Core view
The banking sector outperformed Shanghai and Shenzhen 300
The Shanghai and Shenzhen banking sector won the overall 300. Last week (03.21-03.25), the A-share market showed an overall downward trend, and the Shanghai Composite Index fell to near 321224. The banking sector outperformed Shanghai and Shenzhen 300 as a whole. Among them, the banking sector index (Shenwan level) fell 0.12% as a whole, outperforming the Shanghai and Shenzhen 300 index (- 2.14%) by 2.02 percentage points. Most industry wide indexes fell last week, with food and beverage, building materials, power equipment and computers falling most significantly. Real estate, agriculture, forestry, animal husbandry and fishery, coal and other sectors rose sharply.
The banking sector as a whole fell slightly
The banking sector as a whole fell slightly. Last week (03.21-03.25), bank stocks in the A-share market fell slightly as a whole. Among them, Bank Of Ningbo Co.Ltd(002142) (4.70%), Bank Of Jiangsu Co.Ltd(600919) (3.39%), Bank Of Nanjing Co.Ltd(601009) (2.67%) increased, and Zhejiang Shaoxing Ruifeng Rural Commercial Bank Co.Ltd(601528) (- 3.56%), Bank of Lanzhou (- 5.91%) and Bank Of Chongqing Co.Ltd(601963) (- 9.17%) decreased significantly.
Inter bank liquidity tracking
Last week (03.21-03.25), the weighted interest rate of pledged repo of deposit institutions rose as a whole. The weighted interest rate of pledged repo of deposit institutions: 1.98% in one day, down 1bp from the previous week; Weighted interest rate of pledged repo of deposit institutions: 2.22% in 7 days, up 15bp from the previous week; The weighted interest rate of treasury bond pledged repo gc001 increased by 21bp compared with the previous week, and gc007 increased by 101bp compared with the previous week.
Bank financial product tracking
In the third week of March (202203.14202203.20), the expected rate of return of RMB financial products of all terms in the whole market is relatively stable as a whole. In the third week of March 2022, the expected annualized yield of financial products of all terms in the whole market is 1.85% in two weeks, which is the same as the previous week; 1.88% in one month, unchanged from the previous week; 1.90% in two months, unchanged from the previous week; 2.10% in 6 months, down 111bp compared with the previous week. According to the income of financial products of different types of commercial banks, the income of large commercial banks is 1.88%, and joint-stock banks, urban commercial banks and rural commercial banks have not been announced.
Tracking of interbank certificates of deposit of commercial banks
Last week (03.21-03.25), the issuing interest rate of interbank certificates of deposit decreased slightly, including 2.49% in one month, 2.51% in three months and 2.61% in six months; Compared with the previous week, the change range of deposit certificate issuance interest rate is 6BP, 2bp and 0bp respectively, among which the inter-bank deposit certificate issuance interest rate of urban commercial banks is higher as a whole.
Risk tips
The implementation of monetary policy is less than expected; Macroeconomic growth slowed down.
