1月国新办新闻发布会解读：金融支持高质量发展，关注银行量价险改善

Investment Rating - The report maintains a "Recommended" rating for the banking sector [1]. Core Insights - The report emphasizes the importance of financial support for high-quality development, highlighting that banks will benefit from improvements in volume, price, and risk management [4]. - The central bank's decision to pause the purchase of government bonds aims to mitigate market price risks and reduce banks' on-balance-sheet business risks, with trading assets in listed banks rising to 40.25% by Q3 2024, an increase of 2.54 percentage points since the beginning of the year [4]. - The central bank plans to enhance interest rate transmission and reduce banks' funding costs, indicating that there is still room for deposit rate reductions, which will help alleviate the pressure on interest margins [4]. - Capital replenishment for banks is accelerating, with local government special bonds being a significant channel for small and medium-sized banks to strengthen their capital base [4]. - The report notes that the central bank will further optimize the structure of credit resources, with significant growth in specialized, inclusive, and agricultural loans, indicating a shift towards more efficient credit allocation [4]. - The report recommends specific banks for investment, including Industrial and Commercial Bank of China, China Construction Bank, Postal Savings Bank of China, Jiangsu Bank, and Changshu Bank [4].