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China Feihe Unit Buys 500 Million Yuan Structured Deposit Product
Banks stocks generally decline, CM Bank (03968) falls 4.35%, Guolian Securities points out that there may be increased pressure on bank interest spreads.
Bank stocks fell across the board, with CM Bank (03968) down 4.35%, CEB Bank (06818) down 2.89%, Minsheng Bank (01988) down 2.87%, and Bank of Communications (03328) and China Citic Bank Corporation (00998) following suit. On the news front, ICBC and ABC will adjust RMB deposit rates from July 25, with the largest reduction in the interest rate for fixed deposit of more than two years, which is 20 basis points. As of the time of publication, the official websites of BOC and CCB have not yet made adjustments, but they are expected to do so soon. According to the information on the ICBC website, the latest policy will be implemented from July 25.
Wuchan Zhongda Issues 2 Billion Yuan Medium-Term Bonds
Citic Sec: Banks sector is expected to continue to recover positions, recommending two main lines.
As of Q2 2024, banks accounted for 2.45% of the heavyweight stocks held by active funds, up 0.21pct from Q1 2024.
Shenzhen Expressway Sells 1.5 Billion Yuan of Commercial Paper
Bank stocks are rising collectively. Bank of Chongqing (01963) rose by 2.8%. Institutions point out that interest rate cuts are not bad for the mid-term fundamentals of banks.
Jinwu Finance News | Bank stocks rise collectively, cqrc bank (03618) up 3.63%, bank of chongqing (01963) up 2.8%, agricultural bank of china (01288) up 2.65%, postal savings bank of china (01658) up 2.19%, bank of communications (03328) up 2.12%, industrial and commercial bank of china (01398) up 2.1%, china citic bank corporation (00998) up 1.98%. GF Sec stated that in the short term, LPR cuts will reduce bank interest rate spreads. If the central bank hedges or the government launches fiscal stimulus, bond yield spreads may widen and interest rate pressure may be alleviated.
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