银行业本周聚焦：10月各地信贷增速跟踪

Investment Rating - The report maintains an "Overweight" rating for the banking sector [1]. Core Insights - The report highlights that the credit growth in October shows a mixed trend across different provinces, with Sichuan, Anhui, Jiangsu, and Zhejiang leading in loan growth rates [4]. - The overall loan balance of financial institutions reached 258.2 trillion yuan, with a year-on-year growth rate of 7.5%, slightly down by 0.1 percentage points from the previous month [4]. - The report emphasizes the impact of recent counter-cyclical policies aimed at supporting local governments in managing hidden debts and stabilizing the real estate market, which may alleviate credit risk pressures for banks [6]. Summary by Sections Credit Growth Tracking - As of the end of October, household loans totaled 82.2 trillion yuan, growing by 3.3% year-on-year, while corporate loans reached 170.4 trillion yuan, with a growth rate of 9.6% [4]. - Key provinces with significant loan growth include: - All loans: Sichuan (11.4%), Anhui (11.1%), Jiangsu (10.9%), Zhejiang (10.0%) [4]. - Corporate loans: Jiangsu (16.0%), Anhui (14.8%), Zhejiang (13.6%), Shandong (12.9%) [4]. - Household loans: Shanghai (10.6%), Inner Mongolia (9.3%), Shaanxi (7.9%), Yunnan (5.9%) [4]. Market Data Tracking - The average daily trading volume in the stock market was 1.72 trillion yuan, an increase of 201.45 billion yuan from the previous week [5]. - The balance of margin financing and securities lending rose to 1.86 trillion yuan, up by 1.42% week-on-week [5]. - Non-monetary fund issuance reached 32.923 billion units, a week-on-week increase of 19.790 billion units, but a year-on-year decrease of 160.020 billion units [5]. Interest Rate Market Tracking - The issuance scale of interbank certificates of deposit was 605.1 billion yuan, down by 6.890 billion yuan from the previous week, with an outstanding balance of 18.40 trillion yuan [6]. - The average interest rate for six-month state-owned bank and joint-stock bank rediscounting was 0.69%, down by 11 basis points week-on-week [6]. - The report notes a decrease in the average yield of 10-year government bonds to 1.97%, down by 8 basis points from the previous week [12]. Sector Performance - The report suggests a focus on banks such as Ningbo Bank, Changshu Bank, and China Merchants Bank as preferred investments due to their strong performance amid supportive policies [6].