CITIC Securities: Currently, the cost-effectiveness of bank stocks has significantly increased, providing an opportunity for stable return-oriented funds to allocate.

CITIC Securities research report states that since the beginning of the year, there has been a significant outflow of funds from bank stocks. The performance of A-shares and H-shares of banks last week also implies that A-share banks are more affected by fund outflows and style influences, similar to the trend in August 2025. Currently, the cost-effectiveness of bank stocks has greatly improved, providing opportunities for stable return-oriented funds to allocate. CITIC Securities believes that the investment value of banks in 2026 comes from: 1. Net asset reassessment resulting from the reevaluation of systemic risks in the banking sector; 2. Stable return characteristics of bank equity under the Renminbi asset allocation framework, leading to a reassessment of the value of core equity assets. It is recommended to choose stable and robust individual stocks for allocation strategies.