银行业周报：M1口径修订适配经济发展，关注增量政策成效

Investment Rating - The report maintains a "Recommended" rating for the banking sector [4][6]. Core Views - The banking sector outperformed the market, with a 2.35% increase compared to a 1.44% rise in the CSI 300 index during the week [2][25]. - The new M1 statistical criteria, effective from January 2025, will enhance the adaptability of monetary supply to economic development, reflecting consumer activity more accurately [3][17]. - The report emphasizes the importance of monetary policy in stabilizing growth and supporting high-quality development amid ongoing economic challenges [4][22]. Summary by Sections Latest Research Insights - The M1 statistical criteria will include personal demand deposits and non-bank payment institution reserves, improving the reflection of social purchasing power [3][17]. - The adjustment in M1 is expected to lead to a more stable growth trend, with a projected M1 scale of 105.06 trillion yuan, showing a year-on-year change of -2.33% [3][18]. Weekly Market Performance - The banking sector saw a 2.35% increase, with notable performances from major banks such as CITIC Bank (+6.92%) and Chongqing Bank (+5.64%) [2][25]. - The banking sector's price-to-book (PB) ratio stands at 0.66, with a dividend yield of 4.97%, indicating strong income potential [2][39]. Valuation of the Sector and Listed Companies - The banking sector's PB ratio is significantly lower than the overall A-share market, indicating a discount of 39.72% [39]. - The report lists individual banks with their respective performance metrics, highlighting the profitability and valuation trends [46][55]. Investment Recommendations - The report suggests that the optimization of monetary supply statistics will better align with the real economy, benefiting short-term credit issuance [4][54]. - Recommended stocks include 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][54].