银行业周报：银行业Q4监管数据发布，金融支持民企融资受关注

Investment Rating - The report maintains a "Recommended" rating for the banking sector, highlighting its asset quality and potential for improved credit demand due to increased financial support for private enterprises [29]. Core Insights - The banking sector's net profit growth has turned negative, with a year-on-year decline of 2.27% in 2024, influenced by the performance of city and rural commercial banks [8][10]. - The report emphasizes the optimization of asset quality, with a non-performing loan ratio of 1.50% as of the end of 2024, down 5 basis points from the previous quarter [10]. - Financial support for private enterprises is expected to increase, with banks likely to enhance their credit services, particularly for small and micro enterprises [11][12]. Summary by Sections Latest Research Insights - The banking sector's net profit growth has declined, with state-owned banks showing marginal improvement while city and rural banks have seen significant declines [8]. - The report notes a decrease in net interest margin to 1.52%, with expectations for further optimization of deposit costs [8][10]. Market Performance - The banking sector underperformed the market, with a 1.07% decline compared to a 1.00% increase in the CSI 300 index [5][13]. - Individual bank performances varied, with notable increases in stocks like CITIC Bank (+2.32%) and Postal Savings Bank (+1.71%) [5][13]. Valuation and Company Analysis - As of February 21, 2025, the banking sector's price-to-book ratio stands at 0.66, indicating a 40.74% discount compared to the overall A-share market [21]. - The sector's dividend yield is reported at 6.49%, ranking second among all industries [21]. Investment Recommendations - The report suggests that the banking sector's asset quality remains robust, with expectations for improved credit demand driven by fiscal support and monetary policy adjustments [29]. - Specific stock recommendations include Industrial and Commercial Bank of China (601398), China Construction Bank (601939), Postal Savings Bank (601658), Jiangsu Bank (600919), and Changshu Bank (601128) [29].