Industry core view:
Since the fourth quarter of 2021, the first home loan interest rate has been continuously reduced. From the current position, there is still some room for reduction. The epidemic is still the main variable restricting the expansion of short-term credit. 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 rose 0.81%, ranking 27th among 30 primary industries. The CSI 300 index rose 2.23%, and the sector lost 1.42 percentage points to the CSI 300 index. Since the beginning of the year, the banking sector as a whole has fallen by 4.00%, ranking fifth among the 30 primary industries. The CSI 300 index has fallen by 17.46%, and the banking sector has outperformed the CSI 300 index by 13.46 percentage points. In terms of individual stocks, last week, in the banking sector, China Merchants Bank Co.Ltd(600036) , Ping An Bank Co.Ltd(000001) and Jiangsu Jiangyin Rural Commercial Bank Co.Ltd(002807) 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 494.1 billion yuan, with an average coupon rate of 2.17%. The issuance scale fell and the issuance interest rate fell.
Industry and company highlights:
Industry highlights:
On May 15, the notice of Bank Of China Limited(601988) Insurance Regulatory Commission of the people’s Bank of China on issues related to the adjustment of differentiated housing credit policies.
Company highlights:
Bank Of Nanjing Co.Ltd(601009) : on May 19, 2022, the notice on suggestive announcement of more than 5% shareholders increasing their holdings by more than 1% was issued.
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.
