Industry core view:
On January 30, the central bank issued the statistical report on loan investment of financial institutions in 2021. In 2021, real estate development loans increased by 0.9% year-on-year, and the growth rate rebounded compared with the third quarter. Personal housing mortgage loans increased by 11.3% year-on-year, and the growth rate was basically the same as that in the third quarter. The balance of Pratt & Whitney small and micro loans increased by 27.3% year-on-year, down 0.1 percentage point from the end of the third quarter. Under the steady growth policy, credit growth is expected to remain stable. In the medium and long term, we believe that the internal differentiation of the banking sector will continue. It is suggested to pay attention to the banks whose proportion of intermediate business income continues to increase and the banks whose fundamentals continue to improve.
Key investment points:
Market performance: last week, the China Citic Bank Corporation Limited(601998) index fell by 3.47%, the CSI 300 index fell by 4.51%, and the sector outperformed the CSI 300 index by 1.04 percentage points, ranking eighth among 30 primary industries. Since the beginning of the year, the banking sector has risen by 2.47% as a whole, and the CSI 300 index has fallen by 7.62%. The banking sector has outperformed the CSI 300 index by 10.09 percentage points, ranking first among 30 primary industries. In terms of individual stocks, last week’s banking sector, Industrial And Commercial Bank Of China Limited(601398) , Bank Of China Limited(601988) and Jiangsu Suzhou Rural Commercial Bank Co.Ltd(603323) fell slightly.
Liquidity and market interest rate: from January 24 to February 4, the central bank invested a net 600 billion yuan through open market operation. From January 24 to January 30, the actual issuance scale of interbank certificates of deposit was 332.7 billion yuan, with an average coupon rate of 2.45%. The issuance scale and interest rate fell slightly. Industry and company highlights:
Industry highlights:
On January 30, 2022, the people’s Bank of China issued the statistical report on the loan investment orientation of financial institutions in 2021.
Company highlights:
Jiangsu Zijin Rural Commercial Bank Co.Ltd(601860) : the announcement of 2021 annual performance express was issued on January 29.
Risk factors:
If the epidemic repeatedly causes the overall economy to continue to weaken, the enterprise revenue will deteriorate significantly, and the performance of the banking sector will fluctuate.
