According to the CITIC Securities Research Report, the “Fifteenth Five-Year Plan for Building a Strong Financial Country” was officially launched, and the medium- to long-term development framework for the financial industry is clear, laying the foundation for building a strong financial country in the context of serving entities well. For commercial banks, from a fundamental perspective, looking ahead to the 3rd quarter of this year and the whole year, it is expected that core variables such as interest spreads and asset quality will remain stable, the business pattern will be stable, and the profit trend will be positive. From a medium-term perspective, the banking sector has entered the end of the risk cycle, and the ROE lead has improved. The absolute ROE ratio of the industry is expected to stabilize this year and next year, with a range of 8-9%, helping the sector's valuation increase. It is expected that it will be revalued from “high dividend defense assets” to “high certainty equity assets”. The banking sector will still reflect the upward direction of valuation, and absolute returns will continue throughout the year.

According to the CITIC Securities Research Report, the “Fifteenth Five-Year Plan for Building a Strong Financial Country” was officially launched, and the medium- to long-term development framework for the financial industry is clear, laying the foundation for building a strong financial country in the context of serving entities well. For commercial banks, from a fundamental perspective, looking ahead to the 3rd quarter of this year and the whole year, it is expected that core variables such as interest spreads and asset quality will remain stable, the business pattern will be stable, and the profit trend will be positive. From a medium-term perspective, the banking sector has entered the end of the risk cycle, and the ROE lead has improved. The absolute ROE ratio of the industry is expected to stabilize this year and next year, with a range of 8-9%, helping the sector's valuation increase. It is expected that it will be revalued from “high dividend defense assets” to “high certainty equity assets”. The banking sector will still reflect the upward direction of valuation, and absolute returns will continue throughout the year.