Core view
The banking sector outperformed Shanghai and Shenzhen 300 as a whole
The banking sector outperformed Shanghai and Shenzhen 300 as a whole. Last week (02.07-02.11), the A-share market showed an overall upward trend, and the Shanghai Composite Index rose to around 3485.91. The banking sector outperformed Shanghai and Shenzhen 300 as a whole.
Among them, the banking sector index (Shenwan level) rose 6.20% as a whole, outperforming the Shanghai and Shenzhen 300 index (0.82%) by 5.37 percentage points. Most of the industry wide indexes rose last week, building decoration, petroleum, petrochemical and coal rose significantly, medicine, biology and electronics fell, and power equipment fell most significantly.
The banking sector rose as a whole
The banking sector rose as a whole. Bank shares rose 11.02-11.02 last week.
Among them, Xiamen Bank Co.Ltd(601187) (8.21%), Qilu Bank Co.Ltd(601665) (8.29%) and Industrial Bank Co.Ltd(601166) (10.11%) increased significantly, and Bank of Lanzhou (29.25%) increased the most.
Inter bank liquidity tracking
Last week (02.07-02.11), the weighted interest rate of pledged repo of deposit institutions fell as a whole. Weighted interest rate of pledged repo of deposit institutions: 1.80% in one day, down 37bp from the previous week; Weighted interest rate of pledged repo of deposit institutions: 1.98% in 7 days, down 33bp from the previous week; The weighted interest rate of bond pledge repo gc001 decreased by 63bp compared with the previous week, and gc007 decreased by 62bp compared with the previous week.
Bank financial product tracking
In the third and fourth weeks of January (2021.01.17-2022.01.30), the expected rate of return of RMB financial products of all terms in the whole market is relatively stable as a whole. In the fourth week of January 2022, the expected annualized yield of financial products of all terms in the whole market is 1.88% in one month, an increase of 3bp compared with two weeks ago; 1.89% in two months, unchanged from the previous two weeks; 1.92% in three months, unchanged from the previous two weeks; 3.16% in 6 months, a decrease of 1bp compared with two weeks ago. According to the income of financial products of different types of commercial banks, the income of large commercial banks is 1.88%, and joint-stock banks, urban commercial banks and rural commercial banks have not been announced.
Tracking of interbank certificates of deposit of commercial banks
Last week (02.07-02.11), the issuing interest rate of interbank certificates of deposit decreased slightly, including 2.28% for one month, 2.50% for three months and 2.63% for six months; Compared with two weeks ago, the change range of deposit certificate issuance interest rate is – 13bp, 10bp and – 9bp respectively, among which the inter-bank deposit certificate issuance interest rate of urban commercial banks is higher.
Risk tips
Covid-19 epidemic situation is repeated; The economic growth rate was lower than expected; The implementation of the policy is less than expected.
