银行行业：降准降息落地，兼顾支持实体、稳定息差

Investment Rating - The report maintains a "Positive" investment rating for the banking industry, indicating an expectation of performance that exceeds the market benchmark by more than 5% [2][20]. Core Insights - The recent monetary policy adjustments, including reserve requirement ratio cuts and interest rate reductions, are expected to support the real economy and stabilize net interest margins for banks. The central bank's actions are seen as a positive signal for market confidence and credit growth [4][5][10]. - The comprehensive reduction in the reserve requirement ratio by 0.5 percentage points is projected to release approximately 1 trillion yuan in long-term liquidity, which will aid in credit expansion and improve banks' liability stability [4]. - The policy interest rate has been lowered by 10 basis points, which is expected to have a neutral impact on banks' net interest margins, with potential adjustments in deposit rates to follow [5]. - Structural monetary policy tools have also been adjusted, with interest rates lowered and quotas increased to enhance support for key sectors such as agriculture and technology [6][10]. Summary by Sections Monetary Policy Impact - The central bank's actions, including a 0.5 percentage point cut in the reserve requirement ratio, aim to lower banks' funding costs and stabilize net interest margins. This is expected to enhance credit supply and support economic recovery [4][6]. - The reduction in the policy interest rate by 10 basis points is anticipated to lead to a corresponding decrease in the Loan Prime Rate (LPR), with a neutral overall effect on banks' net interest margins [5]. Structural Support Measures - The report highlights the introduction of new structural monetary policy tools, including a reduction in interest rates for various lending programs, which is expected to lower banks' liability costs and improve net interest margins [6][10]. - Specific measures include increasing the quota for loans supporting consumption and technology innovation, which will further bolster targeted sectors [6]. Real Estate and Consumer Impact - The reduction in housing loan rates is projected to decrease the cost of borrowing for consumers, thereby stabilizing the real estate market and encouraging consumer spending [9]. - The report notes that the financial regulatory authority is working on new financing regulations to support the evolving real estate market, which is expected to improve cash flow for real estate companies and reduce non-performing loans [9]. Long-term Investment Outlook - The report suggests that the ongoing encouragement of long-term capital inflows into the market will benefit high-dividend banking stocks, aligning with the demand for stable returns from insurance funds [10][11]. - It emphasizes the potential for improved valuations of banking stocks as the effects of counter-cyclical policies become evident, particularly for banks with strong performance expectations [11].