“两会”经济主题会议召开，重点领域风险持续收敛

Investment Rating - The industry rating is maintained at "Overweight" [3][6] Core Insights - The economic theme meeting of the "Two Sessions" has been held, with a focus on the continuous reduction of risks in key areas [2][4] - The monetary policy remains accommodative, providing a favorable liquidity environment for banks, with an emphasis on promoting stable economic growth and reasonable price recovery [3][30] - The credit structure continues to optimize, focusing on key support directions such as technology, green finance, inclusive finance, and digital sectors, with loans in these areas maintaining double-digit growth [3][30] Summary by Sections Market Review - The banking index rose by 1.64% during the period from March 2 to March 8, 2026, outperforming the CSI 300 index by 2.71 percentage points [8] - The top-performing banks included Chongqing Bank (+12.46%), Chengdu Bank (+4.76%), Agricultural Bank (+4.69%), Construction Bank (+4.42%), and Transportation Bank (+3.36%) [8] Funding Market - The funding environment is relatively loose, with the central bank's net withdrawal of 15,634 million yuan [18] - The average issuance rates for 1-year interbank certificates of deposit for major banks are 1.57%, with a slight decrease compared to previous values [20] Industry and Company Dynamics - The "Two Sessions" economic theme meeting has highlighted the ongoing reduction of risks in key areas, with significant progress in resolving financing platform debt risks, with a reduction of over 70% in both the number of platforms and debt scale compared to early 2023 [4][31] - The focus on balancing risk and return in credit policies is emphasized, with banks being encouraged to avoid blind expansion and maintain a new balance among volume, price, and quality [5][31] Investment Recommendations - In the context of weak economic recovery, banks are advised to focus on balancing risk and return, which will help alleviate margin pressure and improve asset quality [6][33] - High dividend yield banks are highlighted as having significant allocation value, with recommendations for state-owned large and medium-sized banks, as well as regionally strong banks [6][33]