Tianfeng Securities: Despite the adjustment, we still like banking stocks.

TF Securities research report stated that since the mid-July pullback in bank stocks, as of August 27th, the bank index has accumulated a decline of 8.3%. TF Securities believes that this phenomenon may not be the end of the current bull market for bank stocks, but rather a period of adjustment. The current pullback in bank stocks is mainly influenced by temporary factors. In late July, the bank index fell by 7.2%, mainly due to a temporary adjustment caused by increased selling pressure in the short term. In late August, the bank index fell by 3.7%, mainly due to a temporary adjustment caused by a shift in market sentiment. Therefore, under the influence of short-term factors such as trading and emotions, the current pullback in the banking sector may be more of an "interlude" in the bull market. Investment suggestion: The temporary adjustment does not change the long-term logic of bank stock valuation repair. From a fundamental perspective, the alleviation of downward pressure on bank net interest margins will support stable performance. Benefiting from regulatory reforms such as the new rules for public funds and the entry of medium to long-term funds into the market, the banking sector, as a stable fundamental, dividend stable, and low valuation variety, still has strong attraction to capital. After a short-term pullback, the investment cost-effectiveness further highlights, and the valuation repair logic driven by dividend value may continue.