银行行业动态跟踪：存款利率自律管理优化，关注对负债成本和资产配置行为的影响

Investment Rating - The report maintains a "Positive" investment rating for the banking industry in China [1][2]. Core Views - The report highlights the optimization of deposit rate self-discipline management and its impact on liability costs and asset allocation behavior [8][13]. - It discusses the transition period for new risk classification regulations and the pressure on listed banks regarding the "three-stage" gap, focusing on asset quality and provisioning levels [9]. - The report emphasizes the improvement in resident household loans and the first rebound in M1 growth within the year, indicating a positive trend in financial data [9]. Summary by Sections Deposit Rate Self-Discipline Management - The self-discipline mechanism extends to non-bank deposits, enhancing the constraints on deposit pricing [13]. - Non-bank deposits increased by approximately 5 trillion yuan year-on-year in the first ten months, partially compensating for the deepening deposit gap [14]. - The introduction of "interest rate adjustment clauses" in corporate deposit service agreements aims to prevent large enterprises from circumventing interest rate policy adjustments [27]. Investment Recommendations - The report suggests focusing on two investment themes: 1. Improvement in risk expectations, recommending stocks like Chongqing Rural Commercial Bank (601077, Buy) and Ping An Bank (000001, Not Rated) [31][32]. 2. Cyclical stocks, recommending attention to China Merchants Bank (600036, Not Rated) and several other banks [32]. Financial Outlook - The report anticipates a significant impact on the banking sector due to the acceleration of local government debt and the implementation of expansive monetary and fiscal policies [31]. - It predicts that the net interest margin for banks will face short-term pressure but will be supported by the concentration of high-interest deposits entering a repricing cycle [31].