CITIC Securities pointed out that the direct financing ratio continued to be high in June, credit continued to be strong against the public, and there is still room to boost domestic demand. Social financing costs are operating at a low level, but debt costs continue to be reduced. Bank interest spreads are expected to perform well in the second quarter, and capital markets and wealth management services help in revenue collection. It is expected that the bank's interim revenue growth rate will remain stable and good, and the profit growth rate will continue to rise slightly. Recently, the market style has fluctuated sharply, and the banking sector has both absolute and relative returns. CITIC Securities believes that absolute returns come from bank stocks as equity assets with stable and high deterministic returns, adapting to low-fluctuating prudent fund allocations; short-term relative earnings come from market style influence, while long-term returns are due to the relative space for valuation and equity returns from the perspective of industry comparison.

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