Focus:
1) On December 31, the central bank issued the macro Prudential policy guidelines (for Trial Implementation).
2) On December 31, the central bank issued the regulations on local financial supervision and Administration (Draft for comments).
Industry and company dynamics
1) On December 29, the State Council issued the implementation plan for strengthening the sharing and application of credit information and promoting the financing of small, medium-sized and micro enterprises; On January 1, the central bank announced the continuous transformation of two direct tools to increase support for small and micro enterprises. 2) On December 31, the central bank, the China Banking and Insurance Regulatory Commission and other seven ministries and commissions issued the administrative measures for online marketing of financial products (Draft for comments), which mainly defined the specific norms of online marketing publicity content and behavior of financial products. 3) On December 27, the central bank held a 2022 working meeting, and the main tone of monetary policy continued to be stable. 4) On December 31, the central bank released the questionnaire survey report of bankers in the fourth quarter, and the decline of loan demand index slowed down. 5) In Bank Of Chongqing Co.Ltd(601963) this week, the cumulative amount of increased holdings of relevant entities was 26.6422 million yuan, and the implementation of the increased holdings plan has been completed; Postal Savings Bank Of China Co.Ltd(601658) postal Huiwanjia bank, a subsidiary of direct bank, was approved by the cbcirc to start business; Bank Of Chengdu Co.Ltd(601838) approved by the CSRC to publicly issue 8 billion yuan of convertible bonds; Bank Of Ningbo Co.Ltd(002142) the board of directors agreed that the company would transfer 70% equity of Huarong consumer finance with RMB 1.091 billion; Wuxi Rural Commercial Bank Co.Ltd(600908) the non-public offering scheme was approved by the CBRC; Industrial And Commercial Bank Of China Limited(601398) completed the redemption of 50 billion yuan of subordinated bonds.
Data tracking
This week, the A-share bank index fell by 0.88%, 1.27 percentage points lower than the CSI 300 index, and the rise and fall of the sector ranked 27 / 30, among which Zhejiang Shaoxing Ruifeng Rural Commercial Bank Co.Ltd(601528) (+ 1.35%), Bank Of Communications Co.Ltd(601328) (+ 1.32%) and Bank Of Chongqing Co.Ltd(601963) (+ 0.91%) were the top gainers. Open market operation: a total of 50 billion yuan of reverse repurchase and 70 billion yuan of fixed deposit of treasury cash in the open market of the central bank are due this week. A total of 650 billion yuan of reverse repurchase operation has been carried out this week, so a full-scale net investment of 530 billion yuan this week. 700 billion yuan of reverse repurchase will expire next week. Shibor: Bank Of Shanghai Co.Ltd(601229) inter-bank lending rate rose, the overnight Shibor rate rose 28.9bp to 2.13%, and the seven-day Shibor rate rose 32.8bp to 2.27%.
Investment suggestions:
The macro Prudential policy framework was introduced this week, and the regulatory policy framework was more prudent and more applicable; At the same time, the structural credit support policy is sustainable, and the counter cyclical policy continues to support the economic recovery. At the end of the year, the credit demand index still declined, but the decline slowed down, and the credit approval index rebounded slightly. It is expected that the centralized credit supply at the beginning of the year is expected to boost the real financing demand to a certain extent. At present, the Pb corresponding to the valuation of the banking sector is still at the historical bottom of 0.63 times, and the continuous implementation of the growth policy is good for the expectation of economic repair, It is recommended to pay attention to the spring market of the plate under the overweight of counter cyclical regulation, select individual stocks, and continue to recommend: China Merchants, Ping An, Societe Generale, Ningbo, Chengdu, Hangzhou, Jiangsu Changshu Rural Commercial Bank Co.Ltd(601128) etc.
Risk tips:
1) The downward pressure on the economy continued to increase, and the credit cost increased significantly;
2) The operation differentiation of small and medium-sized banks and the major operation risks of individual banks
