中信建投：美国预防式降息 有利于银行业绩和估值双升

Group 1 - The core viewpoint is that the extreme high interest rate environment and risks in the U.S. commercial real estate sector have previously depressed market risk appetite and valuation for small and medium-sized banks, but these factors have now reversed or improved, yet some quality small and medium-sized banks still lag in valuation compared to expected ROE improvements [1] - The current upward operating cycle in the U.S. banking industry focuses on banks whose valuations lag behind fundamental improvements, with the ongoing preventive interest rate cuts being most beneficial for both bank performance and valuation [2] - Selection criteria for banks include those with advantages in deposits during the interest rate cut cycle, minimal drag from investment income, potential for increased non-interest income, low commercial real estate risks, and light burdens from other asset risks, targeting small and regional banks with the greatest expected discrepancies [3]