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方正证券:信贷投放预期改善有望推动银行板块估值回升

Fangzheng Securities: Improved credit investment expectations are expected to drive up valuations in the banking sector

Breakings ·  Feb 3, 2023 08:06
According to the Fangzheng Securities Research Report, effective credit demand in the real economy will gradually recover in 2023 as the impact of the epidemic on economic activity gradually weakens. The 2022 Central Economic Work Conference clarified the tone of “taking the lead with stability and seeking progress” in 2023, and it is expected that the effects of the subsequent steady growth policy will gradually become apparent. Valuations in the banking sector are currently at a low level in the past ten years, and the improvement in macroeconomic expectations will further promote valuation recovery. In terms of individual stocks, it is recommended to grasp two main lines. The first main line is urban agricultural commercial banks in high-quality regions. It is recommended to focus on Bank of Ningbo, Bank of Changshu, Bank of Chengdu, and Bank of Jiangsu. The second main line suggests that stock banks China Merchants Bank, Ping An Bank, and Industrial Bank focus on marginal improvements in real estate credit risk.

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