普惠金融业务有望平稳增长

Core Insights - The report indicates that inclusive finance business is expected to maintain steady growth, with the People's Bank of China releasing the "China Inclusive Finance Index Analysis Report (2024-2025)" [8][34] - As of June 2025, the balance of inclusive micro and small loans reached 36.09 trillion yuan, reflecting a year-on-year growth of 12.2%, which, although lower than the previous year, remains significantly higher than the general loan growth rate [8][34] - The report highlights that the proportion of inclusive micro and small credit loans is increasing, while the interest rates on these loans are declining [8][34] Industry Performance - The report notes that personal consumption loans, excluding housing loans, reached a balance of 21.29 trillion yuan by September 2025, with a year-on-year growth of 4.2% [8][34] - The report emphasizes that the implementation of special actions to boost consumption since 2025, including fiscal subsidies for personal consumption loans in key areas, is expected to sustain low but steady growth in consumption loans [8][34] Investment Recommendations - The report suggests that the issuance of policy financial tools is likely to boost bank credit demand, with regional banks expected to maintain resilient asset expansion [11][37] - It recommends focusing on state-owned banks for stable high dividend investment value, specifically mentioning Industrial and Commercial Bank of China and Bank of China, as well as opportunities for valuation recovery in joint-stock and regional banks [11][37]