根据2022年12月28日及2023年1月4日中国人民银行召开的会议，中国人民银行表示2023年将会增加对基建行业以及内需的金融支持。中国人民银行强调保持总信贷的有效增长，此前为“提升信贷增长稳定性”。我们认为此次基调的转变意味着对贷款增长的倾向性上升，我们预计2023年新增总贷款将同比录得较好增长
　　监管机构进一步表达了对房地产行业的金融支持以及对房地产行业需求侧支持的进一步推进，预计将有利于经济企稳复苏。近期，中国人民银行及中国银保监会进一步表达了将对房地产行业提供金融支持，确保房地产市场平稳发展。除此之外，中国人民银行及中国银保监会宣布建立首套住房贷款利率政策动态调整机制。我们认为动态调整机制的建立显示了政府稳定房地产市场的态度，将提升市场信心。同时，放松购房政策的城市数量继续增长。
　　我们维持银行行业2023年“跑赢大市”投资评级。我们挑选最受益于房地产政策放松的内地银行以及业绩表现较好的内地银行作为我们的优先推荐。我们推荐招商银行(03968HK)、邮储银行(01658 HK)。我们亦推荐中银香港(02388 HK)、汇丰控股(00005 HK)，其受益于美联储持续加息，2023年盈利增速预计维持较好。
　　风险因素：经济下行超出预期；政策效果不及预期。

研究报告全文：股票Research研究EquitySectorTableBasicInfoReportBankingSectorRichardCao曹柱行业报告银行行业8675523976870zhucaogtjascomhk9January2023TableMainInfoBi-WeeklyWrapDemand-SideSupportfortheRealEstate行IndustryBeingFurtherPromotedOutperform双周报对房地产行业需求侧的支持进一步推进跑赢大市业报AccordingtothemeetingsheldbythePBOCon28December2022andon4TableInvestInfo告January2023thePBOCexpressedthatitwillincreasefinancialsupportforOutperformSectorReportRatingtheinfrastructureindustryanddomesticdemandin2023ThePBOCMaintainedemphasizedkeepingeffectivegrowthoftotalcreditfromenhancingstablecreditgrowthpreviouslyWethinksuchtonechangesmeananupsidebias评级跑赢大市维持forloansgrowthandweexpectthattotalnewloanswillrecordgoodYoYgrowthin20232RegulatorsfurtherexpressedtoprovidefinancialsupportfortherealSectorperformanceestateindustryanddemand-sidesupportfortherealestateindustry行业表现hasbeenfurtherpromotedwhichisexpectedtobenefiteconomic300stabilizationandrecoveryRecentlythePBOCandChinaBanking200RegulatoryCommissionfurtherexpressedtoprovidefinancialsupportforthe10000证realestateindustrytoensurethesteadydevelopmentoftherealestate-100告marketInadditionthePBOCandChinaBankingandInsuranceRegulatory-200券Commissionannouncedtoestablishadynamicadjustmentmechanismfor-300研报thefirsthomeloaninterestratepolicyWethinktheestablishmentofdynamic-400adjustmentmechanismshowsthegovernmentsattitudetostabilizethereal-500究究-600estatemarketwhichwillimprovemarketconfidenceMeanwhilethenumber-700ResearchReport报研ofcitieswhichrelaxpoliciesrelatedtohousepurchasinghascontinuedtoHSIIndexIndexofmainlandlistedbanks告increase券SourceBloombergEquityWemaintainOutperformratingforthebankingsectorin2023Wepick证mainlandbankswhowillbenefitmostfromtherelaxationofrealestateYoYgrowthinbalanceofTSFandpoliciesandmainlandbankswhosefinancialresultsperformanceisexpectedRMBloanstobebetterasourpriorityrecommendationsWerecommendCMB03968社会融资及人民币贷款存量同比增速HKandPSBC01658HKWealsorecommendBOCHK02388HKand140HSBC00005HKwhowillbenefitfromtheUSFederalReserves135continuousinterestratehikesandthatearningsgrowthisexpectedtoremain130T125goodin2023120a115RiskfactorsThedeclineintheeconomymaybebeyondexpectationsthe110b105resultsofpoliciesmaynotbeinline100银l9590根据2022年12月28日及2023年1月4日中国人民银行召开的会议中国人民银行表行e示2023年将会增加对基建行业以及内需的金融支持中国人民银行强调保持总信贷的有BalanceofTSFYoYgrowht行效增长此前为提升信贷增长稳定性我们认为此次基调的转变意味着对贷款增长的BalanceofRMBloansYoYgrowth业倾向性上升我们预计2023年新增总贷款将同比录得较好增长LSourcethePeoplesBankofChinaGuotaiJunanInternationalBankingSector监管机构进一步表达了对房地产行业的金融支持以及对房地产行业需求侧支持的进一步e推进预计将有利于经济企稳复苏近期中国人民银行及中国银保监会进一步表达了将f对房地产行业提供金融支持确保房地产市场平稳发展除此之外中国人民银行及中国银保监会宣布建立首套住房贷款利率政策动态调整机制我们认为动态调整机制的建立显t示了政府稳定房地产市场的态度将提升市场信心同时放松购房政策的城市数量继续M增长a我们维持银行行业2023年跑赢大市投资评级我们挑选最受益于房地产政策放松的内地银行以及业绩表现较好的内地银行作为我们的优先推荐我们推荐招商银行03968r邮储银行我们亦推荐中银香港汇丰控股其HK01658HK02388HK00005HKg受益于美联储持续加息2023年盈利增速预计维持较好i风险因素经济下行超出预期政策效果不及预期nSeethelastpagefordisclaimerPage1of7SourceTablewewholeexpecttoexpectedisdepositsofratesinterestinreductiontheanddecreaseandcontrolTheratesinterestdeclininginterestofcostthatexpectweNIMimprovetoorderInlimitedrelativelybothfromloansfordemandweakthesupporttocostfinancingdecreasetoindividuals1Q2023financingcoststhereducetomeasuresinloansofrepricingtheafterstableremaintoexpectedisNIMbiasupsidecredittotalofgrowtheffectivekeepingindustryeastaterealtheforpoliciessupportiveantiofoptimizationthegiveninYoYthegrowthtocontributewillwhichpacegoodaatinfrastructureindustryandChinarecordwillloansnewtotalthatexpectWeSectorBankingMainlandconferencefor2023conferencetheworkPBOCheldOnmeetingregularheldthePBOCofCommitteeMonetaryPolicyOracleistaincancelledormonthpolicytforadjustmentmechanismdynamicaestablishtoannouncedCommissionRegulatoryInsurancesupporting3andenterprisesestateareassupportivemainexpressedtoprovidefinancialsupportfortherealestateindustrytoensureindustryestaterealtheTn28December2022December202228thenheregulatorshe4January2023the2023January4thePeoplesBankofChinaofPeoplesBankthethefourththequarter1PBOC-SeonoctewoeaepiefecmecarsdnilulighselndotreosctvmnhoaonmonthsconsecutivethreefordeclinedhasbuildingsresidentialcommercialnewofpricesaleswhosecitiesForMajortoupdatesMajornewsmonetaryrelatedcreditandpoliciese-AccordingtoGuotaiJunanforecastsaccommodativemonetarypolicystancepolicymonetaryaccommodativeforecastsJunanGuotaitoAccordingmonthmonthandyearforgrowthforloansandtotalwewillexpectthatrecordnewYoYloansgoodingrowththeon28December2022and2022December28onlas-ernlaiiisTemrvmnitetutroastiepcetprilyegtematfromimpactthehedgepartiallytoexpectedisassetsofstructuretheinimprovementTheliabilitiesbearingtthatfurtherexpressedtoprovidefinancialsupportfortherealestateindustryestaterealtheforsupportfinancialprovidetoexpressedfurtherpageehntesalsmnodnmcdutetehnssoshgvrmnattdtoattitudegovernmentstheshowsmechanismadjustmentdynamicofestablishmentthethinkWegeseNIMwillremainstafoincluderdisclaimerdomesticdemandhashas-GuotaiJunanInternationalJunanGuotaion-33problemsandfinancingforprivatesmallmicrokeyofconstructiontheandconsumption2themarketforin2023linetocontinueliquidityadequatereasonablywillitthatexpressedPBOCThe15TolowerthefinancingenterprisescostandconsumptionofforcreditcostindividualsmarketfinancialtheofdevelopmentsteadythemaintainandcapitalreplenishinginbankssupportTo43Tofocusonsupp2Toreasonablymaintainadequateliquidityeffectiveandkeepcredittotalgrowthofdemanddomesticandprovidethestrongersupportrealforeconomy1Tostrengthenthe-epidemicyearbasisthelowerlimitofthelocalfirsthomeloaninterestratepbeenfurtherpromotedfurtherbeen1TocontinuepreventtoToincreasefinancialsupportfordomesticdemandandanddemanddomesticforsupportfinancialincreaseTowithththeensuringrealeconomyandthegeneralpublicbutthedegreeofdeclineforLPRisexpectedtobebetoexpectedisLPRfordeclineofdegreethebutpublicgeneraltheandeconomyrealforthemarketplayersthemarketforfromenhancingstablecreditgrowthpreviouslyWethinksuchsuchthinkWepreviouslygrowthcreditstableenhancingfrombleaftertherepricingof1Q2023loansinriegrowthofthenominaleconomynominalethegrowthofandpolicyrecoveryofrecoveryiadmrvdosndmnndiintadditionIndemandhousingimprovedandgidonin2023thinkWethedeliveryofbuildingsofdeliverythegoodweexpectexpectwe4January2023thePBOCexpressedPBOCthe2023January4fvrbeiacaplcetspothrcvrodomesofrecoverythesupporttopoliciesfinancialfavorableortingortinganddrivinginfrastructurecontructioninimplementationofprudentmonetarypolicyfocusonsupportingtheexpansionofPYoYgrowthin2023ingrowthYoYthescaleofdepositswithhighinterestratethetwotherateinteresthighwithdepositsofscalethetheandbankswilloptimizethestructureofassetsandcontrolanddecreasethedecreaseandcontrolandassetsofthestructureoptimizewillbanksRecentlythePBOCandPBOCtheRecentlyeconomyweexpectthatLPRwillpossiblybereducedfurthergiventhegivenfurtherreducedbepossiblywillLPRthateconomyexpectwethnewdissolvefinancialdissolvereduceatkeepgrowthofbroadmoneysupplyandsocialfinancingbasicallyinbasicallyfinancingsocialandsupplymoneybroadofgrowthkeepthatlowerfinancingcostofenterprisesandconsumptionenterprisesandofcostlowerfinancingnewhouseholdloanswillreturnwillloanshouseholdnewmediumloansgrantedtocostforbankswhichwillgivepositivesupporttoNIMOntheOnNIMtosupportpositivegivewillwhichbanksforcost2improving2-termandlongandtermMAccordingtothemeetingsheldbythethebyheldmeetingsthetoAccordingnrsrcuenmjrprojectsmajorandinfrastructureainContentsainthethesteadydevelopmentoftherealestatemarketenterpriserisktaketakeTsin2023seBCxrsetaiwillitthatexpressedPBOCheTablePageHeaderChinaBankingRegulatoryCommissionRegulatoryBankingChinamlmnpuetoeayoiymaintainpolicymonetaryprudentimplementthethethebalancesheetofhighofsheetbalancethenumerousthat-sinfrastructureindustrywillcontinuetogrowtermin2023isexpectedisitwilliwillitsupplysystemsystemsupplycorporateeBCnCiaaknandBankingChinaandPBOChe2023togrowthThePBOCemphasizedPBOCThegrowthtomeasurestoreducefinancingmeasuresreducefinancingtocostsncreasefinancincreaseolicycanbemaintainedloweredandandhefirsthomeloaninterestrateinterestloanhomefirsthetocontinuein2023incontinuetodemandloan-tonechangesmeanchangestonefoldcutofRRRin2022inRRRofcutfoldsupporttherecoveryofofrecoverythesupportsin2023Meanwhile2023in-qualitynfurtherand-alsupportforsupportalsidesupportforsupportsideidemandticPeopletaketakecreditaknSectorBankingleadingrealleadingnumeroussBankofBanksInorderInPagePagecostcostfurtherreandssolveT2theforhanofofe72nigraMelbaT1nigraMelbaTSectorReportBankingSector银行行业9January2023theChinaofPeoplesBankSourcetheTablehomepurchasehomelooseningforpolicyRecentpolicyrateinterestloanhomethefirstformechanismadjustmentdynamictoannouncedCommissionRegulatoryandInsuranceBankingChinaThePBOCandOnfor2023conferencetheworkPBOCheldOnmeetingregularhtheofCommitteeMonetaryPolicyOmeetingCommissionBankingRegulatoryChinatheOeconomicrecoveryeconomicstabilizationandindustrydemandandenterprisesestaterealforpoliciessupportiveofpromotionappropriatelytheGivenhomeallrestrictpurchaseadjustremovedtoannouncedZhengzhouandpurchaseDongguanhomeforruletherelaxedfurtherexampleChongqingdistrictsForincreasetocontinuedpurchasinghousetorelatedconfidencemarketimprovewillwhichmarketestaterealthestabilizemanagementandmanagementforthestrengtheningfurtherbeneficialregulationstherulesonstrengtheningsupervisionofcustodybusinessofcommercialbanbasicrulesandstrengthen2022December29fromsuggestionspublicastoreferredhereinafterBanksCommercialofBusinessCustodytheofAdministrationthecoverageourunderKongHonginlistedbanksmainlandtheonimpactlimitedhavetoexpectedofreleaseTheen28December2022December202228thenDe27nld5January2023January5the2023January4PartythefourththequarterhnBnignIsrneeuaoyomsinfCommissionRegulatoryInsuranceandBankingChina2SeMajorandMajorpolicynewsrealindustryrelatedtoestateupdatescommitteeofcember2023eexethtprtncniinadikoraettetrrssilmrvsgiiatywhichsignificantlyimprovewillenterprisesestaterealforriskandconditionsoperatingthatexpectwethandheldeestablishalasttheMeasuresfortheSupervisionandAdministrationoftheCustodyBusinessofCommercialBanksCommercialofBusinessCustodytheofAdministrationandSupervisiontheforMeasuresthePBOCSecondstrengtheningregulatorypunishmentsTheformulationandreleaseoftheofreleaseandformulationThepunishmentsregulatorystrengtheningSecondapagstanefodardoperationandrealizeprudentandstableoperationInthelongrunitwillhavepositiveinfluenceoninfluencepositivehavewillitrunlongtheInoperationstableandprudentrealizeandoperationdardrdisclaimered2022Zhengzhou2022togovernmentannouncedadjustareaspurchaseappropriatelrestrictionlongDecehome28onalldistrictsremovetoannouncedDongguan2022December26OnthreefordeclinedrateinterestloanpolicymaintainedhomebeorcanloweredincancelledstageshasbuildingsresidentialcommercialmonthanewonmonthsconsecutiveofpricesaleswhosecitiesForhealthysteadyanddevelopmenttherealestateofmarketTtoaccordingcittenterprisesestateofrealsheetbalanceleadingtheimprovebuildingsofdeliverytheensuringinjobsolidadoTopromoteaandsmoothtransitionandimprovedrigiddemandhousingsupporttheconstructiontheoflong2theimprovebalancesheetsofhighbuildingsofdeliverythe1thebottomlinerequirementsforcommercialbankstocarryoutcustodybusinessTheCBIRCoputputoToTopromotenormalcirculationbetweenthefinancialindustryandtherealestateindustryensureestaterealtheandindustryfinancialthebetweencirculationnormalTopromote-termrentalhomecanbefromdeductedthetotalnumberofselftGuotaiJunanInternationalJunanGuotaiakemeasures16specificfinancialsupportmeasuresfortherealtheformeasuressupportfinancialspecific16regulationsoncustodyofcbusinessiesandensureiesofthesteadydevelopmenttherealeOnthebasisoftheexistingreexistingtheofbasistheOnPtobr02CogiguterlxdhrlfroeucaetaonethatpurchasehomeforruletherelaxedfurtherChongqing2022mberimplementdifferentiatedhousingcreditpoliciesmeteesnbeiacndmnoteelsaeaktandmarketestaterealtheofdemandfinancingreasonablethemeet-oftherealofindustryestatetonewadevelopmentmodelonakemeasuresmeasuresakeruaeadsudhMauefrhSpriinandSupervisiontheforMeasurestheissuedandormulated-qualityreal-monthandyearandmonthMainContentsainenhlhnmeocitiesofnumbertheMeanwhileommercialbanksurgefulfillriskbanksommercialtobankscommercialestateestateenterprisesksmainlyincludingFirststrengtheningcontinuousgulatorysystemthesystemgulatoryouprrgdnipoehuigdemandhousingimprovedandrigidsupporttoTablePageHeader-on-yearbasisthelowerlimilowerthebasisyearestathethetemarkem-statestatemarket-easuressidesupportfortherealestaterealtheforsupportsideownedhomeson30Decm-accordingtothecitucaeetitosnallonrestrictionspurchase-easuresfurthereasuresmtucaeetitosnallonrestrictionspurchase-termrentaltermrentalhousingmarketintoeffectandeffectintoeasuresOnwhichrelaxpoliciespoliciesrelaxwhichand29December2022December29istofthelocalfirstlocaltheoftbegantosolicittobeganexpectedtobetoexpectedmaknSectorBankingclarifiedeasuresilbenefitwillhighsupportthesupportiesionareasionyPagePagetotomeet-qualityember3thelistisofof72nigraMelbaT1nigraMelbaTSectorReportBankingSector银行行业9January2023ataspricestheonbasedNoteSourceTableCPHB09889DRCBHKofGansuBankHuishangBank00939HKCCB01398ICBCHKrecommendationspriorourasbetterbetoexpectedisperformanceresultsfinancialwhosebanksmainlandtheandindustryestaterealtheforvaluationsinimprovementforcatalystsmainthebetoexpectedKongHongresfinancialofrecoveryexpectedpoliciesrelevantofrelaxationthethatbelieveweMeanwhilebanksinHongKongWeIHongKontheofsectortourismthehelpKongrecoverHongstimulateconsumptiondemandandleaveimproveorentertoeasieritmaketoexpectediscontrolepidemiconrelaxationfurtherThetheandKongHongJanuarymandatoryundergotorequiredbenotwilloverseasTaiwanandMacaovaccinepassesandremovalofsocialdistancingmeasuressuchasgatheringrestrictionsmeasurespreventionEBankingSectorKongHongthighbusinessoflargestatetheofreleaseThemmanagementriskgoodandoperationsbusinessstandardizedgovernancecorporatecompleterelativelyhavecoverageourunderKongHonginlistedbanksmainlandTherunshorttheinextentcertainatobankssomeofbusinessrequirementsregulatoryasHoweverbankscommercialRiskfactorsRiskthesegrowthearningsforbanksHK02388relofrelaxationfrommostbenefittoexpectedarePSBCindustryandestateCMBrealthetoexposureriskfromsentimentmarketandperformanceSBC01658HKSBC01658SBCSBC00005HKOCHK02388HKMB03968HKnvestmentSuggestionsnvestmentPSBCOutperformpidemiccontrolpidemiceasmaintainmaintain3theCompaniestheuresisexpectedtohavelimitedimpactonthemainlandbankslistedinHongKongunderourcoverageAsthecustodycustodytheAscoverageourunderKongHonginlistedbanksmainlandtheonimpactlimitedhavetoexpectedisuresheheimpactisexpectedrelativelytobesmallSeMainfi0213902139HK03698HK036982023ehsokrcfrhaoeetoebnsundoninfcnlgvnhngtvipcofinancialonimpactnegativethegivensignificantlydownturnedbanksabovementionedtheforpricestockThethBOCHKehrfrhrlxtoorlvnplcelpoliciesrelevantofrelaxationtheThereforeratingforratinglasTheindeclinenHongKongChiefExecutiveLiKaLiExecutiveChiefKongHongOutperformancialreancialtgpagGuotaiJunanInternationalJunanGuotaieconomyandeconomythe16622021AYoYShareholdersGrowthinNet151314198116103232186126WerecomWemeasurescontinuedtobetocontinuedmeasuresmeisvnplcefrhraettidsrenhlelorecommealsoweMeanwhileindustryestaterealtheforpoliciesevantfowasfurtherwasainlandLiJiachaosaidthefirstphaseofcustomsclearancecustomsofphasefirstthesaidJiachaoLiainland-around6ownedbanksandjointtherandJanuary2023Somebankssbankss2023SomeJanuarydisclaimersultsandvaluationsultsourandtheofmajorunderbankscoverage2022E203149159104130150Profitbankingsectorinsectorbanking117358HtheratingforratingmendChinaMerchantsBankMerchantsChinamendSBCSBC047xeconomyisultsofmainlandofultsrelaxed2023E136211165411187121126e6090improvementinimprovement00005HK00005xpectedtoremaingood2023inWethinktGuotaiJunanSecuritiesResearchInstituteResearchSecuritiesJunanGuotaitheincluding2021AmaybemayEPSforforHKDexceptRMB062217093004077121095461078BOCHKandBOCHKUSDforHSBCbankingsectorin202insectorbanking202-stockbanksisrelativelystandardizedandthelevelofriskmanagementisrelativelywhowillbenefitfromtheUSFederalReservescontinuousinterestratehikesrateinterestcontinuousReservesFederalUSthefrombenefitwillwhohfinancialforecastsarederivedfromGuotaiJunanSecuritiesSecuritiesGuotaiJunanfromderivedareforecastsfinancialat3KongHonginrelaxedfurther-2022E-P061264093004092128105523089listedbankslistedchiuannouncedthefirstphaseofcustomsclearancearrangementsbetweenarrangementsclearancecustomsofphasefirsttheannouncedchiubeyondvaluationsofmainlandChinesebankslistedinHongKonghavehitthebottomWepickpickWeoperatingHonofconditionsliftingquarantineliftingmarket2023E070322109006110136115588101havebeenhaveexpectationmainlandbankswhowillbenefitmostfromtherelaxationofpoliciesofrelaxationthefrommostbenefitwillwhobanksmainland0396803968owvaluationsandtheexpectedrecoveryoffinancialresultsareareresultsfinancialofrecoveryexpectedtheandvaluationsowconfidenceconfidenceinHongKongwhichwwhichwillsupporteconomicstabilizationandrecoveryandstabilizationeconomicsupportwillwhichBVPSRMBexceptforHKDBVPSforforHKDexceptRMB2021A30412901illsupportimprovementinimprovementvaluationssupportill876688213710995815689ofmainlandbankslistedinHongKongHonginlistedbanksmainlandofBOCHKandBOCHKUSDHK3strengthsordersnolongerdefiningclosecontactsclosedefininglongernoordersA2022E31921090895748216787889329755ttpresentthepresenttheofresultspoliciesCMBnucleicacidtestingafterarrivinginHongKongHonginarrivingaftertestingacidnucleicforforHSBCeneditmayhavenegativeimpactontheonimpactnegativehavemayitened2023E337211873697an931818221886972829gKonggloTablePageHeaderOn2OndPostalSavingsBankofChinaofBankSavingsPostalwi2021A07607609108303802804104112906120239llbeimplementedfrom8January2023January8fromimplementedbellcalbanksDecember2022aseriesofepidemicofseriesa2022DecemberMeanwhileMeanwhileweightedweightedmaynot2022EisexpectedtobenefittherecoveryResearchInstituteResearch074074086085042029042042127063PBndakfhnogKongHongChinaofBankofmainlandbankslistedinlistedbanksmainlandof2023EPeoplePeoplefromthemainland071071082078041026038039113057beaveragePBformainlandforPBaverageThereforeweThereforeinline2021A1073107312702145615615264336354811541cancellationofcancellationaknSectorBanking01658HK016582022E1083108310462224684684246356359800531PEmaintainPagePagecustodycustodyandtheandOn42023E16001600949949856588206335328712468ityofof572nigraMelbaT1nigraMelbaTSectorReportBankingSector银行行业9January2023TableBankOfNingboCoLtdBankOfCoBeijingLtdPingAnBankLtdCoHuaxiaBankCoChinaEverbrightBankCoIndustrialBankLtdCoShanghaiPudongDevelBankChinaMinshengBankingChinaCiticBankCorpLtdChinaMerchantsBankBankOfCommunicationsBankOfChinaLtdAgriculturalBankOfChinaChinaConstructionBankIndCommOfBkChinaChinaWeightedAverageSimpleAverageDahSingGroupBankingLtdBankOfEastAsiaLtdHangSengBankLtdBocHongKongHoldingsLtdStandardCharteredPlcHsbcHoldingsPlcHKWeightedAverageSimpleAverageDongguanRuralCommercialGuangzhouRuralCommercialBankOfJiujiangLtdCoJiangxiBankCoLtdBankOfGansuCoLtdZhongyuanBankCoLtdJilinBankOfTianjinCoLtdChinaZheshangBankCoLtdBankOfZhengzhouCoLtdBankOfCoChongqingLtdShengjingBankCoLtdChongqingRuralCommercialHuishangBankCorpLtdHarbinBankCoLtdBankOfQingdaoCoLtdBankOfJinzhouLtdCoChinaEverbrightBankCoLChinaMinshengBankingCorChinaCiticBankCorpLtdChinaMerchantsBankPostalSavingsBankChiOfBankOfCommunicationsCoBankOfChinaLtdAgriculturalBankOfChinaChinaConstructionBankIndCommOfBkChinaHKCompany--JiutaiRuralJiutaiCommercListedbanksotherListedmainlandbanksA-sharesharelistedbanks4SePeersPeersLtd--eAH---H-AHAth------H-HAAH---HA-H--HA---H--HHeAHA--H-ACo---AHA-HHA-H--HlasHHc------AH-H-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银行行业9January2023InternationalJunanGuotaiSourceBloombergWeightedAverageSimpleUnitedOverseasBankLtdOverseaDbsGroupHoldingsLtdSingaporeWeightedAverageSimpleAverageLloydsBankingGroupPlcBarclaysPlcCreditAgricoleSaSocieteGeneraleSaBnpParibasCommerzbankAgDeutscheBankAgEuropeWeightedAverageSimpleAverageGoldmanSachsGroupIncMorganStanleyBankOfUsBancorpWellsFargoCoJpmorganChaseCoBankOfCorpAmericaCitigroupIncUSAWeightedAverageSimpleAveragePostalSavingsBankChiOfZhejiangShaoxingRuifengJiangsuZijinRuralCommerQingdaoRuralCommercialBShanghaiJiangsuZhangjiagangRuraJiangsuWujiangRuralCommJiangsuChangshuRuralComWuxiRuralCommercialBankJiangsuJiangyinRuralComBankOfGuiyangCoLtdBankOfHangzhouCoBankOfJiangsuLtdCoBankOfShanghaiCoLtdBankOfNanjingLtdCo-ListedbanksAverage--NewNewYorkMellonCorpChineseBankingCorpListedRuralCommercialListedbanksSebanks-eRegisteredthLtd---AAAe--AA-----lasAAA-AA--A-A-AAAtpagefordisclaimer600908600908CH002807CH601997CH600926CH600919CH601229CH601009CH601658601658CH601528CH601860CH002958CH601825CH002839CH603323CH601128CHOCBCSPBARCLNLLOYLNWFCWFCUSCBKGRDBKGRUOBSPUSBUSBACUSDBSSPJPMUSBNPFPACAFPGLEFPMSUSGSUSBKUSCUSSGDSGDSGDEUREUREUREUREURUSDUSDUSDUSDUSDUSDUSDUSDCNYCNYCNYCNYCNYCNYCNYCNYCNYCNYCNYCNYCNYCNYCNYGBpGBp1721434376135351355107630841250344748091044255058828592472145674242340746751150P7635444055547575969424736532602905944684741261251291302741241051171138198644657438186855789858895465860587363555578749567693495634070109104135106108106105116117117111111112nana6653525259505861785357337045385993666768526956699165101105118nana959490849473484645574348526445483158373550888894808969686953765977756497105nana86839283759987644441405437414554394029493132428484877787595662486443665854891212161014101511050707070706060607071107070411070510131313111506050705050307050413TablePageHeadernana121116111610151105060606050607060907060410070409131312101506050805050406040413nana111015101509141005060506050506060906060409060408121211101405050805050306040412nana101014091309131004050505040506050805050307050307111111091305050704050306040311106139133104128121102127130139141155124121138102113115117116119115110114111115111nanana8680778375847752984666nanana3226353041263026446655605440403446515636676350454543504359545042917270262730aknSectorBankingnanana0808090811070909061009071009081009101008090810111110111104030604020304030309PagePage113439912627243101397213518229951432585851449629987125323226074517790059598319507194858729809354594470735149337212727412669696840108351834065214238061001423058914729638611220115591152969729ofof72nigraMelbaT1nigraMelbaTSectorReportBankingSector银行行业9January2023Tel852250927FLowBlockGrandGuotaiJunananditsgroupcompaniesanytoregistrationorlicensingrequirementwithinsuchjurisdictionapptocontrarybewoulduseoravailabilitypublicationdistributionsuchwherejurisdictionanyorcitizenaiswhoentityorpersonanybyuseortodistributionforintendedordirectedatnotisResearchReportThiswherandrisksrelateditsandconsulttheirownfinancialadvisersprioranyobjectivestoinvestmentdecisinvestmentthecomprehendandunderstandshouldInvestorscontainmayuncertaintyandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswitguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforwardefforthasbestThoughensurebeentoaccuracytheinformationmadeoftheanddatacontainedResearchthisinReportcontrarytoopinionsorinvestmentdecisionsbymadeassetthemanagementandinvestmentbankinggroupsofGuotaiJunanreportthisinexpressedopinionsAnycompaniesofgroupJunanGuotaiofexecutivesprofessionalotheranddealerspersonsexpressedopinionsAnyservicesproprietarilyinvestmentbankinginvestmentincludingaJunanGuotaiJunanGuotaiLimitedKongResearchReportdThisDISCLAIMER654321DISCLOSUREOFINTERESTSRatingHorizonTimeto618monthsTheBenchmarkTableSectorRatingDefinitionSectorRatingHorizonTimeto618monthsTheBenchmarkCompanyTableCompanyRatingDefinitionTabledisclosure2023ReduceNeutralAccumulateBuyUnderperformNeutralOutperformSellGuotaiJunananditsgroupcompanieshavenotemployedanindividualservingasanofficerReportThereisnoofficeranoftheissuermentionedinthisResearchasReportassociatedwithservingindividualanemployednothavecompaniesgroupitsandJunanGuotai00005HSBCHKmenHK00939SHARESGuotaiJunananditsgroupcompaniesaremakingorwillmakeamarketinthesecuritiesinrespectofCHINACONSTRUCTIONBAN00939HKhadhavecompanies02191groupitsandREITJunanGuotaiHKSF01983BANKHKLUZHOUortoequalhold00512morethan1ofthenotmarketcapitalizationoftheissuermentioneddointhisResearchReportcompaniesHEALTHCAREgroupitsandANDJunanHKGuotai06196HKBANKOFZHENGZHOUPHARMACEUTICAL02558BANKHKJINSHANGGRANDCHINAforExceptTheAnalystsandtheirassociatesdohavenotanyfinancialinterestsrelationintotheissuermentionedinthisResearchReTSeGuotaiJunanSecuritiesHongKongLimitedAllRatingDefinitionheAnalystsandtheirassociatesdonotserveasanofficeroftheissuermentionedinthiseRatingDefinitionthelas-18Fax85225099118tHongKongHangSengIndexHongKongHangBANKGANSUOF02139HKpag跑输大市中性跑赢大市卖出减持中性收集买入eacquiresubscribepurchasenottobsecuritiesofferorforanconstituteinvitationoroesMillenniumfointhisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalesbyformwritteninororallyexpressedstrategiesinvestmentoropinionstocontrarybeordiffermayreportthisinrdisclaimerINDUSTRIALANDCOMMERCIALBANKOFCHINAOFBANKCOMMERCIALANDINDUSTRIALtionedinthisResearchReportorRelativePerformanceorRelativePerformanceorRelativePerformance5ortRelativePerformanceortRelativePerformanceortRelativePerformanceortRelativePerformanceortRelativePerformance15DefinitionDefinitionPlaza181QueensRoadCentralHongKongthethtSengIndexheheheheheheefundamentalfundamentalfundamentalfundamentalfundamentalfundamentalfundamentalfundamental-7793WebsitewwwgtjacomhknditsgroupitsndmentionedinthisResearchReportwithinprecedingthe12monthsoutlookoutlookoutlookoutlookoutlookoutlookoutlookoutlooktfrxmlhpaiggnedaaepnonewieoinvestorunderwritersponsormanagerleadagentplacingtheexampleforetcisisisisPRightsReserved--515---5netetaknrltosisihHNCNTUTOBANKCONSTRUCTIONCHINAwithrelationshipsbankinginvestment555companiesmaydobusidomaycompaniesofthesectorofthesectorofthesectorofthecompanyorsectorofthecompanyorsectorofthecompanyorsectorofthecompanyorsectorofthecompanyorsectortotototoion155-515isisisfavorableunneutralfavorable-nessthatrelatestocompaniescoveredinresearchreportsincoveredcompaniestorelatesthatnessHSHARES01398HK01398SHARESHisisisisfavorableisfavorableununneutralfavorablefavorableTablePageHeaderhinherentlyunpredictableandmutablesituationsolicablelaworregulationorwhichwouldsubjectwouldwhichorregulationorlawlicableResearchReportGuotaiJunanandgroupitscompaniesoftheissuermentionedinthisResearchthisinmentionedissuertheofBOCHONGKONG02388HK02388KONGHONGBOCyGuotaiSecuritiesHongyJunanresidentoforlocatedinlocatedorresidentofGuotaiJunandoesnot-lookingestimatesmaydiffmayportaknSectorBanking-enecessaryeSHARESHPagePageerorbeorerK7-ofofH72nigraMelbaT1nigraMelbaTSectorReportBankingSector银行行业9January2023