GOLDEN SUN SECURITIES·2025-05-05 11:29Investment Rating - The report does not explicitly provide an investment rating for the banking sector Core Insights - The banking sector is expected to benefit from expansionary policies aimed at stabilizing the economy, with a focus on real estate, consumer promotion, and increased social security [3] - Key banks to watch include Ningbo Bank, Postal Savings Bank, China Merchants Bank, and Changshu Bank under a pro-cyclical strategy, while Shanghai Bank, China Merchants Bank, Jiangsu Bank, and Chongqing Bank are highlighted under a dividend strategy [3] Summary by Sections Credit Growth - As of March 2025, the total loan balance reached 269.26 trillion yuan, with a year-on-year growth of 6.9%. The RMB loan balance was 265.41 trillion yuan, growing by 7.4% [1] - In March, Sichuan, Anhui, Shandong, and Jiangsu led in credit growth rates, all exceeding 10%, with growth rates of 11.6%, 10.2%, 10.2%, and 10.1% respectively [1] - For enterprise loans, Jiangsu, Sichuan, and Shandong had the highest growth rates at 14.3%, 14.1%, and 13.6% respectively [2] - In the residential loan segment, Shanghai and Shaanxi showed notable growth rates of 13.6% and 7.2% respectively [2] Market Data Tracking - The average daily trading volume in the stock market was 11,040.26 billion yuan, a decrease of 427.29 billion yuan from the previous week [4] - The balance of margin financing and securities lending was 1.80 trillion yuan, down by 0.33% from the previous week [4] - The issuance of non-monetary funds totaled 21.998 billion, a decrease of 2.582 billion from the previous week [4] Interest Rate Market Tracking - The issuance scale of interbank certificates of deposit was 249.34 billion yuan, a significant decrease of 718.44 billion yuan from the previous week [5] - The average interest rate for interbank certificates of deposit was 1.77%, unchanged from the previous week [8] Sector Performance - The banking sector is expected to show a positive trend due to policy catalysts, with a focus on cyclical stocks [3] - The report indicates that the banking sector's performance is closely tied to economic recovery, which may take time [3]