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Zhongtai Securities: The monetary policy orientation in the third quarter of 2024 is positive, leaning towards smoothing the interest rate transmission mechanism and stabilizing the interest rate spread.
The central bank has explicitly stated that financial institutions should enhance their autonomous "rational" pricing capabilities in the next step to more reasonably respond to market demand and risk. In addition, the central bank pointed out that further regulation and interest rate cuts are subject to the dual constraints of net interest margins and exchange rates, especially the limitations of internal and external pressures.
Bank of Jiangsu Issues 10 Billion Yuan of Bonds
Bank of Jiangsu (600919.SH): The financial bonds (first tranche) for 2024 (bond link) have been successfully issued.
Glodon News on November 7th: bank of jiangsu (600919.SH) announced that, approved by the People's Bank of China, the company successfully issued the "Jiangsu Bank Co., Ltd. 2024 Financial Bonds (First Tranche) (Bond Connect)" on the interbank bond market in recent days. The total amount of bonds issued in this period is 10 billion yuan, with a fixed interest rate for 3 years at a face rate of 2.13%. The funds raised from this bond issuance will be used in accordance with applicable laws and regulatory approvals to optimize the structure of medium and long-term assets and liabilities, increase stable sources of medium and long-term liabilities, and support medium and long-term asset business.
China Galaxy Securities: In 24Q3, banks achieved positive growth in revenue and profits, with the continued value of dividends.
Under the policy inflection point, banks have accumulated positive fundamental factors; performance repair and capital replenishment continue to support the dividend attributes of banks.
China Galaxy Securities: Incremental policy effectiveness released, bullish on the value of bank allocation.
The National Development and Reform Commission, the Ministry of Finance, and the Ministry of Housing and Urban-Rural Development respectively held press conferences this month, announcing a package of incremental policies to continue stabilizing growth, expanding domestic demand, and implementing risk mitigation to boost consumer spending.
Bank of Jiangsu Report for the Third Quarter of 2024
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