中信证券：当前经济、政策、资金面的合力，共同指向银行板块的高确定性收益

Group 1 - Recent performance of bank stocks has been strong, driven by both incremental capital from high-frequency funds and demand for absolute return funds ahead of the mid-year dividend season, alongside structural adjustments from relative return funds [1] - The current economic, policy, and funding environment collectively indicates high certainty returns for the banking sector, with expectations for continued upward valuation being the path of least resistance [1] Group 2 - In terms of individual stock recommendations, banks with high dividend yield labels are favored, and attention is also drawn to banks with medium to long-term absolute return potential [2] - According to CITIC Securities, the banking sector showed good performance in December, with passive capital and margin financing indicating that passive capital accumulation is a significant driving force, and active margin financing trading levels remain relatively stable [3] - Banks that exhibit excess returns in the sector have shown stronger performance in both net buying by passive funds and margin financing compared to the industry [3]