银行业周报：逆周期调节加强，降准降息与信贷增长可期

Investment Rating - The report maintains a "Recommended" rating for the banking sector, highlighting its attractive configuration value [7]. Core Views - The banking sector is expected to benefit from enhanced counter-cyclical adjustments, with anticipated reductions in reserve requirements and interest rates, leading to increased credit growth [6][13]. - The report emphasizes the appeal of high-dividend bank stocks, particularly in a low-interest-rate environment, as insurance capital continues to flow into these assets [2][19]. - The report forecasts that credit growth in 2025 will likely outperform that of 2024, driven by supportive monetary and fiscal policies [6][15]. Summary by Sections Latest Research Insights - The People's Bank of China is expected to implement a more accommodative monetary policy, with potential rate cuts and increased credit supply [13]. - The real estate sector is being targeted for revitalization, with policies aimed at stabilizing the market and improving asset quality for banks [14]. - Structural monetary policy tools will focus on supporting consumption and key investment areas, particularly small and micro enterprises [15][16]. Weekly Market Performance - The banking sector outperformed the broader market, with a decline of 2.75% compared to a 5.17% drop in the CSI 300 index [20]. - Among various bank types, state-owned banks fell by 3.03%, while joint-stock banks decreased by 2.42% [20]. Valuation and Company Analysis - As of January 3, 2025, the banking sector's price-to-book (PB) ratio stands at 0.64, indicating a 42.67% discount compared to the overall A-share market [33]. - The sector's dividend yield is reported at 4.92%, ranking second among all industries [33]. Investment Recommendations - The report recommends specific banks for investment, including Industrial and Commercial Bank of China (601398), China Construction Bank (601939), Postal Savings Bank of China (601658), Jiangsu Bank (600919), and Changshu Bank (601128) [7][46].