CITIC Securities released a research report stating that thanks to the continuation of volume-price balance and other non-interest contributions, we expect the revenue and net profit growth rates of A-share listed banks to be +7.2%/+3.2% respectively in the first three quarters. On the basis of maintaining a high level of revenue growth, profit growth is still on the path of improvement. Comparing banks, the banks with superior marginal performance in the third quarter may be concentrated on: some large banks with better volume-price balance performance while benefiting from the listing of large technology companies; among small and medium banks, high-quality varieties that benefit from transactional bond returns and have less pressure on asset quality.

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