Industry core view:
A number of banks have successively released the annual performance express of 2021. The overall performance is that the performance growth rate maintains an upward trend, and the robustness is better than the market expectation. 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. 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 fell by 1.02%, the CSI 300 index fell by 1.98%, and the sector outperformed the CSI 300 index by 0.96%, ranking 11th among 30 primary industries. Since the beginning of the year, the banking sector has risen by 1.82% as a whole, and the CSI 300 index has fallen by 4.32%. The banking sector has outperformed the CSI 300 index by 6.14 percentage points, ranking first among 30 primary industries. In terms of individual stocks, last week, the banking sector, Jiangsu Changshu Rural Commercial Bank Co.Ltd(601128) , Bank Of Chengdu Co.Ltd(601838) and Jiangsu Suzhou Rural Commercial Bank Co.Ltd(603323) led the gains.
Liquidity and market interest rate: last week, the central bank invested a net 10 billion yuan through open market operation. The actual issuance scale of interbank certificates of deposit was 273.1 billion yuan, with an average coupon rate of 2.59%. The issuance scale rebounded slightly and the issuance interest rate fell slightly.
Industry and company highlights:
Industry highlights:
On January 12, the central bank released the statistical data report on the stock of social financing scale in 2021.
Company highlights:
China Merchants Bank Co.Ltd(600036) : the announcement of 2021 annual performance express was issued on January 15.
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.
