Changjiang Securities·2025-06-16 12:43Investment Rating - The industry investment rating is "Positive" and maintained [12] Core Viewpoints - The Longjiang Bank Index increased by 0.7% this week, outperforming the CSI 300 Index by 1.0% and the ChiNext Index by 0.5%. The market's focus on bank stocks has accelerated, particularly on high-quality city commercial banks [2][20] - The fiscal injection into major state-owned banks has been realized, with expectations for further injections into other banks. The average dividend yield for A-shares of the five major state-owned banks is approaching 4%, while H-shares maintain a valuation advantage [10][42] - The market is paying close attention to convertible bond banks, with potential valuation recovery and trading opportunities identified [8][28] Summary by Sections Market Performance - The Longjiang Bank Index has shown a cumulative increase of 0.7% this week, with significant individual performances from Minsheng Bank and Nanjing Bank, the latter having met the conditions for convertible bond redemption [6][20] Fiscal Injection Impact - As of June 13, 2025, the fiscal injection for Bank of China and Bank of Communications has been completed, with expectations for similar actions for China Construction Bank and Postal Savings Bank. The average dividend yield for H-shares of the five major state-owned banks is 5.51%, showing a significant discount compared to A-shares [7][10][42] Convertible Bonds - The market has focused on banks with convertible bonds, particularly those like Hangzhou Bank, which are expected to see valuation recovery as they meet redemption conditions. Nanjing Bank has also exceeded the strong redemption price for 15 trading days [8][28] Social Financing and Loan Growth - In May, the social financing growth rate remained stable at 8.7%, with new RMB loans decreasing to 7.1%. The total new social financing was 2.29 trillion yuan, with a year-on-year increase of 224.1 billion yuan, primarily driven by government bonds [9][31]