Tianfeng Securities: The temporary adjustment does not change the long-term logic of valuation repair of bank stocks.

Tianfeng Securities pointed out that from a fundamental perspective, the easing pressure on the downward trend of bank net interest margins will support stable performance. Benefiting from new regulations on public funds and institutional reforms such as medium and long-term funds entering the market, the banking sector, with its stable fundamentals, stable dividends, and relatively low valuations, still remains attractive to investors. After a short-term pullback, the investment cost-effectiveness is further highlighted, and the valuation repair logic driven by dividend value may continue.