Bank stocks encountered a cold start in the Year of the Horse, and institutional research revealed several major hidden concerns.

On the first trading day of the Year of the Horse, A-shares ushered in a good start, with bank stocks continuing to be "neglected" in the hot market sentiment, becoming one of the few sectors to close in the red that day. From a news perspective, the latest LPR was released that day, with the 1-year and 5-year term varieties both remaining unchanged for the ninth consecutive month. Financial data released by the central bank before the holiday showed that, despite a "good start" in social financing, credit issuance saw a rare year-on-year decrease in January. Against this backdrop, the market is paying more attention to credit quality on one hand, and on the other hand, to the pace of returning to work after the Spring Festival. Looking at the research conducted by institutions on banks, compared to the same period in previous years, the enthusiasm for research has decreased somewhat this year, and differentiation remains evident. It was found that the main focus of institutional research during the process is on credit issuance, especially on the business credit business sentiment, trends in liability volume and pricing under pressure from interest rate differentials, and the ability to expand middle income, as well as capital replenishment plans under profit pressure.