银行业行业深度报告：全国两会前瞻-银行业视角下的七个政策维度

Investment Rating - The report maintains a "Recommended" rating for the banking sector [1] Core Insights - The focus on expanding domestic demand and promoting consumption is expected to be a key task, benefiting bank credit demand [4][7] - Local debt management is set to proceed cautiously, supporting the quality of bank assets [4][17] - Credit resources are expected to further tilt towards the "Five Major Articles," accelerating structural optimization [4][20] - The revitalization of real estate and the implementation of stock asset management are likely to alleviate risks [4][19] - The efforts to mitigate risks in small and medium-sized banks will continue, maintaining the stability of the financial system [4][19] - The issuance of special government bonds to increase capital for major banks is anticipated, accelerating the capital replenishment process [4][19] - Deepening state-owned enterprise reforms will enhance market value management, reshaping bank valuations [4][19] Summary by Sections 1. National Two Sessions Preview: Seven Policy Dimensions from the Banking Perspective - Expanding domestic demand and promoting consumption is expected to be the primary task, positively impacting bank credit [4][7] - Local debt management will be cautiously advanced, providing support for bank asset quality [4][17] - Credit resources will further lean towards the "Five Major Articles," with structural optimization accelerating [4][20] - Real estate revitalization efforts are expected to speed up, potentially reducing risks [4][19] - The risk mitigation efforts for small and medium-sized banks will remain strong, ensuring financial system stability [4][19] - The issuance of special government bonds to bolster major banks is likely to be approved, speeding up capital replenishment [4][19] - The deepening of state-owned enterprise reforms will enhance market value management, reshaping bank valuations [4][19] 2. Investment Recommendations - The report suggests that expanding domestic demand and promoting consumption will be a focal point, leading to improved bank credit demand [4][7] - Local debt management, real estate revitalization, and continued risk mitigation for small financial institutions are favorable for bank asset quality [4][19] - Financial support for the "Five Major Articles" will continue to improve, accelerating credit structure optimization [4][20] - Major banks are expected to see capital increases, enhancing credit deployment and risk resistance capabilities [4][19] - Enhanced market value management will reshape bank valuations positively [4][19]