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CITIC SEC: Market style stabilizes, Banks stocks are expected to continue a steady upward trend.
Overall, the policies since the fourth quarter have a direct effect on stabilizing financial risks. During the Two Sessions, the likelihood of those policies significantly exceeding expectations is low, but the 'uncertain' policies are moving towards 'certainty'. Therefore, bank stocks are expected to continue a steady upward trend.
Why is the attitude towards capital so contrasting? Large brokerages in the Hong Kong stock market have been heavily "swept up" while several local banks have faced Shareholding by major Shareholders.
① The Hong Kong stock market is "singing all the way up", with both JINSHANG BANK and BANK OF GANSU facing Shareholding by major shareholders; ② QIN New energy Fund even fully divested its shares in JINSHANG BANK, with a divestment involving over 0.144 billion HKD; ③ Insurance funds continue to "sweep up" H shares of state-owned and joint-stock banks, with industry insiders pointing out that the contrast in funds' attitudes towards different banks is intensifying.
Zhitong Hong Kong Stock Shareholder Equity Disclosure | February 27
Disclosure of Shareholder equity in Hong Kong stocks | February 27
China's Central Bank Conducts 300 Billion Yuan Medium-term Lending Facility Operation
The central bank carried out a one-year MLF operation of 300 billion yuan with interest rates remaining unchanged.
The People's Bank conducted a 300 billion yuan medium-term lending facility (MLF) operation, with a term of 1 year and a winning interest rate of 2.00%.
Will the tight funding conditions continue? This week, over one trillion interbank certificates of deposit will mature, and the pressure on the Banks' liability side will still require time to alleviate.
① If the funding situation does not loosen, the interbank certificate of deposit interest rates will continue to rise. ② The current relief from pressure on the asset side may take time, and the alleviation of banks' liability pressure may require the liquidity environment to loosen first. ③ Non-bank Institutions and rural commercial banks are the Block Orders for Shareholding, while Funds and Brokerages are the main ones reducing their holdings.
Bank of Gansu's (HKG:2139) Earnings Have Declined Over Five Years, Contributing to Shareholders 80% Loss
