CITIC Securities: Banking operations stable, follow changes in institutional funding

On November 25th, Jin10 Data reported that CITIC Securities pointed out that the core operating factors of the banking industry are running steadily, and the fundamental variables of the zone have entered a stable period against the background of the landing of a package of previous policies. Overall, the marginal variables that affect the trend of banks tend to be optimistic about the direction of bank stock investment, including changes in investor funding and macro policy expectations in the next stage. In terms of individual stocks, two main lines are recommended: 1. Low-volatility varieties contribute to steady income space, and banks with high dividends and high capital are more valuable for allocation; 2. Rise varieties contribute to elastic income space, and companies with excellent business models have more valuation space.