银行业2025年3月月报：息差降幅收窄，险资配置需求不减

Investment Rating - The industry investment rating is maintained as "In line with the market" [2][31]. Core Viewpoints - The report highlights that the narrowing decline in interest margins and the sustained demand for insurance capital allocation are key trends in the banking sector [7][30]. - The banking sector's overall price-to-earnings (P/E) ratio is 6.30X, reflecting a 67% discount compared to the A-share market [10]. - The report anticipates that insurance capital will continue to be a significant allocation force for bank stocks in 2025, driven by stable earnings and high dividend assets [30][31]. Summary by Sections Market Review - In February, the banking sector recorded a decline of -0.99%, underperforming the Shanghai Composite Index by 3.15 percentage points [9]. - The banking sector's valuation saw a slight increase, with the overall P/E ratio rising by 0.08X from the previous month [10]. Market Interest Rates - The yield on AAA-rated interbank certificates of deposit (CDs) increased, with 1M, 3M, and 4M yields at 1.95%, 2.12%, and 2.07%, respectively, marking increases of 25, 27, and 28 basis points from January [16]. - The average interbank borrowing rate rose to 1.95%, up 9 basis points month-on-month [26]. Investment Recommendations - The report suggests focusing on state-owned banks with stable earnings and high dividends, such as China Construction Bank, while also monitoring core assets like China Merchants Bank and Ningbo Bank as economic expectations improve [31].