银行业1月金融数据点评：信贷结构好转，“开门红”成色足

Investment Rating - The industry investment rating is maintained as "Synchronize with the Market" [2][20] Core Viewpoints - The financial data for January indicates an improvement in credit structure, with a notable performance in the banking sector, referred to as a strong "opening red" [20] - The total amount and structure of financial data in January exceeded expectations, with continued strength in corporate credit and a notable performance in short-term loans for residents [20] - The banking sector has shown significant excess returns since the beginning of the year, with current valuations at a low point, suggesting potential for recovery as the economy stabilizes [20] Summary by Relevant Sections Financial Data Overview - As of the end of January 2024, the RMB loan balance reached 242.5 trillion yuan, with a year-on-year growth of 10.4% [8][14] - In January, RMB loans increased by 4.92 trillion yuan, with short-term loans and bill financing recording 839.5 billion yuan, a year-on-year decrease of 291.9 billion yuan [8][12] Loan Performance - Resident loans increased significantly in January, with a total of 980.1 billion yuan added, a year-on-year increase of 722.9 billion yuan [12][16] - Corporate loans remained high, with an increase of 3.86 trillion yuan in January, although this was a year-on-year decrease of 820 billion yuan [12][16] Deposit Trends - As of January 2024, the RMB deposit balance was 289.74 trillion yuan, with a year-on-year growth of 8.9% [14][16] - In January, RMB deposits increased by 5.48 trillion yuan, showing a slight year-on-year decrease of 1.39 billion yuan [14][16] Investment Recommendations - The report suggests focusing on three main lines: state-owned banks with low valuations and high dividends, small and medium banks benefiting from regional economic resilience, and recovery trading targets such as招商银行 and 宁波银行 [20]