20240527_国投证券_银行业2024年中期策略：从分歧将逐步形成新的共识_39页.pdf

国投证券银行研究行业深度分析行业评级：领先大市-A证券研究报告2024 年5 月27日国投证券 研究 银行团队从 分歧 将 逐步 形 成新 的 共识 银行2024 年 中 期 策 略李双SAC 执 业证 书 编号：S1450520070001 108313741 Q1 5 LPR YWFUvMsPpMpOoQsRsPtMoP7NcM9PtRoOmOnRkPpPmRjMnPwO8OmMyQNZsRpNMYmNmO-1.77%-3.04%-0.63%2021-0.83%-0.83%-1.77%-3.43%-2.88%-3.04%2.50%1.37%-0.63%-15%-10%-5%0%5%10%15%20%39 -10%-5%0%5%10%15%20%25%30%-10%-5%0%5%10%15%20%25%30%35%-15%-10%-5%0%5%10%15%20%iGrgZv0gesT9uMeDFgL/T5KvZxvDHl7CnYBIQwX/6MO6kuGgSR1HZhbbcgHKzlgI 2024 2024 9.92%11.30%6.09%12.08%7.47%-12.95%-13.16%-12.73%-12.61%-13.37%-1.39%-1.09%-2.10%-1.39%0.66%2.65%0.74%5.49%7.55%9.83%-1.27%-1.89%-0.66%0.27%5.13%0.50%0.09%1.72%1.32%-14.73%1.91%1.99%2.18%-0.13%5.46%-0.63%-2.03%0.00%7.09%0.45%23Q1 23Q2 23Q3 23Q4 24Q1 23Q1 23Q2 23Q3 23Q4 24Q1 19.18%17.29%14.40%17.53%14.52%4.75%5.96%9.40%14.80%12.82%12.70%12.71%12.47%12.84%13.24%14.12%16.22%15.25%11.11%11.53%10.72%12.64%13.25%11.80%11.12%11.54%13.50%15.34%10.65%11.20%10.66%10.81%10.91%12.25%10.77%15.48%16.08%15.81%12.74%11.20%15.40%13.55%10.34%10.76%7.55%10.26%9.56%10.62%10.98%10.11%10.80%9.80%8.96%8.23%4.28%6.53%6.43%4.87%6.51%8.97%10.69%15.51%16.27%19.91%15.10%6.27%0.34%4.11%5.24%7.61%11.61%10.44%9.90%8.77%9.63%7.69%7.76%6.14%7.19%6.22%5.35%6.63%6.84%9.09%8.71%22.09%19.76%17.15%6.50%6.00%6.60%7.67%6.18%4.99%5.01%5.44%5.57%4.35%6.63%4.37%11.39%10.08%9.18%9.62%4.38%12.00%6.57%4.96%4.01%0.12%6.71%6.71%3.48%5.91%3.23%17.96%15.61%15.61%16.18%15.05%7.16%8.00%9.10%7.50%3.03%26.58%24.99%21.45%23.35%13.76%5.22%5.01%4.55%3.48%2.16%10.63%12.75%9.86%10.45%11.64%6.22%4.38%5.44%5.78%1.64%16.21%16.99%14.17%12.36%11.15%17.59%15.03%17.13%18.92%19.64%11.81%13.20%11.16%8.65%9.13%16.75%16.54%15.82%19.53%18.12%8.86%9.06%11.01%11.04%8.28%11.63%14.73%14.51%14.74%16.80%11.59%9.90%7.51%10.24%5.74%15.35%14.77%14.15%14.20%15.07%9.37%9.31%8.80%6.60%4.13%13.82%16.10%15.31%14.60%14.35%11.96%9.02%10.29%10.21%2.48%16.42%13.79%14.50%13.91%13.04%4.66%4.68%7.23%7.62%2.29%24%23Q1 23Q2 23Q3 23Q4 24Q1 23Q1 23Q2 23Q3 23Q4 24Q1 16.68%15.96%15.33%14.48%12.99%18.08%18.74%15.32%14.81%14.48%12.63%13.68%13.44%13.78%12.27%14.83%13.75%13.06%12.29%13.18%12.24%12.22%12.59%13.44%12.24%10.65%8.99%10.03%11.61%12.05%13.60%13.18%12.51%12.36%11.58%8.66%11.65%13.88%12.33%11.81%14.24%13.54%13.18%12.63%11.21%13.85%16.54%15.48%13.45%11.67%10.92%9.97%9.60%8.90%6.64%11.88%11.85%12.90%11.20%10.91%11.86%12.32%12.78%12.58%11.05%6.73%6.24%4.55%6.82%10.19%11.52%9.62%10.15%9.52%7.82%9.90%11.54%8.40%8.15%7.93%10.17%7.20%7.80%7.67%7.81%7.10%6.73%5.92%5.94%5.77%7.53%6.51%5.52%6.10%5.25%11.72%10.53%8.03%8.73%5.74%7.94%7.49%7.25%6.84%4.55%11.97%9.07%6.83%4.83%4.03%2.36%1.94%-0.23%2.22%4.14%13.41%15.18%13.65%12.29%15.38%3.79%4.61%6.35%6.16%4.00%18.38%16.12%16.90%15.41%15.07%2.31%1.71%1.28%1.75%2.54%11.36%11.72%12.17%11.20%13.35%8.95%6.57%3.86%2.40%1.45%22.17%20.01%15.06%10.22%12.47%29.88%26.52%26.20%28.89%27.36%12.01%12.39%12.41%12.50%12.19%18.19%18.36%19.22%20.08%24.80%9.95%10.80%11.55%11.61%12.11%17.28%19.29%18.31%17.38%20.29%12.52%10.80%11.04%10.67%9.20%19.58%17.29%16.06%15.06%16.19%2.10%2.84%5.96%6.69%6.50%17.59%16.78%15.23%16.44%15.62%8.63%9.64%8.05%6.36%6.48%17.30%17.83%17.53%16.62%15.27%9.42%9.72%8.01%6.97%4.75%23Q1 23Q2 23Q3 23Q4 24Q1 23Q1 23Q2 23Q3 23Q4 24Q1 17.70%17.04%15.80%15.04%12.25%16.30%12.61%14.79%13.63%9.65%11.08%9.73%10.01%9.76%10.48%8.37%11.34%10.55%8.02%9.23%14.29%14.84%13.68%13.39%9.98%12.43%7.81%7.02%8.42%9.20%14.34%14.01%12.92%12.22%9.54%21.73%18.51%21.17%14.18%7.04%15.06%14.24%12.42%10.52%6.88%24.24%11.93%12.95%5.17%6.21%13.36%9.83%9.52%7.58%2.13%9.71%9.25%6.89%7.23%5.73%12.92%11.13%4.18%11.13%10.65%14.12%11.68%10.01%10.72%3.09%16.53%14.31%12.83%8.56%8.95%5.53%4.74%5.22%4.42%2.93%11.22%10.79%11.65%8.94%4.80%10.30%5.44%4.74%4.54%2.39%6.64%3.33%4.53%7.45%1.65%8.29%3.90%4.74%4.20%1.25%8.09%6.82%4.59%3.40%0.80%8.50%-12.34%-5.40%1.88%-2.31%5.94%0.08%0.46%3.40%0.69%17.52%16.63%17.38%16.09%18.12%7.26%5.30%2.66%4.53%0.04%16.65%17.14%13.38%12.07%12.39%10.42%8.47%8.61%6.01%-0.08%24.77%26.29%18.12%16.80%12.34%10.40%4.50%6.69%3.16%-0.10%10.29%12.36%14.27%12.82%11.51%18.88%16.39%19.84%19.21%16.78%14.17%13.36%10.10%9.65%10.25%19.49%19.87%18.48%15.10%16.38%19.52%18.62%15.88%12.73%8.73%22.27%24.36%26.92%21.23%15.23%13.66%10.49%12.10%12.09%7.14%13.55%13.54%16.37%15.45%14.51%10.92%12.22%9.75%7.94%6.20%15.94%15.05%14.08%13.82%11.86%9.69%9.97%10.22%8.64%5.87%15.77%12.26%16.51%12.84%11.24%7.90%6.60%8.80%6.71%1.74%21Q1 22Q1 23Q1 24Q1 80.86%71.74%77.89%83.89%8.38%16.39%11.99%4.17%8.73%10.07%8.50%10.21%2.03%1.80%1.62%1.73%2024 1 1 2023 2025 1 1 TLAC 16%TLAC 4400 2024Q1 2024Q1 14.49%7.50%9.59%7.75%14.16%9.48%13.94%9.44%13.36%9.38%12.11%9.35%11.15%9.30%10.26%9.26%10.25%9.22%10.23%9.18%10.15%9.11%10.14%9.69%8.00%10.12%9.41%10.10%8.83%9.81%14.07%8.25%9.70%9.52%9.39%10.44%8.50%9.37%14.11%9.00%8.98%13.78%8.60%12.02%8.54%11.37%8.48%8.46%8.45%24Q1 1bp 1.56%1bp LPR 23Q1 23Q2 23Q3 23Q4 24Q1 bps 1.33%1.30%1.27%1.22%1.27%5 1.77%1.67%1.58%1.44%1.48%4 2.09%2.07%1.99%1.90%1.92%2 1.83%1.75%1.68%1.56%1.57%1 1.70%1.64%1.58%1.45%1.44%-1 1.70%1.62%1.54%1.54%1.44%-10 1.95%1.79%1.87%1.55%1.62%7 1.87%1.83%1.76%1.66%1.70%4 1.97%1.93%1.92%1.89%1.87%-2 2.29%2.16%2.11%2.04%2.02%-2 1.49%1.47%1.42%1.40%1.38%-2 2.63%2.47%2.31%2.12%2.01%-11 1.85%1.77%1.72%1.63%1.52%-11 1.48%1.54%1.48%1.34%1.60%26 2.00%1.86%1.81%1.83%1.90%7 1.90%1.92%1.78%1.66%1.70%4 1.65%1.46%1.43%1.44%1.44%1 1.85%1.85%1.82%1.80%1.77%-3 1.77%1.71%1.65%1.59%1.52%-7 2.18%2.18%2.06%2.02%1.77%-25 3.02%2.98%2.85%2.60%2.83%23 1.91%1.81%1.83%1.50%1.66%16 1.82%1.76%1.73%1.61%1.64%3 1.62%1.56%1.59%1.59%1.53%-6 2.10%2.00%1.99%1.87%1.75%-12 2.05%2.39%1.84%2.03%1.70%-33 23Q1 23Q2 23Q3 23Q4 24Q1 1.81%1.73%1.67%1.57%1.56%1.75%1.68%1.60%1.51%1.50%2.00%1.92%1.87%1.77%1.75%1.86%1.77%1.71%1.69%1.70%1.98%1.93%1.88%1.75%1.79%24Q1 2.3bp 3.45%2.3bp 23Q1 23Q2 23Q3 23Q4 24Q1 3.69%3.64%3.57%3.48%3.45%3.57%3.53%3.46%3.38%3.35%4.09%4.02%3.96%3.78%3.82%4.16%4.11%4.06%4.04%3.97%4.06%4.02%3.98%3.76%3.82%23Q1 23Q2 23Q3 23Q4 24Q1 bp 3.59%3.53%3.45%3.27%3.33%6 3.59%3.48%3.43%3.26%3.30%4 3.66%3.60%3.58%3.50%3.51%0 3.61%3.63%3.59%3.48%3.48%0 3.65%3.62%3.53%3.43%3.42%-1 3.45%3.42%3.34%3.49%3.23%-27 4.16%4.14%4.24%3.32%3.88%57 4.04%4.01%3.92%3.80%3.83%3 3.86%3.80%3.72%3.67%3.66%-1 3.85%3.83%3.70%3.71%3.70%-1 4.81%4.67%4.53%4.34%4.26%-8 4.20%4.06%4.04%3.96%3.84%-12 4.10%4.11%4.03%3.84%3.91%7 4.22%4.19%4.14%4.12%4.11%-1 4.18%4.17%4.16%4.14%4.10%-4 3.96%3.83%3.76%3.78%3.71%-7 4.10%4.02%4.03%3.96%3.79%-16 4.58%4.59%4.49%4.49%4.27%-22 5.17%5.29%5.01%4.82%5.03%21 4.14%3.97%4.03%3.64%3.81%17 3.76%3.73%3.70%3.51%3.54%3 4.29%4.21%4.24%4.08%3.77%-31 3 3.75%12 3.71%3.5%4.0%4.5%5.0%5.5%6.0%50%55%60%65%70%75%80%85%19Q1 20Q1 21Q1 22Q1 23Q1 24Q1/24Q1 1.8bp 2.05%1.8bp 12 23Q1 23Q2 23Q3 23Q4 24Q1 2.03%2.06%2.07%2.06%2.05%1.99%2.02%2.03%2.03%2.01%2.15%2.18%2.17%2.15%2.17%2.21%2.26%2.28%2.29%2.23%2.15%2.16%2.15%2.09%2.09%23Q1 23Q2 23Q3 23Q4 24Q1 1.95%1.92%1.97%1.90%1.93%4 2.03%2.06%2.08%2.02%2.05%3 2.08%2.18%2.20%2.24%2.24%0 1.58%1.57%1.56%1.55%1.52%-3 2.44%2.43%2.43%2.47%2.37%-9 1.92%1.97%1.96%2.06%1.93%-14 2.19%2.30%2.31%2.14%2.26%12 2.40%2.37%2.41%2.34%2.38%4 2.22%2.21%2.19%2.14%2.17%3 2.43%2.43%2.38%2.43%2.44%1 1.68%1.74%1.73%1.75%1.76%0 2.24%2.26%2.28%2.33%2.31%-1 2.34%2.33%2.30%2.30%2.28%-2 2.25%2.26%2.29%2.31%2.29%-3 2.03%2.15%2.19%2.19%2.13%-6 2.54%2.53%2.59%2.65%2.57%-8 2.26%2.32%2.26%2.27%2.19%-9 2.26%2.22%2.32%2.37%2.22%-15 2.29%2.45%2.30%2.44%2.34%-10 2.23%2.16%2.17%2.13%2.16%3 2.06%2.07%2.06%1.96%1.99%3 2.44%2.45%2.50%2.46%2.23%-23 2023 1.59%1.50%1.50%1.59%1.65%1.79%1.81%1.80%1.78%1.74%1.77%1.80%1.85%1.93%1.93%1.5%1.6%1.7%1.8%1.9%2.0%16A 17H1 17A 18H1 18A 19H1 19A 20H1 20A 21H1 21A 22H1 22A 23H1 23A42 1.4%1.5%1.6%1.7%1.8%1.9%2.0%2.1%2.2%2.3%16A 17H1 17A 18H1 18A 19H1 19A 20H1 20A 21H1 21A 22H1 22A 23H1 23A 23Q1 23H1 23Q1-Q3 23A 24Q1 23Q1 23H1 23Q1-Q3 23A 24Q1-2.9%-3.4%-6.1%-7.7%-2.8%-10.5%-26.8%-21.9%-9.4%4.3%-0.8%4.3%3.7%5.3%-4.6%-31.7%-36.4%-41.5%-32.1%-7.8%-7.7%-0.8%-2.2%-4.1%-6.4%-53.1%-41.4%-41.6%-46.9%-16.1%2.6%0.5%0.0%-0.3%-8.7%-7.0%-17.1%-20.1%-13.5%-16.4%2.8%2.5%-0.9%-1.5%-10.8%-16.6%-24.2%-14.6%-31.6%-16.8%27.5%1.8%0.3%-0.6%-18.2%18.4%-3.3%-10.5%-26.5%-22.5%-11.5%1.2%-1.3%-12.7%-2.0%2.9%1.3%3.5%-22.8%-22.8%12.3%12.2%9.2%5.2%-3.4%100.4%46.0%26.6%16.1%-25.0%-10.6%-8.6%-11.5%-14.8%-10.9%-15.7%-17.9%-23.4%-24.3%-27.4%8.9%9.8%3.9%-5.1%-13.6%6.5%7.1%6.7%-6.0%-29.5%-42.5%-30.3%-30.4%-38.4%-19.0%-30.6%-23.2%-19.3%-26.8%-31.6%-0.1%1.9%2.5%-2.6%-19.1%197.4%-161.7%226.0%-82.8%635.4%-12.6%-11.8%-11.5%-10.8%-19.4%-60.6%-41.8%-2.9%-13.6%155.0%-5.0%-9.4%-11.4%-11.4%-24.8%18.6%2.9%19.1%29.9%24.2%-30.8%-36.5%-36.9%-38.3%-26.0%-22.0%-23.8%-39.9%-41.8%15.6%-65.2%-52.4%-47.8%-46.0%194.9%22.8%-4.5%-4.5%-6.4%0.2%-42.3%-28.8%-26.3%-32.1%28.8%-33.4%-23.4%-31.2%-32.0%28.0%58.4%12.5%140.0%74.4%-14.1%-26.2%-6.1%-11.0%-2.3%15.8%9.1%26.2%14.7%5.2%-23.7%15.2%12.5%6.9%9.8%11.8%40.6%42.6%255.2%-42.3%-64.3%-26.6%-18.4%-15.7%-4.1%8.9%-18.2%-34.9%-29.6%-32.4%-74.9%23Q1 23H1 23Q1-Q3 23A 24Q1 23Q1 23H1 23Q1-Q3 23A 24Q1-2.6%0.0%-11.8%-1.4%16.7%679.5%96.1%81.6%148.2%59.7%316.7%88.3%90.8%83.0%11.1%25.6%27.1%12.9%21.6%57.8%209.0%18.9%40.0%53.1%8.6%-17.0%-2.8%-8.3%1.9%57.1%78.3%-15.8%48.4%51.3%3.8%45.7%54.8%33.7%62.7%51.1%62.0%17.2%16.8%26.2%2.1%7.1%64.4%42.3%55.9%41.7%87.8%43.3%24.1%20.0%-0.9%1.2%17.1%30.0%39.6%36.4%-1.1%7.4%13.1%20.6%104.7%120.0%39.2%2.9%24.1%18.3%-16.6%-11.5%-7.9%26.7%68.5%35.0%24.1%21.0%30.8%15.0%-23.7%-19.3%-28.0%-11.7%56.7%12.1%-2.2%-5.7%15.7%3.0%14.9%24.3%14.9%25.0%40.1%9.3%8.5%13.8%11.2%-3.9%9.0%20.1%9.9%29.1%39.3%45.9%16.0%27.5%51.3%-45.9%52.7%90.2%79.7%78.9%33.5%-1.7%4.6%1.1%-14.9%240.2%48.2%12.7%-2.6%14.1%16.2%15.1%16.2%25.2%29.0%151.7%43.4%14.7%13.8%16.3%-0.1%-34.4%-11.7%-27.5%-24.8%135.3%50.5%-1.5%10.5%29.9%-10.7%34.0%28.3%16.2%44.2%78.6%-22.4%10.4%-6.1%-11.3%268.3%-16.2%-2.9%11.7%32.4%67.0%92.5%-25.3%-40.8%-34.4%105.3%35.2%31.6%20.7%26.8%66.1%20.7%-34.5%-31.2%-16.1%88.1%27.3%22.9%31.3%62.7%48.9%67.9%53.8%6.2%28.0%83.7%58.9%36.7%57.3%81.9%47.3%30.3%49.6%28.3%44.1%74.9%7.5%22.0%13.7%59.6%46.7%-25.4%-17.9%-23.6%-9.4%59.9%43.1%30.0%20.8%23.4%15.2%10bp 23Q1 23Q2 23Q3 23Q4 24Q1 bp 23Q1 23Q2 23Q3 23Q4 24Q1 bp 0.82%0.81%0.81%0.83%0.84%1 0.76%0.76%0.76%0.76%0.76%0 1.38%1.36%1.36%1.36%1.36%0 1.16%1.16%1.16%1.15%1.15%0 1.38%1.37%1.37%1.37%1.36%-1 1.88%1.87%1.88%1.87%1.87%0 1.37%1.35%1.35%1.33%1.32%-1 1.14%1.14%1.14%1.18%1.18%0 1.34%1.35%1.32%1.33%1.32%-1 0.87%0.86%0.84%0.84%0.84%0 1.18%1.28%1.27%1.27%1.24%-3 1.36%1.34%1.33%1.32%1.31%-1 1.05%1.03%1.04%1.06%1.07%1 1.24%1.21%1.33%1.34%1.33%-1 1.09%1.08%1.07%1.07%1.07%0 1.28%1.27%1.26%1.26%1.25%-1 1.21%1.21%1.22%1.18%1.18%0 0.86%0.80%0.79%0.76%0.74%-2 1.25%1.30%1.35%1.25%1.25%0 0.76%0.72%0.71%0.68%0.66%-2 1.44%1.45%1.45%1.44%1.44%0 0.90%0.90%0.90%0.90%0.83%-7 1.73%1.72%1.72%1.67%1.66%-1 0.97%0.95%0.97%0.97%0.99%2 0.95%0.95%0.96%0.95%0.92%-3 0.75%0.75%0.75%0.75%0.76%1 1.52%1.49%1.52%1.48%1.45%-3 1.21%1.21%1.20%1.19%1.19%0 1.60%1.57%1.55%1.48%1.44%-4 1.19%1.19%1.16%1.16%1.16%0 1.70%1.70%1.70%1.73%1.83%10 0.78%0.77%0.78%0.79%0.79%0 1.24%1.25%1.26%1.35%1.43%8 0.94%0.92%0.91%0.91%0.91%0 1.49%1.47%1.62%1.59%1.63%4 1.01%0.98%0.98%0.97%0.97%0 1.25%1.22%1.21%1.21%1.21%0 0.85%0.88%0.95%0.94%0.93%-1 0.92%0.91%0.91%0.91%0.91%0 2.09%1.93%1.89%1.81%1.80%-1 0.76%0.76%0.76%0.76%0.76%0 0.97%0.98%0.98%0.98%0.97%-1 21Q4 22Q2 22Q4 23Q2 23Q4 bp 21Q4 22Q2 22Q4 23Q2 23Q4 bp 1.82%1.71%1.59%1.52%1.56%4 1.17%1.02%0.87%0.77%0.84%7 0.65%0.47%0.48%0.46%0.48%2 1.49%1.42%1.41%1.07%1.13%6 2.00%1.90%1.81%1.71%1.67%-4 0.94%0.80%0.82%0.66%0.70%4 2.16%2.04%1.93%1.82%1.74%-9 1.74%1.59%1.68%1.73%1.75%3 2.13%2.02%1.83%1.75%1.66%-9 1.47%1.37%1.44%1.32%1.35%2 1.87%1.81%1.71%1.61%1.48%-13 1.31%1.06%0.99%0.93%0.90%-3 0.71%0.76%0.61%0.54%0.63%9 1.14%0.92%0.83%0.75%0.71%-4 1.82%1.64%1.67%1.51%1.52%1 0.47%0.45%0.37%0.32%0.25%-7 1.17%1.14%0.85%0.89%0.87%-2 1.47%1.12%0.99%0.83%0.75%-8 1.04%1.10%1.04%1.08%1.01%-7 1.66%1.53%1.43%1.39%1.29%-10 1.77%1.75%1.87%1.80%1.66%-14 1.97%2.14%1.77%1.52%1.41%-11 1.71%1.54%1.43%1.30%1.15%-14 0.88%0.74%0.68%0.67%0.71%4 1.72%1.52%1.46%1.43%1.26%-18 1.78%1.32%1.26%1.11%0.88%-22 1.38%1.40%1.37%1.39%1.18%-21 1.76%1.44%1.02%0.77%0.53%-24 1.89%1.83%1.80%1.68%1.46%-22 2.02%1.91%2.51%2.16%1.88%-28 0.0%1.0%2.0%3.0%4.0%5.0%6.0%&0%5%10%15%20%25%30%35%40%45%50%&11 20Q4 21Q2 21Q4 22Q2 22Q4 23Q2 23Q4 bp 20Q4 21Q2 21Q4 22Q2 22Q4 23Q2 23Q4 bp 2.79%2.63%3.78%3.46%3.45%3.45%6.36%291 0.92%0.66%1.08%2.15%1.30%0.81%0.84%3 1.25%1.89%3.47%3.36%4.06%4.19%6.48%229 6.33%4.57%3.77%2.59%2.55%2.20%2.21%1 0.49%0.10%0.24%2.30%206 0.21%0.57%0.22%0.77%1.43%1.01%0.86%-15 1.35%1.69%1.25%1.90%2.80%3.39%4.99%160 1.37%1.48%0.93%0.87%0.41%0.28%0.10%-18 0.02%0.01%0.02%1.01%1.45%1.01%2.45%144 0.69%1.04%2.66%2.99%4.28%5.13%4.92%-21 2.07%3.03%2.75%3.83%3.06%2.88%4.11%123 0.30%1.07%1.41%2.82%4.08%5.52%5.26%-26 0.73%0.61%1.23%2.56%3.89%4.22%5.33%110 1.81%1.54%3.39%3.97%5.48%5.79%5.42%-37 1.31%1.56%1.85%2.98%4.36%4.76%5.64%88 0.00%0.00%0.08%1.01%0.96%1.06%0.61%-45 0.01%0.00%1.18%2.70%2.40%2.17%3.04%87 0.00%0.72%3.67%2.95%4.81%5.22%4.70%-52 0.04%0.22%1.47%1.70%1.87%2.08%2.54%46 1.36%1.23%6.65%5.58%4.55%3.20%2.60%-60 0.01%0.17%0.66%0.62%2.82%3.77%4.21%44 3.88%6.28%4.71%6.15%5.88%7.14%6.48%-66 1.50%1.24%1.32%1.39%1.78%2.18%40 2.32%4.29%4.79%5.47%6.14%6.68%5.37%-131 4.68%4.91%5.05%5.67%7.23%5.11%5.51%40 2.34%2.39%3.44%1.80%6.10%3.02%1.36%-166 0.09%0.61%0.62%0.90%1.66%2.31%2.48%17 3.35%3.11%3.63%2.89%3.08%5.29%2.59%-270 0.00%6.18%0.00%0.00%7.28%9.10%9.27%17 0.31%0.29%1.45%1.71%2.51%6.77%1.37%-540 2.39%2.73%3.05%2.89%2.56%2.06%2.11%5 0.0%0.5%1.0%1.5%2.0%0.9%1.1%1.3%1.5%1.7%1.9%2.1%2.3%20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 23Q4 24Q1 21Q4 22Q2 22Q4 23Q2 23Q4 bp 21Q4 22Q2 22Q4 23Q2 23Q4 bp 0.51%0.54%0.65%0.66%0.73%7 0.61%0.85%0.96%0.97%1.18%21 0.40%0.44%0.55%0.61%0.66%5 0.47%0.67%0.82%0.97%1.15%18 0.49%0.56%0.60%0.66%0.70%4 0.46%0.51%0.68%0.92%1.02%10 0.94%1.11%1.13%1.09%1.12%3 1.24%1.33%1.39%1.48%1.50%2 0.48%0.55%0.65%0.75%0.70%-5 0.51%0.53%0.58%0.58%0.55%-3 0.84%0.94%0.85%0.96%0.81%-15 0.74%0.83%0.86%0.88%0.79%-9 1.07%1.43%1.50%1.50%1.91%41 0.77%0.97%0.83%0.98%0.89%-9 1.08%1.02%1.09%1.18%1.36%18 0.88%1.16%1.09%1.59%1.50%-9 1.76%1.88%1.51%1.55%1.69%14 0.35%0.41%0.61%0.74%0.59%-15 0.95%0.99%1.03%1.08%1.21%13 2.15%2.26%2.49%2.32%1.72%-60 1.65%1.59%1.50%1.41%1.52%11 1.00%1.22%1.43%1.38%1.67%29 1.01%1.17%1.47%1.39%1.47%8 0.92%1.01%1.14%1.21%1.49%28 0.81%0.82%0.89%0.84%0.89%5 0.66%1.11%1.17%1.34%1.60%26 1.21%1.18%1.32%1.35%1.37%2 0.72%0.79%0.94%1.12%18 1.28%1.42%1.29%1.47%1.42%-5 0.77%0.85%0.89%0.80%0.78%-2 0.90%0.98%1.30%1.65%1.98%33 2019 0.3%2023 0.5%20bp 19Q4 20Q2 20Q4 21Q2 21Q4 22Q2 22Q4 23Q2 23Q4 bp 19 bp 0.30%0.32%0.38%0.32%0.36%0.36%0.51%0.50%0.55%5 25 0.38%0.43%0.47%0.46%0.44%0.52%0.57%0.50%0.55%5 17 0.23%0.29%0.28%0.24%0.24%0.31%0.39%0.42%0.44%2 21 0.24%0.25%0.19%0.20%0.20%0.25%0.37%0.42%0.42%0 18 0.29%0.34%0.32%0.31%0.27%0.36%0.47%0.49%0.48%-1 19 0.36%0.40%0.37%0.34%0.34%0.37%0.44%0.47%0.37%-10 1 0.22%0.22%0.26%0.33%0.50%0.57%0.67%10 67 0.33%0.46%0.53%0.54%0.49%0.51%0.56%0.51%0.56%5 23 0.27%0.30%0.34%0.35%0.40%0.52%0.52%0.58%0.62%4 35 0.30%0.42%0.31%0.31%0.34