银行业本周聚焦-10月零售高频数据跟踪：资产质量边际改善，住房贷款需求有望企稳

Investment Rating - The report maintains an "Increase" rating for the banking sector [90]. Core Views - The report highlights a marginal improvement in asset quality, with a decrease in the default rate of retail loan ABS products to 0.16% as of October 2024, down 1 basis point from September [2][3]. - The demand for housing loans is expected to stabilize due to favorable economic policies, with the new personal housing loan interest rate dropping to a historical low of 3.15% in October 2024 [3][16]. - The report indicates that the recent economic policies are likely to improve residents' income, thereby enhancing their repayment capacity and willingness, which could alleviate asset quality pressures on retail loans [3][15]. Summary by Sections Retail Loan Data Tracking - The default rate for 10 retail loan ABS products was 0.16% at the end of October 2024, showing a month-on-month decrease [2]. - The overdue rate for these products has also shown a narrowing increase, with a 9 basis point reduction in October compared to September [88]. Key Data Tracking - As of October 2024, the total consumer loan balance increased by 266.8 billion yuan year-to-date, while personal operating loans increased by 1.84 trillion yuan [15]. - The report notes that the proportion of personal housing loans remains high at approximately 45.8% of total household loans, indicating a stable demand for housing loans [3][16]. Sector Outlook - The report emphasizes that the recent economic policies are expected to support the banking sector by reducing credit risk pressures and stabilizing housing market dynamics [17]. - The report suggests focusing on banks like Ningbo Bank, Changshu Bank, and China Merchants Bank as preferred investments in the current environment [17].