银行业周报：加快金融建设，支撑科技创新-20250520

Investment Rating - The report rates the banking industry as "Outperform" compared to the market [1] Core Insights - The central bank released financial data for April, indicating a significant increase in government bonds compared to previous years, with M1 and M2 growth rates widening. This suggests a recovery in M1 due to the impact of "reciprocal tariffs" [1] - A joint initiative by seven departments aims to accelerate the construction of a financial system that supports technological innovation, focusing on sectors such as artificial intelligence, quantum technology, and hydrogen energy storage [2][3] - The report emphasizes that the ongoing benefits in the banking sector remain a primary focus, recommending investment in banks like China Merchants Bank and Agricultural Bank of China [1] Summary by Sections Banking Sector Performance - The banking index rose by 1.44% this week, outperforming the Wind All A Index, which increased by 0.72%. The state-owned banks index increased by 0.42%, while the joint-stock banks index rose by 2.05% [11][12] - All A-share banks saw an increase, with the average rise for state-owned banks at 0.40% and joint-stock banks at 1.79%. Agricultural Bank of China had the highest increase among state-owned banks at 1.45% [15][18] Financial Market Conditions - The central bank's open market operations saw a net withdrawal of 350.1 billion yuan this week, with reverse repos totaling 486 billion yuan [29] - The SHIBOR overnight rate increased to 1.65%, up 16 basis points from the previous week, while the 7-day rate rose to 1.55%, an increase of 3 basis points [32][33] Bond Market Activity - The total bond market financing this week was 1,815.5 billion yuan, with a net financing increase of 665.35 billion yuan, reflecting a rise in government and financial bonds [42][46] - The yield on 1-year government bonds rose to 1.45%, an increase of 3 basis points, while the 10-year yield reached 1.68%, up 4 basis points [45][48]