优化存款自律机制，改善负债成本

Investment Rating - The report maintains an "Overweight" rating for the banking sector [7] Core Viewpoints - The optimization of deposit self-discipline mechanisms is expected to lower banks' funding costs and stabilize net interest margins, enhancing market confidence and supporting bank performance recovery [1][5] - The introduction of self-regulatory management for non-bank interbank deposit rates will improve monetary policy transmission efficiency and align deposit rates with central bank policy rates [2] - The proposed measures are anticipated to provide a boost to listed banks' net interest margins and profit growth in 2025 [3] Summary by Sections Deposit Self-Discipline Mechanism - The recent meeting established self-regulatory initiatives for non-bank interbank deposit rates, which will help lower banks' funding costs and stabilize net interest margins [1][2] Impact on Funding Costs - The adjustment of interbank deposit rates is projected to create approximately 30 basis points of downward adjustment space, potentially increasing listed banks' net interest margins by 1.4 basis points and profit growth by 2.0 percentage points in 2025 [3][12] Risk Management - The introduction of "interest rate adjustment clauses" in deposit service agreements will help banks manage interest rate risks by allowing rates to fluctuate with market conditions [4] Investment Opportunities - Short-term recommendations include banks benefiting from debt resolution logic and improving asset quality, such as Chongqing Rural Commercial Bank [5] - Long-term recommendations focus on high-quality banks like China Merchants Bank and strong regional banks in cities like Ningbo, Chengdu, and Changshu [5][10] Key Stock Recommendations - Ningbo Bank (002142 CH) with a target price of 32.36 and a "Buy" rating [10] - Changshu Bank (601128 CH) with a target price of 9.42 and a "Buy" rating [10] - Chongqing Rural Commercial Bank (3618 HK) with a target price of 5.69 and a "Buy" rating [10] - China Merchants Bank (600036 CH) with a target price of 49.20 and a "Buy" rating [10]