中信证券：银行板块“稳定回报”基础进一步夯实

Core Viewpoint - The report from CITIC Securities emphasizes that "stable return" assets exhibit low volatility, low drawdown, and continuous income, with a focus on the dual stability of earnings and dividends, drawing parallels from the US market [1] Group 1: Characteristics of Stable Return Assets - Stable return assets are characterized by low volatility, low drawdown, and sustained income [1] - The core logic behind these assets is the dual stability of earnings and dividends, with business models often featuring weak economic cycle attributes, franchise operations, customer stickiness, and stable capital expenditures [1] Group 2: Financial Conditions in A-Share Market - Over the past 15 years, the financial conditions of four major industries in the A-share market, including banks and power sectors, have been most aligned with the characteristics of stable return assets [1] - The banking sector's foundation for stable returns has been further solidified due to macroeconomic and regulatory policies that contribute to earnings stability [1] Group 3: Investment Trends - There is an increasing trend of institutional investors, including insurance funds, public offerings, and AMC companies, enhancing their holdings in stable return assets, thereby reinforcing their stability [1] - In the upcoming phase, trading funds are expected to focus on undervalued stocks, while allocation funds will continue to favor beta stocks [1]