Deposit rates have been lowered again!
On the news side, the deposit interest rate of some small and medium-sized banks in China has been reduced by between 5 basis points and 45 basis points;
So, why did small and medium-sized banks cut interest rates this round?
As far as I know, the biggest factor behind this is the net interest margin!
To put it simply, the space for bank deposit and loan spreads has been compressed to a certain extent!
Judging from the current disclosed data, the net interest margin of commercial banks in 2023 will only be 1.69%, lower than 1.70% for the first time;
The most important thing for banks is the net interest margin, and the net interest margin is lower than 1.70% for the first time, which still has a certain impact on the bank;
The previous 5-year LPR was lowered by 25 basis points again, in fact, it was already reduced by 10 basis points in the middle of last year, and some industry insiders said: There is still room for LPR to be lowered;
This means that the lending rates of some domestic banks may continue to fall;
On the other hand, the enthusiasm for domestic deposits is high, and the current balance of mainland household deposits has reached 136.9 trillion yuan, an increase of 16.6 trillion yuan in one year;
More deposits, more fees paid by banks, and lower lending rates on the other hand, which is one of the important reasons for the decrease in net interest margin;
The measures to alleviate the decline in net interest margin are also very simple, and lowering the deposit rate to stabilize the level of net interest margin may be one of the most effective countermeasures!
Once the net interest margin stabilizes, the growth rate of banks' net profits is also expected to stabilize and rebound, and the market's expectations for banks will also change.
Judging from the performance of the secondary market, the banking sector is still in an upward channel, and the impact of market adjustment is relatively small.
Index Movements:
Judging from Tuesday's market trend, the three major indexes shrank and rebounded, among them, the Shanghai Composite Index rose 0.05%, the Shenzhen Composite Index rose 0.58%, and the ChiNext rose more than 1% intraday
In terms of the overall market trend, the Shanghai Composite Index opened directly lower in the morning to make up for the gap below, but did not come out of a decent rebound after filling the gap!
And the trading volume has decreased significantly, so Tuesday's rebound is very weak, and the weak rebound may continue to go lower!
If the index continues to retrace on Wednesday, then the support below will be 3020 points.
As long as the support of 3020 points does not fall below, it is still expected to continue to fluctuate repeatedly at 3050 points after the adjustment!
In the short term, the market fluctuates repeatedly between 3030 and 3050 points!
The market outlook is still expected to continue to attack the 3100-point pressure level, and there is no need to worry too much in the short term, and the extent of the market's sharp adjustment is limited.
It should be noted that April is the disclosure time of the annual report and the first quarterly report, and those companies with performance problems should be temporarily avoided, and those that have no performance support from the previous hype theme also need to be avoided to avoid being injured by the reported performance!