According to the CITIC Securities Research Report, on August 28, 2026, five ministries and commissions, including the Ministry of Housing and Construction, intensively implemented the new real estate policy. CITIC Securities believes that the implementation of the policy will help the real estate credit system adapt to the transformation of a new model of high-quality real estate development. It is expected that banks' real estate loan investment will have room to increase, and asset quality will usher in high certainty improvement expectations. The bank's interim report shows that interest spreads are optimistic, asset quality is stable, overall revenue is optimistic but fragmented, and profit growth continues to repair the pattern. At the same time, some banks have raised dividend rates to boost shareholder returns, which is beneficial to long-term investor allocation. Looking ahead to the third quarter, it is expected that core variables such as interest spreads and asset quality will remain stable, profit trends will be positive throughout the year, and long-term logic such as superimposing macro-narratives will continue to be interpreted, and absolute returns will continue throughout the year.

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