market sentiment. Key measures include support for local debt, stabilization of the real estate market, and optimization of small and micro loan policies, which are expected to improve asset quality for banks [1][16]. - The report anticipates continued pressure on net interest margins due to interest rate cuts and other monetary policies, but the rate of decline is expected to slow down significantly [1][16]. - The government plans to supplement core Tier 1 capital for six major banks, enhancing their operational stability and dividend sustainability [1][16]. Summary by Sections Investment Highlights - The banking sector is expected to benefit from debt resolution efforts, with specific recommendations for banks such as Chongqing Rural Commercial Bank and Changsha Bank [1][16]. - A cyclical recovery is anticipated, with recommendations for banks like Ningbo Bank and China Merchants Bank [1][16]. - A dividend strategy is suggested, focusing on Agricultural Bank of China and Shanghai Rural Commercial Bank [1][16]. Industry and Company Dynamics - The People's Bank of China reported a significant increase in social financing, with a net addition of 1.40 trillion yuan in October 2024, reflecting a year-on-year growth of 7.8% [2][11]. - Retail loans saw a notable increase of 1,600 billion yuan, driven by favorable real estate policies and improved consumer confidence due to a strong stock market [2][12]. - The Financial Regulatory Bureau has expanded the scope for asset management companies to acquire non-performing assets, which is expected to help banks manage their asset quality better [2][13][21]. Recent Market Review - The CITIC Bank Index fell by 1.84%, underperforming the CSI 300 Index by 1.46 percentage points, with notable performances from banks like Changshu Bank and Ruifeng Bank [10][25]. - The report includes detailed performance metrics for various banks, indicating fluctuations in stock prices and valuations [25][27].