银行业周报：宏观政策积极，居民中长贷多增延续

Investment Rating - The report maintains a "Recommended" rating for the banking sector, highlighting its configuration value [5][58]. Core Insights - The banking sector outperformed the market slightly, with a decline of 0.54% compared to the 1.01% drop in the CSI 300 index. Notably, state-owned banks saw a rise of 0.42%, while other categories experienced declines [3][30]. - Positive macroeconomic policies are accumulating favorable factors for the banking sector, with a focus on expanding domestic demand and supporting bank credit through more proactive fiscal policies [4][19]. - The implementation of the personal pension system is expected to benefit bank deposits and middle-income revenue, as it allows for low-cost deposit absorption and expansion of wealth management services [5][29]. Summary by Sections Latest Research Insights - The Central Political Bureau meeting on December 9 emphasized the need for more proactive fiscal policies and moderately loose monetary policies to support bank credit. The projected increase in special bonds could leverage an additional 925 billion yuan in credit [4][19]. - The monetary policy is shifting towards easing, with expected reductions in reserve requirements and interest rates, which will impact bank interest margins [18][23]. Weekly Market Performance - The banking sector's PB ratio stands at 0.66, with a dividend yield of 5.05%, indicating a significant discount compared to the overall A-share market [44][58]. - Individual bank performances varied, with notable increases in shares of banks like Ruifeng Bank and Bank of China, while others like CITIC Bank and Xiamen Bank saw declines [30][44]. Investment Recommendations - The report suggests that the banking sector's configuration value remains attractive, with specific recommendations for stocks such as Industrial and Commercial Bank of China, China Construction Bank, and Postal Savings Bank [5][58].