【出版时间及名称】：2010年2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
Jan10 new loans at 1.39tn, led by ordinary corporate loans <e>
5
Strong net liquidity injection into interbank market >
6
1.5tn new deposits for Jan10 led by non-FI deposits <e>
7
4Q09 loan yields up, SHIBOR up before Chinese New Year<e>
8
Total bond issuance slowed MoM but FI bonds picked up in Jan10 <e>
9
New WM product issuance declined in Jan10 <e>
10
Credit card business
11
Asset quality trends
12
NPL ratio and balance dual declined in 4Q09 <e>
12
Property price surge continued in Jan10<e>
13
Manufacturing and export sectors continued to recover<e>
14
Earnings momentum
15
Consensus upgrades to smaller banks in Jan10 e
15
Financial summary
16
Operating comps
17
Valuation & performance
19
Trading range: 12-month forward PBR (prices as of 19 Feb 2010)
19
Trading range: 12-month forward PER (prices as of 19 Feb 2010)
20
Relative 12-month forward PBR valuations
21
H to A-shares discount continued to deepen in Feb10
23
Valuation comps
24
Key financial metrics
27