银行行业跟踪报告：银行业资产质量整体保持稳健

Investment Rating - The report maintains an "Outperform" rating for the banking industry, indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [1]. Core Insights - The banking sector's asset quality remains stable, with a slight decrease in net interest margin and an increase in asset growth rate. In 2023, commercial banks achieved a net profit of 2.38 trillion yuan, with a year-on-year growth of 3.2%, and a fourth-quarter growth of 13.2% [1][5]. - The total assets of the banking sector grew by 11.0% year-on-year by the end of 2023, showing an improvement from the previous quarter's growth of 10.5% [1][7]. - The net interest margin for commercial banks at the end of 2023 was 1.69%, reflecting a quarter-on-quarter decline of 0.03% and a year-on-year decline of 0.22% [1][9]. - The overall asset quality is stable, with non-performing loans (NPL) at 3.23 trillion yuan and a non-performing loan ratio of 1.59%, which has decreased by 0.02% quarter-on-quarter [1][11][12]. - The report anticipates continued support for the banking sector's asset quality due to fiscal policy measures and a stable monetary policy environment, which are expected to boost market expectations and economic recovery [1][20]. Summary by Sections Section 1: Net Interest Margin and Asset Growth - In 2023, commercial banks' net profit grew by 3.2% year-on-year, with a total asset growth of 11.0% [5][7]. - The net interest margin decreased to 1.69% by the end of 2023, with variations across different banking segments [9]. Section 2: Asset Quality - The non-performing loan balance remained stable at 3.23 trillion yuan, with a non-performing loan ratio of 1.59% [11][12]. - The report highlights a slight increase in the proportion of special mention loans to 2.2% [12]. Section 3: Investment Recommendations - The report suggests that the banking sector will benefit from ongoing fiscal policy support and a stable monetary policy, which are expected to enhance asset quality and profitability [20].