银行资负观察第四期：8月同业存单利率或维持高位

Industry Investment Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Viewpoints - The report indicates that interbank liquidity has been higher than the same period last year, with fluctuations in funding rates influenced by various factors including tax periods and asset maturities [4][12] - The report highlights that the liquidity indicators for banks show improvement, particularly in the usage of interbank certificates of deposit, which have been positively affected by recent monetary policy adjustments [5][16] - The report suggests that while short-term deposit rate cuts may tighten the liability side for banks, the long-term outlook indicates a decrease in funding costs, with specific banks recommended for attention [6][30] Summary by Relevant Sections Industry Basic Situation - The closing index is at 4459.7, with a 52-week high of 4670.31 and a low of 3132.76 [1] Interbank Liquidity Performance Review - From June 29 to August 5, the interbank funding center was above last year's level, with rapid fluctuations in rates due to various market conditions [12][15] Monitoring of Bank Liquidity Indicators - The usage of interbank certificates of deposit has improved, with most national banks showing better conditions compared to previous periods [5][16] - The excess reserve ratio was recorded at 1.7% in June 2025, higher than the same period in the past two years, indicating a recovery in liquidity [20][21] Investment Recommendations - The report recommends focusing on specific banks such as Bank of Communications and Chengdu Bank due to expected improvements in their performance [6][30] - It also highlights that some joint-stock banks are likely to exceed performance expectations, suggesting attention to China Merchants Bank, Industrial Bank, and CITIC Bank [6][30]