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 adjustment 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 - In October, the loan growth rates for major provinces were as follows: Sichuan (11.4%), Anhui (11.1%), Jiangsu (10.9%), and Zhejiang (10.0%). In contrast, Tianjin, Guangdong, and Beijing showed slower growth rates of 2.8%, 5.0%, and 5.6% respectively [4]. - For corporate loans, Jiangsu (16.0%), Anhui (14.8%), Zhejiang (13.6%), and Shandong (12.9%) led the growth, while Beijing (4.9%), Yunnan (6.3%), and Guangdong (6.5%) lagged [4]. - In terms of household loans, Shanghai (10.6%), Inner Mongolia (9.3%), Shaanxi (7.9%), and Yunnan (5.9%) showed strong growth, while Fujian (1.0%) and Guangdong (2.2%) had lower rates [4]. Key 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 increased by 1.42% to 1.86 trillion yuan [5]. - The issuance of non-monetary funds totaled 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, a decrease of 6.890 billion yuan from the previous week, while the current balance reached 18.40 trillion yuan, up by 380.81 billion yuan from the end of November [6]. - The average interest rate for interbank certificates of deposit was 1.77%, down by 12 basis points from the previous week [6]. - The average yield on 10-year government bonds was 1.97%, a decrease of 8 basis points from the previous week [12]. Sectoral Insights - The report suggests that the banking sector is favored due to the recent policy measures aimed at increasing debt limits to support local governments in managing hidden debts and stabilizing the real estate market [6]. - Recommended banks for investment include Ningbo Bank, Changshu Bank, and China Merchants Bank, with a focus on debt resolution themes such as Chongqing Bank [6].