Industry core view:
Looking back on 2021, the performance of the banking sector has rebounded for three consecutive quarters, while the overall valuation of the sector remains low. Looking forward to 2022, the sector may continue to confirm the continuity of policies and performance growth in the short term. 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 0.88%, the CSI 300 index rose by 0.39%, and the sector lost the CSI 300 index by 1.27%, ranking 27th among 30 primary industries. Since the beginning of the year, the banking sector has risen by 0.2% as a whole, and the CSI 300 index has fallen by 5.2%. The banking sector has outperformed the CSI 300 index by 5.4 percentage points, ranking 22nd among 30 primary industries. In terms of individual stocks, last week, the banking sector, Bank Of Communications Co.Ltd(601328) , Bank Of Jiangsu Co.Ltd(600919) and Jiangsu Zhangjiagang Rural Commercial Bank Co.Ltd(002839) led the gains.
Liquidity and market interest rate: last week, the central bank invested a net 600 billion yuan through open market operation. The actual issuance scale of interbank certificates of deposit was 316.6 billion yuan, with an average coupon rate of 2.75%. The issuance scale and interest rate fell.
Industry and company highlights:
Industry highlights:
On December 31, the people’s Bank of China issued the guidelines for macro prudential policies (for Trial Implementation).
Company highlights:
Bank Of Qingdao Co.Ltd(002948) : the announcement on A-share allotment was issued on December 30.
Risk factors:
The rapid clearing of debt risk led to a sharp rise in credit spreads. 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.
