中信证券：经营指标保持稳定 银行板块估值仍有明确上行空间

Core Viewpoint - The report from CITIC Securities indicates that the financial risks in the real estate sector remain controllable, and there is potential for more robust policies to boost cash flow for real estate companies in the future [1] Banking Sector Analysis - Performance reports show that the banking sector fundamentals are solid, with operational indicators performing better than expected [1] - Based on a reassessment of risk expectations and growth projections for banking business models, along with scenario analysis for the economy and policies in 2025, CITIC Securities believes that there is still clear upward potential in bank valuations [1] Investment Recommendations - Two main investment lines are recommended: 1. Stable dividend contributions, focusing on companies with stable earnings growth, stable dividend rates, stable asset quality, and low valuation volatility [1] 2. Companies with excellent business models, where valuation premiums are expected to return to normal ranges, targeting firms with high return on equity (ROE) and strong certainty, which currently have low valuation premiums [1]