中证报中证网讯（记者 齐金钊）日前，国务院常务会议部署实施个人消费贷款贴息政策与服务业经营 主体贷款贴息政策。业内专家认为，此举有利于通过财政金融联动的方式，降低居民信贷成本和服务业 经营主体融资成本，更好激发消费潜能、提升市场活力。对银行业而言，此次个人消费贷和经营贷贴息 政策有利于刺激经济的复苏、消费的增长，有利于银行净息差的触底回升，对整个银行业的基本面构成 利好，特别是上述两类贷款占比较高的银行，增益更明显。 根据2024年年报，平安银行（000001）个人消费贷和经营贷占比达29.82%，为股份行中占比最高的银 行。平安银行相关负责人表示，此次贴息政策旨在通过降低居民信贷成本和服务业经营主体融资成本， 激发消费潜力，支持服务业经营主体高质量发展。落实这一政策不仅是履行社会责任的重要体现，更是 银行实现自身高质量发展的重要机遇。 平安银行相关负责人表示，经过多年的打磨迭代，平安银行如今的零售信贷业务涵盖小微企业、有房客 户、财富客户、大众客户四大客群，聚焦客户的经营、消费、购房、大额资金需求，打造了包含个人经 营贷款、消费贷款、互联网贷款、抵押类贷款（按揭、宅抵贷）四大类产品体系，并依托平安集团科技 ...

Investment Rating - The report gives a "Buy" rating for Nanjing Bank [3][10]. Core Views - Nanjing Bank is entering a new five-year planning cycle, with three major turning points driving value reassessment: 1) Market share enhancement cycle, 2) Interest rate decline cycle, and 3) Cost-to-income ratio improvement cycle [3][10]. - The bank's current PB valuation is 0.81x for 2025, with a dividend yield of 4.5%, making it a strong investment recommendation [3][10]. Market Share Enhancement Cycle - The management team, led by Chairman Xie Ning, is driving operational efficiency through comprehensive reforms and management optimization, following a significant expansion of branch networks [7][21]. - By the end of 2024, Nanjing Bank will have 290 branches, with a focus on increasing market share through a "three-year customer doubling action plan" [7][22]. - The favorable economic environment in Jiangsu province, with a credit growth rate close to 10% as of May, supports sustainable revenue growth for Nanjing Bank [7][25]. Interest Rate Decline Cycle - Nanjing Bank benefits from a favorable asset-liability structure in a low-interest-rate environment, with a high proportion of time deposits (78%) compared to peers [8][10]. - The bank has already passed the peak pressure on net interest margin (NIM) in 2023, and NIM is expected to stabilize as deposit costs decline [8][10]. Cost-to-Income Ratio Improvement Cycle - The cost-to-income ratio has risen to 30.5% from 2019 to 2023, but is projected to decrease to 28.1% in 2024 due to operational efficiencies and a three-year financial management plan [9][10]. - The bank's asset quality is stabilizing, with a focus on government-related loans, while retail loan risks are expected to improve in the coming years [9][10]. Investment Recommendations - Nanjing Bank is expected to maintain a leading position in ROE and performance growth among listed banks, with a dividend payout ratio above 30% [10]. - The completion of a 20 billion yuan convertible bond conversion enhances capital, supporting the bank's growth trajectory [10].