Industry core view:
The LPR published on March 21, 2022 remains unchanged. The epidemic situation in China has rebounded significantly. A number of banks officially released their annual performance reports. Recently, the banking sector has adjusted. 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 0.12%, ranking 10th among 30 primary industries. The CSI 300 index fell 2.14%, and the sector outperformed the CSI 300 index by 2.02 percentage points. Since the beginning of the year, the banking sector as a whole has fallen by 1.4%, ranking third among the 30 primary industries. The CSI 300 index has fallen by 15.5%, and the banking sector has outperformed the CSI 300 index by 14.1 percentage points. In terms of individual stocks, the banking sector last week, Bank Of Ningbo Co.Ltd(002142) , Bank Of Jiangsu Co.Ltd(600919) and Bank Of Nanjing Co.Ltd(601009) led the gains. Liquidity and market interest rate: last week, the central bank invested a net 50 billion yuan through open market operation. The actual issuance scale of interbank certificates of deposit was 506.4 billion yuan, with an average coupon rate of 2.54%. The issuance scale fell slightly and the issuance interest rate remained basically stable.
Industry and company highlights:
Industry highlights:
On March 23, 2022, the people’s Bank of China issued the report on the operation of financial market in February 2022.
Company highlights:
China Everbright Bank Company Limited Co.Ltd(601818) : the annual performance report for 2021 was issued on March 26.
Risk factors:
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.
