银行业周报：政府债发力支撑社融，五家银行发布业绩快报

Investment Rating - The report maintains a "Recommended" rating for the banking sector, highlighting its configuration value due to fiscal policy support and opportunities in credit issuance [4][42]. Core Insights - Government bonds are significantly supporting social financing, with new social financing reaching 2.86 trillion yuan in December, a year-on-year increase of 924.9 billion yuan [4][7]. - The banking sector's performance is lagging behind the market, with the banking index rising only 1.31% compared to the 2.14% increase in the CSI 300 index [4][19]. - Five listed banks reported earnings, showing a generally positive trend in revenue and net profit, with asset quality stabilizing [4][14]. Summary by Sections Latest Research Insights - Government bonds are driving social financing growth, with a record 1.76 trillion yuan in new government bonds issued in December [7][8]. - The demand for corporate loans is being disrupted by debt repayment needs, leading to a decrease in new corporate loans by 4.016 trillion yuan year-on-year [4][8]. Weekly Market Performance - The banking sector underperformed the market, with state-owned banks declining by 0.99% while joint-stock banks increased by 2.42% [4][19]. - Notable individual bank performances include Qilu Bank (+4.87%) and Su Nong Bank (+4.63%) [4][19]. Valuation of the Sector and Listed Companies - As of January 17, 2025, the banking sector's price-to-book (PB) ratio is 0.64, indicating a 41.83% discount compared to the overall A-share market [4][31]. - The banking sector's dividend yield stands at 6.15%, ranking second among all industries [4][31]. Investment Recommendations - The report suggests that fiscal policy and government bond issuance will create opportunities for bank credit issuance [4][42]. - Recommended stocks include Industrial and Commercial Bank of China (601398), China Construction Bank (601939), Postal Savings Bank of China (601658), Jiangsu Bank (600919), and Changshu Bank (601128) [4][42].