华龙证券认为，国庆长假前6个交易日涨幅巨大，银行板块表现相对较弱，但应当注意到的是，增量政策中无论加大险资权益配置比例，亦或是互换便利和再贷款政策均对银行高股息效应带来较多助益，仍然看好银行板块在四季度剩余时间的配置价值，银行板块稳定高股息逻辑仍然占优。china mainland banking shares collectively rose, as of the deadline of this report, $ICBC (01398.HK)$ up 3.53%, to 4.69 Hong Kong dollars; $CM BANK (03968.HK)$ up 4.18%, to 39.85 Hong Kong dollars; $BANK OF CHINA (03988.HK)$ up 3.85%, to 3.78 Hong Kong dollars; $CCB (00939.HK)$ Rising by 4.19%, closing at HKD 5.97.
On the news front, on October 10, the People's Bank of China issued an announcement, deciding to establish the "Securities, Fund, and Insurance Companies' Interchangeability and Facilitation" (SFISF), supporting eligible securities, funds, and insurance companies to mortgage assets such as bonds, stock ETFs, CSI 300 components, etc., to the People's Bank of China in exchange for national debt, central bank bills, and other high-grade liquid assets. The initial operating scale is 500 billion yuan, with the potential to further expand as needed. Effective immediately, eligible securities, fund, and insurance companies can apply.
CITIC Securities released a research report stating that during the National Day holiday, the Hong Kong stocks' China mainland banking sector performed relatively positively. In addition to fund factors, banks with a high proportion of real estate business may benefit mainly from the expected quality improvement under the recent incremental real estate financial policies. Retail and wealth business advantages, or main benefits from the recent "policy combination" stimulation and real estate uplift expectations, provide room for recovery in resident consumption and investment. Furthermore, various new real estate financial policies are being intensively optimized and implemented across regions, which may help accelerate risk mitigation in the real estate industry and enhance bank asset quality.
Hualong Securities believes that in the six trading days before the National Day holiday, there was a significant increase, with the banking sector showing relatively weaker performance. However, it is worth noting that incremental policies, whether increasing the proportion of insurance funds' equity allocation, or the interchangeability and re-lending policies, all bring more benefits to the high dividend effect of banks. They remain bullish on the value allocation of the banking sector in the remaining time of the fourth quarter. The stable high dividend logic of the banking sector still holds the advantage.
Editor/Rocky
