CITIC Securities: Continue to be optimistic about the stability and sustainability of bank stocks.

China-Thailand Securities Research Report states that the operating model and investment logic of bank stocks have shifted from a "pro-cyclical" to a "weak-cyclical" trend: when the market is strong, bank stocks tend to be weak in the short term; however, during times of economic stagnation, bank stocks with high dividends will continue to be attractive, and the stability and sustainability of bank stocks are still favored. There are two main investment themes for bank stocks: one is the regional advantages and strong certainty of city commercial banks and rural commercial banks, including regions such as Jiangsu, Shanghai, Chengdu-Chongqing, Shandong and Fujian. The other theme is the logic of high dividends and stability.