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【券商聚焦】中信证券:银行股投资仍受商业模型重估利好估值上行的主逻辑牵引

【Brokerage Focus】CITIC SEC: Investment in bank stocks is still driven by the main logic of bullish valuation uplift due to the reevaluation of business models.

Jingu Financial News ·  Mar 24 08:53

Jinwu Financial News | CITIC Securities said that the General Administration of Financial Management issued the “Notice on Developing Consumer Finance to Help Boost Consumption”, which may help banks increase the scale and improve the quality of consumer credit, and banks with high quality retail credit may benefit even more. In terms of sector investment, banks have entered the earnings season, and investors are concerned about the fundamentals and profit results of marginal bank changes. The bank expects that the credit investment strategy of listed banks will remain positive in the first quarter of 2025, asset pricing will remain stable, interest spreads will fall as scheduled but the margin was less than expected, and the year-on-year decline in net interest income will be stable; due to fluctuations in interest rates in the capital market, non-interest income of some banks will weaken month-on-month, but due to the low confirmed income base of most banks last year, the scale of investment income is expected to be stable month-on-month. Overall, bank stock investment is still driven by the main logic that business model revaluation favors upward valuations, and the sector's absolute returns are worth looking forward to.

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