Industry core view:
A number of companies announced their performance in 2021, with a slight increase in revenue growth, and asset quality and provision continued to improve. The expected value of the bank sector continues to rise and underestimate the short-term economic support. 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 rose 1.15%, ranking sixth among 30 primary industries. The CSI 300 index fell 1.06%, and the sector outperformed the CSI 300 index by 2.21 percentage points. Since the beginning of the year, the banking sector has risen by 4.85% as a whole, ranking third among the 30 primary industries. The CSI 300 index fell 14.36%, and the banking sector outperformed the CSI 300 index by 19.21 percentage points. In terms of individual stocks, last week, in the banking sector, Bank Of Nanjing Co.Ltd(601009) , Jiangsu Zhangjiagang Rural Commercial Bank Co.Ltd(002839) and Ping An Bank Co.Ltd(000001) led the gains.
Liquidity and market interest rate: last week, the central bank recovered a net 570 billion yuan through open market operation. The actual issuance scale of interbank certificates of deposit was 193.8 billion yuan, with an average coupon rate of 2.47%. The issuance scale and interest rate fell.
Industry and company highlights:
Industry highlights:
On April 6, 2022, the people’s Bank of China publicly solicited opinions on the financial stability law of the people’s Republic of China (Draft for comments).
Company highlights:
Bank Of Ningbo Co.Ltd(002142) : the annual performance report for 2021 was issued on April 8.
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.
