银行业周报（2025.03.17-2025.03.23）：Q1货币政策例会提前召开，供需政策合力促消费-2025-03-26

Investment Rating - The report maintains a "Recommended" rating for the banking sector, highlighting its configuration value amidst supportive macroeconomic policies [29]. Core Insights - The banking sector is expected to benefit from a continuation of moderately loose monetary policy, which aims to lower the overall financing costs in society. The People's Bank of China (PBOC) emphasizes the need for timely adjustments in reserve requirement ratios and interest rates based on economic conditions [7][8]. - Financial supply-side reforms are deepening, with a focus on optimizing structural monetary policy tools for key sectors such as technology and consumption. This includes enhancing support for small and medium-sized enterprises and improving the financing environment for the real estate market [8][9]. - The PBOC plans to introduce specific financial support measures to boost consumption, which will likely lead to increased credit supply in consumer-related sectors and lower financing costs for consumers and businesses [9][10]. Summary by Sections Latest Research Insights - The PBOC's first-quarter monetary policy meeting highlighted the need for a continued loose monetary stance to guide down the comprehensive financing costs in society. The meeting also indicated a potential for further reserve requirement ratio cuts in the first half of the year [7][8]. Weekly Market Performance - The banking sector outperformed the market, with the Shanghai and Shenzhen 300 index declining by 2.29%, while the banking sector only fell by 0.18%. Notable individual bank performances included Chongqing Bank (+8.62%) and Yunnan Rural Commercial Bank (+3.36%) [5][11]. Valuation of the Sector and Listed Companies - As of March 21, 2025, the banking sector's price-to-book (PB) ratio stands at 0.65, indicating a 40.99% discount compared to the overall A-share market's PB ratio of 1.61. The sector's dividend yield is 6.49%, ranking second among all industries [21][29]. Investment Recommendations - The report suggests that the banking sector will benefit from increased credit supply and improved asset quality due to supportive macroeconomic factors. Specific stock recommendations 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) [29][30].