【出版时间及名称】：2010年1月中国银行业研究报告
        【作者】：三星证券
        【文件格式】：PDF
        【页数】：34
        【目录或简介】：
Summary
3
Macro trends
4
Key revenue drivers
5
New loans slightly rebounded in Dec09 <e>
5
RRR hiked by 50bps >
6
Rmb deposits down MoM in Dec09 <e>
7
3Q09 loan yields up, SHIBOR flat in Jan<e>
8
Bond issuance slowed MoM while yields were flat in Dec09 <e>
9
New WM product issuance in Dec09 hit a new record-high <e>
10
Credit card business
11
Asset quality trends
12
NPL ratio and balance dual declined in 4Q09 <e>
12
Property prices surged in 4Q09 <e>
13
Manufacturing and export sector continued to recover<e>
14
Earnings momentum
15
Varied FY10E consensus earnings change in Dec09 e
15
Financial summary
16
Operating comps
17
Valuation & performance
19
Trading range: 12-month forward PBR (prices as of 22 Jan 2010)
19
Trading range: 12-month forward PER (prices as of 22 Jan 2010)
20
Relative 12-month forward PBR valuations
21
H-shares’ narrowing discount to A-share ended in Dec09 <e>
23
Valuation comps.
24
Key financial metrics
27