Market Overview - On May 22, the A-share main indices collectively retreated, with the Shanghai Composite Index down 0.22%, the Shenzhen Component Index down 0.72%, and the ChiNext Index down 0.96%. Only about 800 stocks in the market rose [1] - The total trading volume in the Shanghai and Shenzhen markets was 1,102.689 billion RMB, a decrease of over 70 billion RMB compared to the previous trading day [2] Sector Performance - In the banking sector, there was a 1.00% increase, while the media sector rose by 0.12% and household appliances by 0.04%. Conversely, the beauty and personal care sector fell by 2.03%, social services by 1.80%, and basic chemicals by 1.70% [7] - The Hong Kong stock market also saw declines, with the Hang Seng China Enterprises Index down 0.79% and the Hang Seng Index down 1.19% [5][6] Banking Sector Insights - Following the recent reduction in deposit rates by major state-owned banks, several joint-stock banks have also adjusted their rates, which is expected to lower banks' funding costs and alleviate net interest margin pressures. Analysts suggest that the asymmetric interest rate cuts will stabilize bank margins [8] - A report from China Galaxy Securities indicates that despite fluctuations in the banking sector's performance in Q1, recent financial policies and structural tools are expected to support a positive accumulation of fundamental factors, leading to a potential performance turnaround for banks [8] Defense and Aerospace Sector - Despite a pullback in the defense and aerospace sector, there has been a counter-trend inflow of funds, with the Defense ETF seeing a net inflow of 443 million RMB on May 21, bringing its total scale to over 4.34 billion RMB, with a year-on-year increase of 13.54% [9] - Analysts believe that the defense sector has two main advantages: improved earnings certainty for mid-year reports and low correlation with the macro economy, which may allow it to develop an independent market trend [9] Investment Products - Relevant investment products in the banking sector include the China Securities Bank ETF (512730) and LOF (A Class 160631, C Class 012042) [9] - For the defense sector, investment products include the Defense ETF (512670) and LOF (A Class 160630, C Class 012041) [9]

Group 1 - The core viewpoint of the article emphasizes the asymmetric interest rate cuts benefiting the bond market, particularly highlighting the significant growth of the 10-year government bond ETF (511260) by over 30% this year [1] - According to China International Capital Corporation (CICC), the downward adjustment of deposit rates creates more room for long-term interest rate declines, which is favorable for the bond market [1] - The decline in deposit rates is expected to lead to lower rates in other cash-like instruments, which will help reduce banks' funding costs and further support the downward trend in actual interest rates [1] Group 2 - The 10-year government bond ETF (511260), established on August 4, 2017, is currently the only 10-year government bond ETF in the market, with a scale exceeding 3.4 billion yuan and good liquidity [1] - Investors are advised to actively allocate to Chinese bonds, including extending duration to seek higher capital gains as the yield curve steepens [1]

证券研究报告 银行 非对称降息落地，缓释息差压力 华泰研究 非对称降息落地，缓释息差压力 5 月 20 日，央行公布 5 月贷款市场报价利率，1 年期、5 年期 LPR 均下调 10bp，与此前 5 月 7 日国新办新闻发布会预告一致。此外，六大行及招行 下调存款挂牌利率，活期、3 个月-2 年期、3-5 年期存款利率分别下调 5bp、 15bp、25bp。存款挂牌利率随 LPR 同时下调，支持实体经济的同时，维持 银行合理息差水平。但利率持续下行背景下，也需关注银行揽储压力。政策 预期向好，把握银行结构性机会，个股推荐：1）质优个股，如杭州、成都、 上海、渝农 AH、重庆 AH、招行 AH、兴业；2）大行股息优势突出，仍有 配置价值，如农行 AH、交行 AH。 存款降息力度较大，提振银行息差 存款利率随 LPR 同时调整，且降幅更大，缓释银行息差压力。LPR 报价出 炉，与此前国新办预告一致，1 年期、5 年期分别下调 10bp，测算对上市银 行 25-26 年息差分别影响-1.6bp、-2.5bp，幅度较为可控。大行活期、3 个 月-2 年期、3-5 年期存款挂牌利率分别下调 5bp、15bp、25bp， ...