银行业2024年12月月报：存款自律机制优化，缓释息差压力

Investment Rating - The industry investment rating is "In line with the market" [2][7][42] Core Viewpoints - The optimization of the deposit self-discipline mechanism is expected to alleviate the pressure on interest margins by regulating non-bank interbank deposit rates and introducing "interest rate floor clauses" [7][42] - The banking sector's overall price-to-earnings (P/E) ratio is 5.88X, reflecting a 68.20% discount compared to the A-share market, while the price-to-book (P/B) ratio is 0.70X, indicating a 59.49% discount [6][18] - The market sentiment towards the asset quality of banks is anticipated to improve gradually due to supportive monetary policies and measures to stabilize local debts and the real estate market [7][42] Summary by Sections Market Review - In November, the banking sector recorded a return of 1.02%, underperforming the Shanghai Composite Index by 0.40 percentage points and outperforming the CSI 300 Index by 0.36 percentage points [16][20] - Among 42 A-share banks, 36 saw an increase in stock prices, with Changshu Bank leading at a 9.34% increase [20] Market Interest Rates - The yields on interbank certificates of deposit (CDs) have decreased, with AAA-rated 1M/3M/4M yields at 1.60%, 1.80%, and 1.80% respectively, showing a decline compared to the end of October [24] - The average interbank borrowing rate in November was 1.55%, down 4 basis points month-on-month [33] Industry Review - The People's Bank of China revised the narrow money (M1) statistical caliber, which will take effect from January 2025, to include more components [35] - The self-discipline mechanism for market interest rate pricing was introduced to regulate non-bank interbank deposit rates [37] Investment Recommendations - The report suggests focusing on high-quality banks with solid fundamentals, such as China Construction Bank, China Merchants Bank, and Ningbo Bank, which are expected to benefit from high dividends and risk-averse sentiment [7][42]