Citic Securities releases research reports, stating that the June credit income and expenditure table of the Central Bank indicates that since the second quarter, under the guidance of the Central Bank to promote balanced credit release, and to govern and prevent capital idle and rectify manual interest payments, the adjustment of asset liabilities of the banking system has been significant. On the one hand, although the expansion pace has overall converged, the contraction of interbank assets is more obvious than that of loan and bond assets; on the other hand, regulatory factors have led to weak deposit momentum, especially the slight increase in demand for current deposits from enterprises, and the good news of high-cost deposit governance for banks' liability costs and the expansion of wealth management scale. In terms of sector investment, previous policies from multiple directions have helped to improve the risk expectations of banks, and the valuation of bank stocks is more supported by fundamentals, further consolidating the certainty of dividend income space. In terms of individual stocks, two main lines are recommended: 1) steady bottoming-out, large banks with high dividends and small valuation fluctuations under the product logic are more valuable for allocation; 2) growth attack: under the growth logic, companies with sustained alpha are more likely to increase in valuation space.
中信证券:银行股估值提升具备基本面支撑 推荐两条主线
CITIC Securities: The valuation of bank stocks has fundamental support and recommends two main lines.
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