银行业周报：市值管理强化，银行业前三季度盈利增速改善

Investment Rating - The report maintains a "Buy" recommendation for the banking sector, emphasizing the value of dividend and high-yield strategies [5]. Core Insights - The banking sector has shown resilience, with a marginal improvement in profit growth and stable asset quality in the first three quarters of 2024. The net profit of commercial banks increased by 0.48% year-on-year, with state-owned banks showing significant improvement [4][18]. - The introduction of the "Guidelines for Market Value Management" is expected to enhance the valuation of the banking sector, with a focus on shareholder returns through dividends and share buybacks [3][15]. - The banking sector's price-to-book (PB) ratio is currently at 0.63, indicating a significant discount compared to the overall A-share market [33]. Summary by Sections Latest Research Insights - Market value management is reshaping the operational and investment logic of banks, with increased expectations for dividends and share buybacks, particularly among state-owned banks [3][17]. - The banking sector has benefited from a series of policies aimed at enhancing credit supply and managing risks, particularly in real estate [5][18]. Weekly Market Performance - The banking sector outperformed the broader market, with a decline of 1.17% compared to a 2.60% drop in the CSI 300 index. Notable gainers included Minsheng Bank (+2.56%) and Everbright Bank (+2.03%) [2][23]. Valuation of the Sector and Listed Companies - As of November 22, 2024, the banking sector's PB ratio stands at 0.63, significantly lower than the overall A-share market's 1.60, indicating a 39.58% discount [33]. - The banking sector's dividend yield is 5.18%, ranking second among all industries [33][38]. Investment Recommendations - The report suggests that the new round of state-owned enterprise reforms and enhanced market value management will open up valuation recovery opportunities for banks. It recommends specific banks for investment, including Industrial and Commercial Bank of China (601398) and China Construction Bank (601939) [5][49].