银行行业周报：本周聚焦-同业存款自律倡议出炉，有望带动释放同业负债成本，缓减息差压力

Investment Rating - The report maintains an "Increase" rating for the banking sector [2]. Core Insights - The introduction of a self-discipline initiative for interbank deposit pricing is expected to reduce interbank liability costs and alleviate pressure on interest margins [2]. - The initiative aims to establish a linkage mechanism between interbank demand deposit rates and policy rates, which could lead to a reduction in interbank deposit rates by 30-50 basis points, potentially supporting a 3-4 basis point increase in interest margins for listed banks [2]. Summary by Sections Focus of the Week - The self-discipline initiative for interbank deposit rates was released on November 29, 2024, focusing on non-bank interbank demand deposit rates [2]. - The average proportion of interbank liabilities for listed banks was 12.6% as of Q2 2024, with interbank deposits making up 72.7% of these liabilities [2]. - The initiative is expected to have a significant cost-saving effect on the liability side of banks, particularly benefiting state-owned and joint-stock banks [2]. Key Data Tracking - The average cost of interbank liabilities for listed banks increased by 9 basis points to 2.53% in the first half of 2024, marking a total increase of 56 basis points since 2022 [2]. - The report highlights that the self-discipline initiative could enhance the marketization of interbank deposit rates, improving the efficiency of monetary policy transmission and increasing support for the real economy [2]. Major News - The central bank and nine departments held a meeting to promote loans for technological innovation and transformation, signing contracts worth nearly 400 billion yuan with 1,737 enterprises and projects as of November 15 [22]. - The report also mentions the issuance of special bonds by local governments, with a cumulative issuance of 3.98 trillion yuan since the beginning of the year [10].