中信证券：银行二季度基本面指标稳中向好

Core Viewpoint - The report from CITIC Securities indicates that the banking sector is experiencing a gradual improvement in performance, with narrowing declines in interest margins and stable asset quality in the second quarter [1] Group 1: Banking Sector Performance - The banking sector's interest margin decline has narrowed, and asset quality remains stable, leading to an improvement in performance growth [1] - It is expected that the trend of gradual improvement will continue in the subsequent quarters of the year [1] Group 2: Market Dynamics - The recent pullback in the sector is attributed to style and funding factors [1] - The overall performance in 2025 is anticipated to be relatively stable, with the annual trend being more influenced by valuation fluctuations rather than fundamental changes [1] Group 3: Valuation and Investment Outlook - The banking sector is still undergoing a revaluation of net assets from a medium-term perspective [1] - In the short term, without sustained inflows of allocation-type funds, there may be volatility driven by market style affecting trading-type funds [1] - There remains potential for recovery in the sector until valuations exceed 1 times net assets, indicating that absolute returns are still expected [1]