Industry core view:
Under the steady growth policy, we expect that the overall credit supply of the industry will be ahead in 2022, and the growth rate of total assets will be mainly 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 1.09%, the CSI 300 index rose by 1.08%, and the sector lost the CSI 300 index by 2.17 percentage points, ranking 26th among 30 primary industries. Since the beginning of the year, the banking sector as a whole has risen by 7.55%, and the CSI 300 index has fallen by 5.85%. The banking sector has outperformed the CSI 300 index by 13.4 percentage points, ranking second among the 30 primary industries. In terms of individual stocks, last week, the banking sector, Jiangsu Changshu Rural Commercial Bank Co.Ltd(601128) , Wuxi Rural Commercial Bank Co.Ltd(600908) and Bank Of Hangzhou Co.Ltd(600926) led the gains.
Liquidity and market interest rate: last week, the central bank recovered 250 billion yuan through open market operation. The actual issuance scale of interbank certificates of deposit was 463.5 billion yuan, with an average coupon rate of 2.46%. The issuance scale fell and the issuance interest rate rebounded slightly.
Industry and company highlights:
Industry highlights:
According to the data released by the National Bureau of statistics on February 16, consumer prices rose by 0.9% year-on-year and 0.4% month on month in January 2022.
Company highlights:
Bank Of Ningbo Co.Ltd(002142) : the announcement on Issuing the first phase of financial bonds in 2022 was issued on February 18.
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.
