银行视角看25年4月政治局会议：存量政策有望发力提速，增量储备政策仍有空间

Investment Rating - The report maintains a "Positive" outlook for the banking industry, indicating a relative strength compared to the market benchmark index [6]. Core Insights - The April 25 meeting of the Political Bureau emphasized the need for proactive macroeconomic policies to stabilize employment, businesses, and market expectations in response to external shocks [9]. - The report highlights the acceleration of fiscal policy, with local special bonds and long-term special government bonds expected to be issued more rapidly, potentially boosting project funding demand [9]. - Monetary policy is expected to continue with "timely" reserve requirement ratio cuts and interest rate reductions, alongside the introduction of new structural monetary policy tools to support key sectors [9]. - The report identifies two main investment themes: high-dividend stocks and those with improved risk expectations, suggesting specific banks for investment [9]. Summary by Sections Banking Industry Overview - The banking sector is anticipated to experience profound impacts from the current phase of intensive growth-stabilizing policies, with fiscal policy expected to support social financing and credit, thereby boosting economic expectations [9]. - The report notes that while bank net interest margins may face short-term pressure, regulatory measures against high-interest deposit solicitation will provide important support for margins in 2025 [9]. Investment Recommendations - The report suggests focusing on high-dividend stocks such as Industrial and Commercial Bank of China (601398), China Construction Bank (601939), Agricultural Bank of China (601288), and China Merchants Bank (600036) [9]. - It also recommends stocks with strong fundamentals and less disruption from bond market adjustments, including Chongqing Rural Commercial Bank (601077), Chongqing Bank (601963), Jiangsu Bank (600919), Shanghai Bank (601229), and Qingdao Bank (002948) [9].