服务消费领域信贷支持加强

Investment Rating - The industry investment rating is maintained at "Overweight" [6][8][32] Core Viewpoints - The report highlights the strengthening of credit support in the service consumption sector, with the People's Bank of China implementing structural monetary policies to guide financial institutions in increasing credit allocation to key service consumption areas [6][27][30] - A total of 500 billion yuan has been allocated for "service consumption and elderly re-loans" to support credit for sectors such as accommodation, catering, cultural and entertainment, education, resident services, tourism, and elderly care [6][27][30] - The report indicates that as of the end of July, the loan balance in key service consumption areas reached 2.79 trillion yuan, reflecting a year-on-year growth of 5.3% [6][29][30] Summary by Sections 1. Market Review - The banking index fell by 4.21% during the period from September 15 to September 21, 2025, underperforming the CSI 300 index by 3.77 percentage points [10] - Among different bank types, rural commercial banks showed relatively better performance [10] 2. Funding Market - The central bank's net injection in the open market was 1.1923 trillion yuan, indicating a tightening of the funding environment [17] - The average issuance rates for 1-year interbank certificates of deposit for various bank types showed slight changes, with state-owned banks at 1.67% [20] 3. Industry and Company Dynamics - The report emphasizes the collaborative efforts between the People's Bank of China and local business departments to address the financial needs of private and small to medium-sized enterprises in the service consumption sector [30] - Financial institutions have reported nearly 60 billion yuan in applications for "service consumption and elderly re-loans" [29] 4. Investment Recommendations - The report suggests that with the ongoing implementation of fiscal interest subsidies, bank credit demand is expected to improve, and the performance of bank stocks is anticipated to remain relatively stable [8][32] - Specific banks recommended for investment include CITIC Bank, Jiangsu Bank, Chengdu Bank, and others, highlighting their potential for absolute return investment value [8][32]