Banking: A summary of the exchange of Bankers Salon of credit securities

Invited the Bank of China Shenzhen branch of the company's senior managers to participate in the Banker's salon, the investors concerned about the issue of full exchange. Exchange minutes: The peak of credit is closely related to the strategy of bank launch this year's credit peaks, largely because of the bank's bid for early-release loans, to seize the size of the lending strategy caused by the 4 trillion investment projects in the first batch of projects must be very high-quality projects.　　And in the case of spreads locking (or the bank cannot control), the pursuit of scale becomes the inevitable result of maximizing profit. Because the head office to the performance of more local market share as the main assessment indicators, coupled with local governments in the local market share in front of the bank will be given more attention, so the high growth of credit of banks, in part, this assessment of the herding effect. Construction Bank took the lead in a large amount of investment in loans, which led to a certain extent the industry's high growth in loans, before this bank is the mentality of the loan.　　In addition, the bank's loans at the end of each month were partly made through a revolving deposit pledge.　　On the policy side, because the government believes that the economic recovery base is still very unstable, the economy is expected to be lower than the capital market, so loose monetary policy will not have a sharp contraction in the near future, even policy "fine-tuning" space and may not be. The company's lending strategy this year has been positive and cautious in 1. This year, the branch's loans are mainly in municipal engineering projects, railways and highways, the power industry has also been more attention. Only five power group projects are considered for thermal power projects, and the project is very positive, and the wind power in the new energy has a great development prospect and a positive attitude. 2. The highway construction projects in some inland provinces are different from those in the coastal areas, usually taking a dabaogan of all highway projects in the province by a certain government enterprise. So the road project for this kind of enterprise is actually a combination of many highways, the qualifications of these highways are both good and bad, so the financial position of local governments is very important, although the risk points for such projects are still more difficult to grasp because of the very opaque financial information of local governments, but since local governments often have more access to help, A more positive attitude towards such projects was therefore also held. 3.　　The company will go across the region to the mainland to buy loans for quality projects, even if interest rates are very low. The decrease in short-term loan balances in April was mainly due to the active repayment of enterprises, the demand for loans in the mainland was significantly higher than in the coast, and the new loans in May were less than April 1. In the April loan structure data, the short-term loan balance has declined, the main reason is the enterprise's active repayment, the direct financing such as the medium-term paper, the enterprise debt rapid development is also the important reason. 2. From the demand for loans, the demand for loans in the mainland is significantly higher than the coastal area, mainly because of the government's investment projects in the Midwest, and from the real economy, the mainland economy has hardly felt the impact of the economic crisis in Europe and America. 3. An investment project from approval to the NDRC approved, at least 2 months, so 4 trillion investmentThere are still many items in the row. 4.　　It feels less demand for loans from the non-government sector, and there is no sign of recovery. In the four quarter of last year's economic shock, non-performing loans did not appear in a large number of reasons 1. The actual repayment ability of the enterprise has not deteriorated seriously. For example, although prices fell more in the past year, but many real estate developers real cost of housing is far lower than the house prices, even if the developers are unwilling to reduce prices to sell the house repayment, "no money", the loan is overdue, but because its actual repayment capacity has not deteriorated to the point of loan, Therefore, more use of extension or loan restructuring to extend the repayment period of the enterprise. 2.　　From the angle of the bank's optimal strategy, when the borrower has a short-term crisis, and the future environment is likely to improve, the bank's optimal strategy is to extend the repayment period of the enterprise, waiting for its situation to improve, rather than immediately press its repayment. A slow slowdown is less damaging to banks, but a sudden rise in inflation is hurting banks a lot. If the economy slows down in a slow way, banks can have the means to mitigate and harm the banking system less, which is why the government has launched an aggressive 4 trillion investment plan.　　But if inflation suddenly rises in the future, economic policy will have to slam on the brakes and shrink liquidity, which would hurt the banking system very much. It is considered that the development space of trust loan financing is mainly due to: 1. The trust loan interest rate is not limited by the central bank benchmark interest rate, the trust loan demand will be bigger; 2. In order to adjust the structure of income and increase the proportion of middle income, banks will convert more loans into trust loans, so that they can charge fees.　　But the interest rate of trust loan is lower, in fact, the pressure of interest rate marketization is partly embodied. The company's lending strategy for 09 is more positive, considering the company's performance could grow in the first half of the year, and the company's 09-year performance is expected to grow because of tighter cost controls.