CITIC Securities: The revenue growth rate of listed banks in the first half of 2025 has turned from negative to positive, and we continue to be optimistic about the high dividend strategy.

CITIC Securities released a research report stating that the performance trend of listed banks in the first half of 2025 has shown marginal improvement, with revenue and profits returning to positive growth ranges, and the core revenue-generating ability of banks trending positively. Other non-interest income is currently the biggest variable, with the bond market fluctuating at a low level in the second quarter, and some banks realizing investment income from AC accounts in advance, leading to a significant improvement in other non-interest income. The bank predicts that the full-year revenue and profit of listed banks will maintain a slight positive growth, and the performance trend of banks with more room for investment income realization and a more ample provision base will be more stable. The banking sector has not yet entered a cyclical upturn, and the bank continues to favor high dividend yield strategies, focusing on targets with positive changes in dividend payout ratio, limited risk of dilution from further financing, high dividend yield, and solid fundamentals.