According to the CITIC Securities Research Report, the recent appreciation of the RMB exchange rate is beneficial to the performance of RMB equity assets. The central bank will use policy tools more flexibly in the next stage, and focus on domestic demand targets. Looking ahead to 2026, stable macro-financial conditions point to a stable banking operating environment. Bank interest spreads are expected to bottom out, risks in the real sector are being mitigated, and revenue and profits will recover. The industry's absolute return logic comes from valuation repairs brought about by bank systemic risk reassessments, while stabilizing equity return characteristics to drive capital inflows into the sector. It is expected that in 2026, the sector will continue to reflect the direction of increasing valuations.

According to the CITIC Securities Research Report, the recent appreciation of the RMB exchange rate is beneficial to the performance of RMB equity assets. The central bank will use policy tools more flexibly in the next stage, and focus on domestic demand targets. Looking ahead to 2026, stable macro-financial conditions point to a stable banking operating environment. Bank interest spreads are expected to bottom out, risks in the real sector are being mitigated, and revenue and profits will recover. The industry's absolute return logic comes from valuation repairs brought about by bank systemic risk reassessments, while stabilizing equity return characteristics to drive capital inflows into the sector. It is expected that in 2026, the sector will continue to reflect the direction of increasing valuations.