Industry core view:
Some banks released the performance report for the first quarter of 2022, and the performance was basically in line with expectations. In the future, we will pay close attention to the changes in price trends and the adjustment of monetary policies in major developed economies, taking into account internal and external balance. At present, the valuation of the banking sector is still at a historical low, so it is recommended to continue to pay attention.
Key investment points:
Market performance: last week, the China Citic Bank Corporation Limited(601998) index fell by 2.95%, ranking eighth among 30 primary industries. The CSI 300 index fell by 4.19%, and the sector outperformed the CSI 300 index by 1.24 percentage points. Since the beginning of the year, the banking sector has risen by 1.39% as a whole, ranking second among the 30 primary industries. The CSI 300 index fell 18.77%, and the banking sector outperformed the CSI 300 index by 20.16 percentage points. In terms of individual stocks, last week, in the banking sector, Bank Of Nanjing Co.Ltd(601009) , Industrial And Commercial Bank Of China Limited(601398) and Agricultural Bank Of China Limited(601288) led the gains.
Liquidity and market interest rate: last week, the central bank recovered 10 billion yuan through open market operation. The actual issuance scale of interbank certificates of deposit was 663.6 billion yuan, with an average coupon rate of 2.36%. The issuance scale continued to rise, and the issuance interest rate fell again.
Industry and company highlights:
Industry highlights:
On the afternoon of April 22, the people’s Bank of China convened the Party committee to study and convey the spirit of important meetings and instructions of the Party Central Committee and the State Council, implement the work deployment of the financial commission of the State Council, analyze and judge the current economic and financial situation and study the next financial work.
Company highlights:
China Merchants Bank Co.Ltd(600036) : the performance report for the first quarter of 2022 was released on April 23.
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.
