Investment Rating - The report rates the banking sector as "Outperforming the Market" [1] Core Views - The banking sector index increased by 2.63% this week, ranking first among all sectors, with 41 out of 42 A-share banks experiencing price increases [1][2] - Year-to-date, the banking sector has risen by 12.73%, maintaining its position as the top-performing sector [1] - Key banks to focus on 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 by 3.13% this week, outperforming the Wind All A index, which fell by 1.07% [12] - Among bank types, state-owned banks saw an average increase of 4.09%, joint-stock banks 3.17%, city commercial banks 2.54%, and rural commercial banks 3.19% [14][17] - In the Hong Kong market, 8 out of 15 A-share banks listed as H-shares saw price increases, with Zhengzhou Bank having the highest AH share premium at 104.05% [14][25] Funding Price Situation - The central bank conducted a significant reverse repurchase operation, injecting 960.3 billion yuan into the market [3][27] - As of the end of the week, the SHIBOR overnight rate was 1.37%, down 4 basis points from the previous week [30][31] - The average weighted rate for interbank certificates of deposit was 1.66%, a decrease of 2 basis points from the previous week [58] Bond Market Situation - Total bond market financing reached 25,633.8 billion yuan this week, with net financing increasing by 1,065.8 billion yuan [42][46] - Local government bonds issuance was 2,617.5 billion yuan, up 1,539.7 billion yuan from last week, while national bonds decreased by 2,270.6 billion yuan [42][46] - The yield on 1-year government bonds was 1.36%, down 4 basis points, while the 10-year yield remained stable at 1.64% [45][48]
银行业周报：避险情绪上升，银行指数领先行业-20250625
Bank of China Securities·2025-06-25 02:30