银行业周报：银行指数上行-20250616

Investment Rating - The report rates the banking sector as "Outperforming the Market" [1] Core Insights - The banking sector index increased by 0.42% this week, following a 1.56% rise last week, ranking 9th out of 31 sectors, an improvement of 3 positions from the previous week [1][13] - Year-to-date, the banking sector has risen by 9.84%, ranking third among all sectors, with dividends being a key focus for investment value [1] - Recommended banks for investment include China Merchants Bank, Agricultural Bank of China, and Jiangsu Bank [1] Summary by Sections Banking Sector and Stock Performance - The A-share banking index rose this week, with 25 out of 42 banks seeing stock price increases. State-owned banks had an average decline of 0.80%, while joint-stock banks increased by 1.53% [2][12] - Over the past month, state-owned banks have seen a decline of 1.36%, while joint-stock banks have increased by 5.86% [2][16] - The highest AH share premium was observed for Zhengzhou Bank at 112.40%, while China Merchants Bank had a negative premium of -4.71% [2][16] Funding Price Situation - The central bank's reverse repo operations decreased, with a net withdrawal of 727 billion yuan this week [3][30] - The overnight SHIBOR rate remained stable at 1.41%, while the 7-day SHIBOR rate increased by 1 basis point to 1.51% [3][33] - The overnight repo rate for the interbank market rose to 1.46%, up by 1 basis point, with a weekly transaction volume of 35.50 trillion yuan [3][33] Bond Market Situation - Total bond market financing reached 25,863 billion yuan this week, with net financing increasing by 1,030.3 billion yuan compared to last week [4][45] - The issuance of interbank certificates of deposit increased significantly, with 10,413.7 billion yuan issued, up by 4,551.8 billion yuan from the previous week [4][45] - Government bond yields for 1-year and 10-year bonds were 1.40% and 1.64%, respectively, both down by 1 basis point from last week [5][47]