银行行业点评报告：存款定期化改善，按揭需求修复

Investment Rating - The report maintains a positive investment rating for the banking industry [2]. Core Insights - The report highlights a continued improvement in the deposit-to-loan growth rate gap between small and large banks, with the national large banks' deposit-to-loan growth rate gap at -1.39% as of the end of November, a decrease of 0.91 percentage points from the previous month [2]. - There is a notable trend of increased regular deposits across various types of banks, with total deposits for large and small banks showing year-on-year growth of 10,608 billion and 1,673 billion respectively [2]. - The report indicates a significant recovery in corporate demand for current deposits, attributed to improved cash flow for real estate companies and the issuance of special refinancing bonds [2]. - The report also notes a marginal recovery in residential mortgage demand, primarily driven by consumer loans and a slowdown in early mortgage repayments [2]. Summary by Sections Deposit Trends - The report observes a phase of improvement in the trend of deposit regularization, with both large and small banks experiencing an increase in deposits year-on-year [2]. - The total deposits for large banks decreased by 10,608 billion, while small banks saw a decrease of 1,673 billion [12]. Loan Growth - The report indicates that the loan growth for large banks decreased by 5,178 billion year-on-year, while small banks experienced a decrease of 1,615 billion [2]. - The report emphasizes that the credit growth for small banks is slowing down, while large banks are accelerating their bond investments [2]. Investment Recommendations - The report suggests that high-dividend strategies remain valuable, with recommended beneficiaries including Agricultural Bank of China, CITIC Bank, and Beijing Bank [2]. - It also highlights that banks with strong retail business foundations are likely to benefit more significantly from economic recovery [2].