Golden outlook for 2026: Optimistic about both the absolute and relative performance of bank stocks.

The CMBC released its outlook for 2026, stating that as a financial infrastructure, banks have entered a stage of high-quality development. In the past one or two years, a small number of listed banks have seen double-digit growth in profits on a year-on-year basis, with high dividend investments becoming the main paradigm. On the bank side, attention is focused on the level and certainty of dividends, with the level depending on valuation and profit growth, and certainty focusing on asset quality and revenue sustainability. Under the benchmark scenario, continued confidence in the absolute and relative performance of bank stocks, with funding mainly coming from allocation demand, the high dividend label of bank stocks is increasingly recognized by the market, with the biggest feature compared to other industries being "volume".