Key investment points:
The banking sector rose rapidly this week (1.4-1.7), with a P / b of lf0.5 as of the last trading day of this week 64pb, with a significant increase in the valuation compared with last week and an increase in the market heat. The average daily trading volume was 1230.83 billion yuan (mom + 21.58%). This week, the central bank’s wide caliber (including 7-day reverse repurchase) net recovery was 660 billion yuan, the 7-day reverse repurchase interest rate remained at 2.20%, and the overall liquidity was at a stable level; On Friday (January 7), it was announced that the weighted value of dr007 was 2.05%, which was at a normal low level and the overall liquidity environment was good.
One belt, one road and one east, is dynamically upgrading the financial services capability of the whole country. Promoting the construction of Chengdu Chongqing double city economic circle is a major decision and deployment made by the CPC Central Committee and the State Council, which has a significant and far-reaching impact on the construction of a new development pattern of “double circulation”. The plan for Chengdu Chongqing to jointly build a western financial center defines the policy framework of “six systems and one foundation” for jointly building a western financial center, and puts forward 28 specific policies and measures from seven aspects: financial organization system, financial market system, financial service system, financial innovation system, financial opening system, financial ecosystem and financial infrastructure, It is conducive to one belt, one road to further financial reform and opening up, and to build Chengdu Chongqing into a western financial center based on the west, facing East Asia and Southeast Asia and South Asia, serving the construction of the “one belt and one way” country and region, and promoting the Chengdu Chongqing Region to accelerate the construction of Shuangcheng economic circle and create a high quality development important growth pole and a new Beijing Dynamic Power Co.Ltd(600405) .
Financial science and technology planning seeks a new chapter, and science and technology enables finance to serve high-quality economic development. The financial science and technology development plan (2022-2025) is formulated in accordance with the 14th five year plan for national economic and social development of the people’s Republic of China and the outline of long-term objectives for 2035, puts forward guiding opinions for the development of financial science and technology in the new period, and defines the overall idea, development objectives, key tasks and implementation guarantee of financial digital transformation. Adhere to the development principle of “digital drive, wisdom for the people, green, low-carbon, fairness and inclusiveness”, strengthen the elements of financial data, deepen the structural reform of financial supply side, digitize institutions and prudential supervision of financial technology, inject digital elements into the whole process of financial services, and pay attention to the scientific and technological drive and data empowerment of financial innovation, Strive to achieve leapfrog improvement of overall level and core competitiveness by 2025. Build a digital ecology that promotes mutual progress, build a green and highly available data center, deepen the financial application of digital technology, improve the application system and mechanism of scientific and technological achievements that pay equal attention to safety and efficiency, constantly expand the industrial ecology of openness, innovation and win-win cooperation, and open up the “last mile” of the transformation of scientific and technological achievements. Under the background of stable economic growth, the improvement of valuation level has started. At present, the overall valuation level is still at a historical low and maintains the “recommended” rating.
Market performance
The banking industry index rose 2.87% this week, outperforming the market. This week, the Shanghai Composite Index fell 1.65%, the Shenzhen Component Index fell 3.46%, the gem index fell 6.8%, and the Shanghai and Shenzhen 300 index fell 2.39%. It is suggested to focus on high-quality joint-stock banks (China Merchants, Societe Generale, Ping An Bank Co.Ltd(000001) ), large undervalued state-owned postal savings banks, industry and commerce, China Construction Bank Corporation(601939) and high-quality urban and rural commercial banks (Ningbo, Jiangsu, Chengdu, Chongqing, Hangzhou, Bank Of Shanghai Co.Ltd(601229) , Shanghai Rural Commercial Bank Co.Ltd(601825) and Changshu and Zhangjiagang banks).
Risk tips
Repeated epidemic risk, tightening of monetary policy, risk of increasing non-performing rate, outbreak of major risks and events of default, etc
