Event: according to media reports (China Central Television News and China Financial News Network), Industrial Bank Co.Ltd(601166) plans to issue 10 billion yuan of real estate M & a themed bonds; Cities such as Heze in Shandong, Chongqing and Ganzhou in Jiangxi (some regions and some banks) have successively reduced the down payment ratio of the first house from 30% to 20%; Since February 21, the six major banks have simultaneously lowered the loan interest rates of the first and second homes in Guangzhou, and the LPR points have narrowed by 20bp.
Policy care and effective promotion of real estate M & A. Under the influence of supervision and encouragement of real estate M & A loans, since this year, Shanghai Pudong Development Bank, GF, Ping An and Industrial Bank Co.Ltd(601166) have successively issued (or planned to issue) M & a themed bonds, and real estate M & A projects have also been accelerated.
The policy on the sales side is loose and then overweight. Since mid February, Heze, Chongqing, Ganzhou and other cities have successively reduced the down payment ratio of the first house from 30% to 20%; The interest rate of housing loans in Guangzhou has been lowered synchronously since June 21. Policy easing is relatively strong, which is expected to boost residents’ demand for house purchase to a certain extent.
Bank assets are expected to increase in quality. Real estate M & A is accelerated, which is expected to help weak real estate enterprises speed up risk clearing in the short term; It is conducive to the virtuous circle of the real estate industry for a long time and the quality of bank assets; Further easing of sales policy is expected to stabilize the sales side, drive the overall wide credit chain of real estate, and drive housing mortgage and corporate loans.
Investment suggestion: the expectation of real estate wide credit continues to rise, and the bank valuation repair market continues
At present, the main line of the banking sector is: wide credit promotes steady growth and economic expectations improve. At present, it is in the stage of interweaving game wide credit policy and economic expectation. The accelerated landing of real estate M & A and the increase of loose policies on the sales side are conducive to the asset side of banks and the valuation of bank stocks in terms of quantity and quality, so as to maintain the “recommended” rating of the industry. It is suggested to pay attention to Industrial Bank Co.Ltd(601166) , Ping An Bank Co.Ltd(000001) , China Merchants Bank Co.Ltd(600036) in high-quality joint-stock banks and Bank Of Chengdu Co.Ltd(601838) , Bank Of Hangzhou Co.Ltd(600926) , Bank Of Ningbo Co.Ltd(002142) , Bank Of Jiangsu Co.Ltd(600919) in high expansion city commercial banks.
Risk warning: the economic recovery is lower than expected; Real estate credit risk intensifies; Decline in bank asset quality
