银行业周报：LPR不变，银行业净息差微降

Investment Rating - The report maintains a recommendation for the banking sector, indicating a positive outlook based on recent financial and fiscal policy measures [1][14]. Core Insights - Recent financial and fiscal policies have exceeded expectations, signaling growth stabilization and increased market confidence. This has led to a notable reversal in market trends [1][14]. - The impact on banks includes improved asset quality expectations due to supportive policies for local debt resolution and the real estate market. However, net interest margins are expected to continue narrowing, albeit at a slower rate [1][14]. - The government plans to supplement core Tier 1 capital for six major banks, enhancing their operational stability and dividend consistency [1][14]. Summary by Sections Investment Highlights - The CITIC Bank Index fell by 1.12%, outperforming the CSI 300 Index by 1.48 percentage points. Notable performers included Minsheng Bank (+2.65%), Everbright Bank (+2.03%), and Shanghai Bank (+1.65%) [10]. - The LPR remained unchanged at 3.1% for the one-year term and 3.6% for the five-year term as of November 20, 2024, aligning with market expectations [10][16]. - The average interest rates for new corporate loans and personal housing loans were at historical lows of approximately 3.5% and 3.15%, respectively [10][16]. Industry and Company Dynamics - The National Financial Regulatory Administration reported a 0.5% year-on-year increase in net profit for commercial banks in the first three quarters of 2024, with large banks experiencing a decline of 1.3% [11][17]. - Total assets of commercial banks grew by 8.0% year-on-year, with large banks showing a 9.2% increase [11][17]. - The net interest margin for commercial banks was reported at 1.53%, a slight decrease from the previous half-year [11][17]. Recent Market Review - The report includes a detailed performance review of various banks, highlighting their stock price changes and year-to-date performance [23][25]. - The banking sector's overall performance reflects a mix of gains and losses, with specific banks like Minsheng Bank and Everbright Bank showing significant increases [23][25]. Funding Price Review - The report provides insights into public market operations, including reverse repos and MLF operations, indicating a net injection of liquidity into the market [31].