Institutions are enthusiastic about bank research. According to data statistics, as of press time, a total of 200 institutions had conducted research on banks in February, with only 60 institutions participating in the research significantly higher than the same period last year. From the eight banks that attracted institutions to investigate, most of them are regional banks.
Among them, Bank Of Hangzhou Co.Ltd(600926) , Jiangsu Zhangjiagang Rural Commercial Bank Co.Ltd(002839) are favored by institutions and have been investigated by more than 50 institutions Jiangsu Suzhou Rural Commercial Bank Co.Ltd(603323) , Bank Of Qingdao Co.Ltd(002948) followed, attracting 39 and 31 institutions to investigate respectively. In addition, Xiamen Bank Co.Ltd(601187) , Bank Of Nanjing Co.Ltd(601009) , Bank Of Suzhou Co.Ltd(002966) , Zhejiang Shaoxing Ruifeng Rural Commercial Bank Co.Ltd(601528) all became the objects of institutional research in February.
Insiders told the financial associated press that the number of institutional research banks increased year-on-year, which can be seen from the attention of institutions to this sector. Recently, affected by many factors, bank stocks have made up for the decline. In the view of analysts, the covering decline of the banking sector may be coming to an end, which brings the opportunity to allocate high-quality banks with undervalued value. With the increase of steady growth and the further relaxation of real estate policies, it is expected that the effect of steady growth will gradually appear, supporting the valuation repair of the banking sector.
2022 interest rate spread trend and financial management business become the focus
During the investigation, the institution focused on the bank's operation in 2022 and the credit extension plan. From the bank's reply, we may get a glimpse of some of the bank's plans in 2022.
At the end of the transition period of the new asset management regulations, what are the bank's financial business plans for 2022? When investigated, this has become an unavoidable problem for many banks. In this regard, Jiangsu Zhangjiagang Rural Commercial Bank Co.Ltd(002839) revealed that it would pay close attention to both self financing and consignment financing Bank Of Hangzhou Co.Ltd(600926) said that in terms of wealth management, it will focus on the hierarchical management of wealth customers around "getting customers" and "living customers" Bank Of Qingdao Co.Ltd(002948) said it would continue to focus on expanding the scale of financial products and increasing the income of fixed management fees; At the same time, improve the investment and research ability, make efforts to allocate multiple assets, and tap the opportunities to obtain excess returns.
Among the issues concerned by institutions, the trend of interest rate spread in 2022 has become a high-frequency word Bank Of Hangzhou Co.Ltd(600926) when asked about this question, he said that the net interest margin of the bank in 2022 is expected to be lower than that in 2021, but the margin will stabilize.
Bank Of Qingdao Co.Ltd(002948) it is expected that the interest rate spread of the bank will remain basically stable in 2022. The reason for making the above prediction, Bank Of Qingdao Co.Ltd(002948) explained that on the liability side, with the deepening of the market-oriented reform of interest rates and the development of Internet finance, the competitive pressure on deposits has gradually increased, but the gradual emergence of the role of deposit pricing self-discipline mechanism and the superposition of the RRR reduction policy will help the bank to control the cost of liabilities and maintain it within a reasonable range. In addition, on the asset side, according to the current macroeconomic background of steady growth, combined with the downward trend of LPR again, the interest rate level on the asset side is expected to decline steadily.
industry: bank stocks make up for the decline or have ended the undervalued value allocation opportunity
From the beginning of 2022 to February 11, under the overweight of the steady growth policy, the valuation of the banking sector was slightly repaired. The China Citic Bank Corporation Limited(601998) index increased by 8.7% in the range and 26% relative to the gem. However, recently, under the disturbance of various factors, institutional funds and funds going north flowed out of the banking sector, making the banking sector make up for the decline. According to China stock market news, the banking sector has fallen by more than 5% since February 14-28. In addition, as of the closing on February 28, 35 of the 42 A-share banks had a price to book ratio of less than twice and a net breaking rate of more than 80%.
China Merchants Securities Co.Ltd(600999) Liao Zhiming's team predicts that the European and American sanctions against Russia are difficult to reach oil and gas exports and have little impact on the world, especially China. At present, the bank sector's make-up decline caused by trading factors may be coming to an end, and the make-up decline has brought an opportunity for undervalued value to allocate high-quality banks.
Looking forward to the market of bank stocks in March, Liao Zhiming's team believes that the fundamentals of the banking industry depend on the economy, and the core of the market of the banking sector is the economic expectation. If the economic recovery is weak, when the economy really improves, the market often expects the subsequent economic downturn. Therefore, bank stock investment needs to be laid out as soon as possible and configured on the left.
"With the increase of steady growth, the resumption of work and the improvement of infrastructure construction after the Spring Festival, and the further relaxation of real estate policy, it is expected that the effect of steady growth will gradually appear, supporting the valuation repair of the banking sector. After the recent decline, the banking sector may perform better in March." The above team said that in terms of individual stocks, the first high-quality bank with low valuation, active regional economy and strong wealth management was recommended.
\u3000\u3000 "China's macro economy has entered a downward cycle since the third quarter of last year. According to estimates, the macroeconomic decline usually lasts for 1-1.5 years. Therefore, the fastest will be in the first quarter of 2022, and the slowest will start to pick up in the third quarter of 2022. During this period, the banking sector can not only highlight the advantages of defensive attributes, but also obtain new loan demand and profit improvement from the macroeconomic recovery." According to the latest research report of Debang securities, the dividend rate of banks in CITIC's primary industry ranks first, reaching 4.61%. At the same time, it is also the only industry in CITIC's primary industry with a price to book ratio of less than 1. The price to book ratio of the banking sector is only 0.64, and the current time point allocation opportunity is obvious
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