银行资负跟踪20250511：降息落地，短端利率下行

Investment Rating - The report maintains a "Recommendation" rating for the banking industry [1] Core Insights - The report highlights a recent interest rate cut, leading to a decline in short-term interest rates, which is expected to support liquidity in the banking sector [10][11] - The total market capitalization of the banking sector is approximately 9818.7 billion, representing 11.5% of the overall market [1] - The report indicates that the performance of the banking sector has shown positive trends, with absolute performance over 1 month, 6 months, and 12 months at 6.9%, 9.8%, and 28.4% respectively [3] Summary by Sections Industry Scale - The banking sector comprises 41 listed companies, with a total market value of 9818.7 billion and a circulating market value of 9727.2 billion [1] Monetary Policy - The People's Bank of China (PBOC) has conducted 8,361 billion in 7-day reverse repos, reducing the operation rate from 1.50% to 1.40% [11] - A further reduction in the reserve requirement ratio by 0.5 percentage points is expected to release 1 trillion in liquidity [11] Interest Rates - The report notes that the 1M, 3M, and 6M bill rates are at 1.19%, 1.09%, and 1.08% respectively, showing declines of 21bp, 2bp, and 11bp compared to the previous period [10][17] - The average financing cost for interbank certificates of deposit (NCD) is reported at 1.77% [14] Government Bonds - The yields for 1Y, 3Y, 5Y, 10Y, and 30Y government bonds are reported at 1.42%, 1.46%, 1.50%, 1.64%, and 1.84% respectively, with slight fluctuations noted [13][37] Financing Activities - The total issuance of interbank certificates of deposit reached 8,577 billion, with a net financing of 3,357 billion, indicating a significant increase from the previous period [14] - The banking sector has seen a cumulative net outflow of 6,366 billion since May 2025 [15]