银行业周报：存款利率自律定价机制优化，缓解银行息差压力

Investment Rating - The report maintains a "Recommended" rating for the banking sector, emphasizing its configuration value and high dividend strategy [4][39]. Core Views - The banking sector outperformed the market with a weekly increase of 1.88%, compared to a 1.32% rise in the CSI 300 index. Notably, state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks saw increases of 2.32%, 0.90%, 2.82%, and 3.33% respectively [2][14]. - The introduction of a "rate adjustment guarantee clause" in corporate deposit service agreements is expected to accelerate the repricing of corporate deposits, thereby optimizing deposit costs and supporting bank interest margins [3][13]. - The optimization of the self-discipline pricing mechanism for non-bank interbank deposit rates aims to reduce interbank liability costs and enhance the efficiency of policy rate transmission [3][13]. Summary by Sections Latest Research Insights - The self-discipline pricing mechanism for market interest rates has been optimized, which includes the introduction of a "rate adjustment guarantee clause" in corporate deposit agreements. This is intended to ensure timely reflection of interest rate adjustments in actual deposit business [3][13]. - The management of non-bank interbank deposit rates has been strengthened, with rates now referencing the excess reserve ratio and the 7-day reverse repurchase rate, which is expected to reduce arbitrage opportunities and form a reasonable liability cost [3][13]. Weekly Market Performance - The banking sector's performance was slightly better than the overall market, with 39 banks experiencing stock price increases. Leading performers included Huaxia Bank (+5.43%), Hangzhou Bank (+5.20%), and Shanghai Rural Commercial Bank (+5.18%) [2][14][16]. Valuation of the Sector and Listed Companies - As of November 29, 2024, the banking sector's price-to-book (PB) ratio stands at 0.65, indicating a 39.54% discount compared to the overall A-share market, which has a PB ratio of 1.63. The sector's dividend yield is 5.11%, ranking second among all industries [25][31][39]. Investment Recommendations - The report suggests that the optimization of deposit rate pricing mechanisms will enhance the efficiency of policy rate transmission and alleviate the downward pressure on interest margins. It recommends specific banks for investment, including Industrial and Commercial Bank of China (601398), China Construction Bank (601939), Postal Savings Bank of China (601658), Jiangsu Bank (600919), and Changshu Bank (601128) [4][39].