关于优化非银同业存款利率和引入利率调整兜底条款自律倡议的点评：打破存款利率传导阻塞

Investment Rating - The industry investment rating is "Positive" [2][14] Core Viewpoints - The report discusses the optimization of non-bank interbank deposit interest rates and the introduction of interest rate adjustment clauses, which are expected to stabilize bank net interest margins [2] - The self-discipline management mechanism for interbank deposits aims to enhance the timeliness of deposit rate adjustments, benefiting banks' net interest margins [2] - The report highlights that the interbank demand deposit scale is approximately 15 trillion, and a reduction in interbank demand deposit rates by 20-30 basis points could increase listed banks' net interest margins by 1.3-2.0 basis points [2][6] Summary by Sections Interbank Deposit Management - The self-discipline management mechanism requires non-bank interbank deposit rates to be included in self-regulation, with different pricing benchmarks based on the nature of the deposits [2] - The report notes that the interbank demand deposit rates have not followed the central bank's policy rate changes from 2022 to 2024, remaining around 1.75% [2] - The introduction of a one-month buffer period for the new self-discipline management is expected to mitigate arbitrage activities in the interbank market [2][5] Corporate Deposits - The introduction of interest rate adjustment clauses is aimed at reducing the time lag in deposit rate adjustments, ensuring timely reflection of rate changes in actual deposit business [6] - The report suggests that banks may need to renegotiate contracts with corporate clients to include these clauses, which could lead to faster deposit repricing [6] Investment Recommendations - The report recommends focusing on "low valuation +" strategies, highlighting banks such as Shanghai Bank, Ping An Bank, and Chongqing Bank as key investment targets [6] - It emphasizes the importance of selecting stocks based on macroeconomic policy environments and suggests a focus on banks benefiting from risk improvements in retail and real estate sectors [6]