银行业周报：银行指数上行，跑赢全A指数-20250612

Investment Rating - The report rates the banking sector as "Outperforming the Market" [1] Core Insights - The banking sector index increased by 1.56% this week, outperforming the overall market index, which rose by 0.04%. The banking sector ranks 12th out of 31 sectors, improving by 6 positions from the previous week. Year-to-date, the banking sector has risen by 9.38%, ranking third among all sectors. The report emphasizes the investment value of bank stocks, particularly recommending China Merchants Bank and Agricultural Bank of China [1][12][13]. Summary by Sections Banking Sector and Stock Performance - The A-share banking index rose by 2.33% this week, outperforming the Wind All A index by 1.56 percentage points. Among different types of banks, the state-owned banks increased by 0.98%, joint-stock banks by 3.02%, city commercial banks by 1.58%, and rural commercial banks by 6.79% [12][15]. - Out of 42 A-share banks, 34 saw their stock prices rise this week. The average price-to-book (P/B) ratios were 0.67X for state-owned banks, 0.57X for joint-stock banks, 0.68X for city commercial banks, and 0.65X for rural commercial banks [15][17]. Funding Price Situation - The People's Bank of China conducted a reverse repurchase operation with a net withdrawal of 6,717 billion yuan this week, with 9,309 billion yuan in reverse repos and 16,026 billion yuan maturing [3][27]. - The overnight SHIBOR rate remained stable at 1.41%, while the 7-day SHIBOR rate decreased by 10 basis points to 1.50%. The overnight repo rate (R001) fell by 2 basis points to 1.45%, and the 7-day repo rate (R007) decreased by 19 basis points to 1.55% [30][31]. Bond Market Situation - The total financing in the bond market was 15,238 billion yuan this week, with a net financing of 3,162.1 billion yuan, down by 166.5 billion yuan from the previous week. The increase in bond issuance was primarily driven by a significant rise in government bonds [41][44]. - The yield on 1-year government bonds decreased by 5 basis points to 1.41%, while the 10-year yield fell by 2 basis points to 1.65%. The yield spread between 10-year and 1-year bonds widened by 3 basis points [43][46]. Interbank Certificate of Deposit Market Review - A total of 5,856 billion yuan in interbank certificates of deposit were issued this week, a decrease of 829 billion yuan from the previous week. The weighted average issuance rate was 1.71%, which increased by 1 basis point [54].