银行业周报：成银转债触发强赎，浦发银行获大股东增持

Investment Rating - The industry investment rating is "Recommended (Maintained)" [50]. Core Viewpoints - Recent policy combinations have exceeded expectations, signaling clear support for growth and confidence, leading to a notable market style reversal. The impact on banks includes improved asset quality expectations due to supportive policies for local bonds and the real estate market, as well as optimized policies for small and micro loans [5][57]. - The net interest margin is expected to face narrowing pressure, but the downward slope will significantly ease. The state plans to supplement the core Tier 1 capital of six major banks, enhancing their operational stability and dividend consistency [5][57]. - The report maintains a positive overall impact on the banking sector, recommending a focus on several main lines: (1) cyclical stocks, with key recommendations including China Merchants Bank, Ningbo Bank, Changshu Bank, Hangzhou Bank, and Chengdu Bank; (2) benefiting from bond replacement, with key recommendations including Chongqing Rural Commercial Bank, Changsha Bank, and Qilu Bank; (3) dividend strategy, with key recommendations including Agricultural Bank of China, Hu'nan Rural Commercial Bank, and Shanghai Bank [5][57]. Industry Dynamics - As of the end of the third quarter, the total assets of financial institutions in China reached 489.15 trillion yuan, with the banking sector's total assets at 439.52 trillion yuan, reflecting a year-on-year growth of 7.3% [13][58]. - The People's Bank of China emphasizes the implementation of a moderately loose monetary policy, utilizing various monetary policy tools to maintain ample liquidity and align social financing growth with economic growth and price level expectations [57]. Company Dynamics - Qilu Bank plans to distribute a cash dividend of 1.27 yuan per 10 shares, totaling 614 million yuan, which accounts for 27.57% of the net profit attributable to ordinary shareholders for the first half of 2024, slightly up from 26.73% in 2023 [2]. - Chengdu Bank's convertible bonds have triggered a conditional redemption clause, and the company has decided to exercise this right [9]. - Shanghai Pudong Development Bank's largest shareholder plans to increase its stake by purchasing 7.5755 million shares, representing 0.03% of the total share capital, with plans to further increase its holdings by no less than 47 million shares and no more than 94 million shares within the next six months [3][5].