银行业周报：存款自律机制新倡议，利好银行净息差

Investment Rating - The report maintains a positive investment recommendation for the banking sector, indicating a favorable outlook due to recent financial and fiscal policy measures [1][17]. Core Insights - Recent financial and fiscal policies have exceeded expectations, signaling a clear reversal in market sentiment. The policies are aimed at supporting local debt resolution, stabilizing the real estate market, and optimizing small and micro enterprise loan policies, which are expected to improve banks' asset quality outlook [1][17]. - Although there is still pressure on net interest margins due to interest rate cuts and other measures, the rate of decline is expected to slow down significantly [1][17]. - The government plans to supplement the core Tier 1 capital of six major banks, enhancing their operational stability and dividend sustainability [1][17]. Summary by Sections Investment Highlights - The banking index rose by 2.02%, outperforming the CSI 300 index by 0.71 percentage points, with notable performances from Shanghai Bank (+5.92%), Huaxia Bank (+5.43%), and Hangzhou Bank (+5.20%) [11]. - The introduction of self-regulatory initiatives for non-bank interbank deposit rates is expected to standardize pricing behavior and enhance interest rate risk management for banks, thereby alleviating pressure on net interest margins [11][12]. - As of November 15, banks have signed loan contracts worth nearly 400 billion RMB with 1,737 enterprises and projects, supporting technology-oriented companies and large-scale equipment updates [13][19]. Industry and Company Dynamics - The Ministry of Finance reported a 1.1% year-on-year decline in profits for state-owned enterprises from January to October 2024, with total revenue of 6,766.06 billion RMB, a 0.9% increase [18]. - On November 25, China Life Insurance reduced its stake in Hangzhou Bank by 59,302,800 shares, representing 1.00% of the total share capital before the reduction [14][25]. - On November 25, the Bank of Communications successfully issued 30 billion RMB of total loss-absorbing capacity non-capital bonds, attracting over 110 investors with a subscription rate of 2.2 times [16]. Recent Market Review - The report includes a detailed review of the performance of various banks, highlighting significant price changes and year-to-date performance metrics [27][29]. - The report also provides insights into the pricing of financial products and the interbank market, indicating trends in liquidity and funding costs [35].