银行业事件点评：政策强化风险防范，兼顾银行健康经营

Investment Rating - The report maintains an "Overweight" rating for the banking industry [2][13]. Core Insights - The government is enhancing risk prevention mechanisms while ensuring the healthy operation of banks, which will provide a more secure environment for the banking system [2][8]. - Policies such as central fiscal expansion and real estate financing coordination are expected to improve the banking operating environment [2][13]. - Regional banks with asset quality advantages and differentiated business positioning are likely to benefit from these policies, showing stronger operational flexibility and risk resistance [2][13]. Summary by Sections Risk Prevention and Financial Stability - The National Financial Supervision Administration highlighted the stability of major financial institutions, with a low proportion of high-risk small financial institutions [8]. - As of the end of 2023, commercial banks had risk-weighted assets of approximately 216 trillion, with a capital adequacy ratio of about 15% and a loan loss reserve balance of 6.62 trillion, indicating sufficient risk absorption capacity [8]. - The government is working on establishing a long-term risk prevention mechanism, including the promotion of the Financial Stability Law [8]. Support for Long-term Loans - The government has initiated a plan to promote large-scale equipment updates and consumer goods replacement, which is expected to enhance financial support for these initiatives [10]. - Since Q4 2022, policies supporting equipment updates have led to a rapid increase in corporate medium- and long-term loans, with an addition of 13.57 trillion in 2023 [10]. - The central bank plans to utilize structural monetary policy tools to support high-end manufacturing and the digital economy, ensuring sustained growth in medium- and long-term loans [10]. Policy Coordination for Banking Health - The government is committed to implementing proactive fiscal policies and prudent monetary policies, focusing on reducing overall financing costs [11]. - The central bank has room for further reserve requirement ratio cuts, which will enhance liquidity and support credit issuance [11]. - Commercial banks are facing pressure on net interest margins, but cost-saving effects from interest rate adjustments may help maintain operational stability [11].