CITIC Securities: Looking ahead to the second half of the year, it is expected that the fundamentals of the banking sector will continue to improve, and industry valuation is expected to increase.

Guosen Securities research report stated that behind the rapid growth in the size of public offering FOFs this year, the upgrade of the bank wealth management model has played an important role. The construction of a fund allocation platform based on FOF is an important step for the transition of bank wealth business from an "agency model" to an "investment advisory model", and the upgrade of the wealth model helps optimize the bank's income structure. In May, entering a period of financial policy and banking performance vacuum, it is expected that market performance will be more influenced by market style and capital conditions. Last week, the bank sector rose slightly by 1.02%, ranking 6th among the 30 primary industries of Guosen. In terms of funding, last week, some bank management expressed that the peak of passive and sovereign wealth fund outflows had passed, indicating a marginal warming in the supply and demand pattern of bank stocks. Looking ahead to the second half of the year, it is expected that the fundamentals of banks will continue to improve, industry valuations are likely to increase, and the dividend yield continue to be attractive to low-risk funds, with a strong certainty of absolute return space.