银行业存单跟踪系列之一：存单额度还剩多少？

Investment Rating - The report maintains a "Recommended" investment rating for the industry [7]. Core Insights - The total issuance of interbank certificates of deposit (CDs) has reached a record high due to significant financing needs among banks, with a total scale of 27.31 trillion yuan for 2024, reflecting an increase of 1.63 trillion yuan compared to the previous year [3][23]. - The report highlights that state-owned banks have a higher utilization rate of their CD issuance quotas, with some banks exceeding 90% [4][30]. - The report anticipates that banks will likely increase their CD issuance quotas in 2025 while adhering to regulatory requirements [5][6]. Summary by Sections Industry Scale - The total market capitalization of the industry is 8,622.9 billion yuan, with a circulating market value of 8,507.6 billion yuan [2]. CD Issuance and Utilization - As of November 22, 2024, 392 banks have reported their CD issuance quotas for 2024, with a total scale of 27.31 trillion yuan [20]. - The overall utilization rate of CD quotas for state-owned banks is 79.14%, up from 67.57% in the previous year [4]. - The report provides a detailed breakdown of individual bank quotas, with Agricultural Bank of China leading among state-owned banks at 1.7 trillion yuan [30]. Trends and Projections - The report projects that the CD issuance quotas for 2025 will be disclosed in late December 2024, with expectations of continued growth in issuance quotas for state-owned banks [5][6]. - The report notes that the regulatory framework for CD issuance has been stable, with banks required to manage their issuance within set limits [17][18].