Margin of interest spreads or picks up bank shares valuation obvious advantage

Every reporter Zhangjilu yesterday, the IPO is about to release the rumors of a raid on the market, some investors worry about the new issue of liquidity after the frequent fluctuations will affect the bank's ability to lend, and then affect the subsequent credit delivery, which led to yesterday's banking sector plunged 2.08%. But combined securities have different views, the latest report argues that local liquidity tensions brought about by the IPO period will not change the overall liquidity-easing pattern, and will not fundamentally hurt the bank's ability to lend, and that the arbitrage of the IPO may lead to a demand for deposits, thereby reducing the cost of bank debt.　　On the whole, the release of IPOs may have a slightly more positive impact on banks. NET spreads or bottomed out although bank shares yesterday followed the market plunge, but is still the most outstanding performance of the plate, since June, the market has risen only 4.21%, and the bank plate rose by as much as 12.18%.　　The CICC study noted that net spreads had bottomed out in May and that the recent rise in the banking sector had been largely affected and that net spreads were expected to pick up in the second half of the year. Industry insiders believe that the rise in spreads will greatly increase the profitability of the banking sector. From 2003 to 2008, the overall performance of listed banks grew by 300%, handing over a very bright performance answer. Among them, the biggest contribution is the scale and spreads.　　Combined securities believe that scale is the most stable factor of performance growth, the annual contribution between 14%~19%, and spreads have a strong cyclical factor, at this stage, spreads are always the most important drivers of Chinese banking, especially in the short term. The industry is of the view that the net interest rate gap in 4 May has continued to narrow, but significantly slowed. As loan pricing has largely ended, the loan structure is expected to improve gradually in the second half of the year.　　CICC's latest research report shows that the domestic ICBC, BOC, CCB believe that net spreads have basically bottomed out, the second half is expected to rebound slightly, increase the bank 3, 4 quarterly results.　　Valuation advantages more obvious joint securities research report that the impact of IPOs on the banking sector or slightly more positive, the arbitrage of new shares may lead to the deposit of deposits, thereby reducing the cost of bank debt. CICC research reports that with the 2 and 3 quarterly asset quality improvement and the second half of the macroeconomic continued to rebound, 2009 and 2010, the expected changes in non-performing loans will become the next catalyst, the bank next year net profit will have a 5%~10% room for upward adjustment.　　As asset quality is better than expected to help boost profitability predictability, the expectation that the market will form a long-term growth trajectory for Chinese banks could lead to a further reassessment of the valuation approach, from the market net rate to the P/E ratio. The brokerage researcher believes that investors can focus on Bank of China, Minsheng Bank, Bank of Communications, Nanjing Bank and Societe Generale.