Industry core view:
Last week, the central bank lowered the winning rate of MLF and OMO operation and the quoted price of LPR, and so on. At present, the pressure of steady growth is still high. It is expected that there will be further easing at the end of the first quarter. 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 rose 4.26%, the CSI 300 index rose 1.11%, and the sector outperformed the CSI 300 index by 3.15 percentage points, ranking third among 30 primary industries. Since the beginning of the year, the banking sector has risen by 6.16% as a whole, and the CSI 300 index has fallen by 3.26%. The banking sector has outperformed the CSI 300 index by 9.42 percentage points, ranking first among 30 primary industries. In terms of individual stocks, last week, the banking sector, Bank Of Ningbo Co.Ltd(002142) , Bank Of Hangzhou Co.Ltd(600926) and China Merchants Bank Co.Ltd(600036) led the gains.
Liquidity and market interest rate: last week, the central bank invested a net 450 billion yuan through open market operation. The actual issuance scale of interbank certificates of deposit was 351 billion yuan, with an average coupon rate of 2.58%. The issuance scale rebounded slightly and the issuance interest rate was basically the same.
Industry and company highlights:
Industry highlights:
On January 20, 2022, the quoted interest rate (LPR) of the loan market is: 1-year LPR is 3.7%, and more than 5-year LPR is 4.6%.
Company highlights:
Jiangsu Suzhou Rural Commercial Bank Co.Ltd(603323) : the capital management plan for 2022-2024 was issued on January 20.
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.
