KAIYUAN SECURITIES·2025-10-16 02:14Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The banking sector is experiencing a shift towards "wealthization" of deposits, indicating a change in customer behavior and banking operations [9] - The report highlights a divergence in bank operations, with some banks benefiting from enhanced funding attributes while others struggle [8] - The overall sentiment in the banking sector is improving, with dividend yields becoming attractive again after a period of adjustment [9] Summary by Sections Financial Data Analysis - In September, M1 growth was 7.2%, up 1.2 percentage points from the previous month, while M2 growth decreased to 8.4%, down 0.4 percentage points [5] - Social financing (社融) increased by 3.53 trillion yuan in September, with a year-on-year decrease of 229.7 billion yuan, resulting in a stock growth rate of 8.7% [6] - New RMB loans in September amounted to 1.29 trillion yuan, a year-on-year decrease of 300 billion yuan, with a balance growth rate of 6.6% [7] Banking Sector Insights - The report indicates that banks are focusing on a "quantity-price balance" in credit issuance, with a continued trend towards the "wealthization" of deposits [8] - The contribution of funding business to revenue has increased for most state-owned banks, except for Industrial and Commercial Bank of China [23] - The report suggests that banks with a more market-oriented approach and comprehensive licenses will have a competitive advantage in the evolving landscape [8] Investment Recommendations - The report recommends focusing on banks that are well-positioned to benefit from the wealthization of deposits, highlighting specific banks such as China Merchants Bank and Industrial Bank [9] - It emphasizes the attractiveness of H-shares over A-shares in terms of value [9]