Industry core view:
Last week, the banking sector as a whole closed up. Looking forward to the first quarter, the market is pessimistic about the repair, superimposed with strong performance certainty, and the whole sector is expected to remain strong. We upgraded the sector to be stronger than the general trend. In the medium and long term, we believe that the internal differentiation of the banking sector will continue. It is recommended 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 by 2.87%, the CSI 300 index fell by 2.39%, and the sector outperformed the CSI 300 index by 5.26%, ranking fourth among the 30 primary industries. Since the beginning of the year, the banking sector as a whole has risen by 2.87%, and the CSI 300 index has fallen by 2.39%. The banking sector has outperformed the CSI 300 index by 5.26 percentage points, ranking fourth among the 30 primary industries. In terms of individual stocks, last week’s banking sector, Industrial Bank Co.Ltd(601166) , Bank Of Chengdu Co.Ltd(601838) and Jiangsu
Banks led the gains.
Liquidity and market interest rate: last week, the central bank recovered a net 660 billion yuan through open market operation. The actual issuance scale of interbank certificates of deposit was 167.2 billion yuan, with an average coupon rate of 2.62%, and the issuance scale and interest rate fell.
Industry and company highlights:
Industry highlights:
On January 4, the people’s Bank of China issued the financial science and technology development plan (2022-2025).
Company highlights:
Bank Of Chengdu Co.Ltd(601838) : the announcement of performance increase in 2021 was issued on January 5.
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
