银行资负观察第二期：存款降息对大行负债影响几何？

Industry Investment Rating - The industry investment rating is "Outperform" [2] Core Viewpoints - The report maintains a positive outlook on the banking sector, indicating that the long-term cost of bank liabilities is expected to decrease, which may exceed expectations [8][40] - The report highlights the impact of recent deposit rate cuts on large banks' liabilities, suggesting that while there may be short-term pressures, the overall trend is towards improvement [7][34] Summary by Relevant Sections Industry Basic Situation - The closing index level is 4193.47, with a 52-week high of 4249.7 and a low of 3132.76 [2] Banking Liquidity Review - From April 16 to May 23, the overall trend of interbank funds was consistent with 2024, showing greater volatility compared to 2023 [14] - The report notes that the liquidity indicators for banks are under pressure, with a recorded excess reserve ratio of 0.94% in April 2025, which is lower than the same period in the previous two years [26][29] Monitoring of Liquidity Indicators - The usage of interbank certificates of deposit (CDs) by state-owned banks is generally higher than the same period last year, while there is significant differentiation among joint-stock banks [19][21] - The report anticipates that the net financing growth rate of interbank CDs for state-owned banks may accelerate marginally due to the recent deposit rate cuts [21] Investment Recommendations - The report suggests focusing on banks such as Bank of Communications, Chongqing Bank, and Chengdu Bank for their potential in the long term [8][40] - It also recommends monitoring regional banks in key export provinces for potential credit demand recovery due to easing trade tensions [40]