银行业周报：“两新”政策加力扩围，央行暂停买入国债

Investment Rating - The report maintains a "Recommended" rating for the banking sector [38]. Core Views - The "Two New" policies are expected to boost investment and consumption, positively impacting bank credit demand. The issuance of special long-term bonds is projected to reach around 2 trillion yuan in 2025, significantly higher than the previous year [10][11]. - The central bank's decision to pause the purchase of government bonds is aimed at stabilizing short-term interest rates and supporting the bank's interest margins, while maintaining a loose monetary policy in the medium to long term [14][38]. Summary by Sections Latest Research Views - The "Two New" policies will enhance credit demand from enterprises and households, facilitating incremental financing for key projects and guiding bank credit resources towards priority sectors [10]. - Specific measures include increasing credit limits and interest subsidies for equipment upgrades, and expanding support for consumer goods replacement programs [11]. Weekly Market Performance - The banking sector outperformed the market, with a 0.53% increase while the Shanghai and Shenzhen 300 Index fell by 1.13%. Notable individual bank performances included Ningbo Bank (+6.04%) and Industrial Bank (+3.49%) [4][15]. Valuation of the Sector and Listed Companies - As of January 10, 2025, the banking sector's price-to-book (PB) ratio stands at 0.64, indicating a 43.24% discount compared to the overall A-share market [29]. The sector's dividend yield is 6.15%, ranking second among all industries [29]. Investment Recommendations - The report suggests that the banking sector's configuration value remains attractive, with specific recommendations for Industrial Bank (601398), China Construction Bank (601939), Postal Savings Bank (601658), Jiangsu Bank (600919), and Changshu Bank (601128) [38].