银行业：中长期资金入市实施方案及新闻发布会解读-资金面改善预期强化，银行红利行情有望延续

Investment Rating - The report maintains a "Recommend" rating for the banking sector [3][4]. Core Viewpoints - The implementation plan for mid-to-long-term capital entering the market is expected to improve the funding situation, benefiting the banking sector [3]. - The plan encourages large state-owned insurance companies to increase their investment in A-shares, potentially bringing in an annual market increment of approximately 668.59 billion yuan, with around 162.73 billion yuan directed towards the banking sector [4]. - The expansion of strategic investors in public offerings is anticipated to enhance capital strength and improve market valuation for major banks [3]. - The report highlights a trend of increasing passive fund investments in the banking sector, with significant growth in both the scale and proportion of holdings since Q1 2023 [3][4]. Summary by Sections Investment Strategy - The report suggests that fiscal stimulus will benefit credit growth, and while bank interest margins may remain under pressure, the optimization of funding costs is expected to accelerate [3]. - The banking sector's dividend yield is projected to be 4.78% by the end of 2024, making it an attractive option for long-term capital allocation compared to fixed-income products [3]. Market Dynamics - The report notes that the introduction of long-cycle assessments for various funds aims to stabilize investment behaviors and facilitate smoother market entry [3]. - Passive funds have shown a notable increase in their heavy holdings within the banking sector, with a market value of 98.12 billion yuan by the end of 2024, reflecting a significant rise from earlier periods [3][4]. Individual Stock 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) [3].