Credit Suisse released a research report saying that the People's Bank of China announced an overall downgrade on Friday (25th). On the 5th of next month, it will lower the reserve ratio of financial institutions by 0.25 percentage points, releasing about 500 billion yuan. The bank believes that the positive impact on domestic banks may come from a more stable bond market and the net management value of banks' wealth management products; more stable funding sources and lower financing costs. According to the report, from a 12-month perspective, the bank favors CITIC Securities and CICC because of their strong IPO pipeline, asset and wealth management business, and a broad institutional customer base. On the insurance company side, the bank believes that Ping An of China is the main beneficiary of a possible improvement in stock market sentiment.
瑞信：央行降准或利好内银及券商 中国平安为内险股中最受惠
Credit Suisse: The central bank downgrades or favors domestic banks and brokerage firm Ping An of China as the most beneficial domestic insurance stocks
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