银行业周报：央行修订M1统计口径，多地上调新增房贷利率下限

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][12][16]. Core Insights - Recent financial and fiscal policies have exceeded expectations, signaling a clear commitment to stabilizing growth and boosting confidence in the market. This has led to a notable reversal in market sentiment [1][12]. - The People's Bank of China (PBOC) will implement a revised M1 statistical standard starting January 2025, which will include personal demand deposits and client reserves from non-bank payment institutions, enhancing the liquidity measurement [2][19]. - Several cities have raised the lower limit for new mortgage rates, with increases ranging from 5 to 20 basis points, reflecting adjustments in response to previous declines in mortgage rates [3][15]. - The restructuring and reform of village banks are accelerating, with multiple acquisitions approved, aimed at mitigating risks in the banking sector [3][15]. Summary by Sections 1. Investment Highlights - The CITIC Bank Index rose by 2.32% during the week, outperforming the CSI 300 Index by 0.88 percentage points. Notable performers included CITIC Bank (+6.92%), Chongqing Bank (+5.64%), and Zhengzhou Bank (+5.19%) [14][24]. - The PBOC's announcement regarding the M1 statistical revision is expected to improve the accuracy of liquidity measures, aligning with international standards [2][19]. - The increase in mortgage rates in various cities is attributed to the significant decline in commercial bank mortgage rates earlier this year, which created a disparity with public housing loan rates [3][15]. 2. Industry and Company Dynamics 2.1 Industry Dynamics - The PBOC will adopt a new M1 statistical standard starting January 2025, which will now include personal demand deposits and reserves from non-bank payment institutions, enhancing liquidity measurement [2][19]. - The central bank's commitment to a supportive monetary policy stance is expected to continue into the next year, with a focus on maintaining adequate liquidity and reducing financing costs for businesses and households [20]. 2.2 Company Dynamics - Various banks have announced their mid-year profit distribution plans, with notable cash dividends proposed by Postal Savings Bank and Huaxia Bank, reflecting a stable dividend policy [22]. - The restructuring of village banks is progressing, with several banks receiving approval for acquisitions, aimed at strengthening their operational stability and risk management [3][15]. 3. Recent Market Review - The report highlights the performance of various banks, with CITIC Bank showing a significant year-to-date increase of 44.24%, indicating strong market performance [24]. - The banking sector's overall performance is bolstered by favorable policy changes and market conditions, leading to a positive outlook for the sector [1][12].