华泰证券：重视优质银行股配置性机会

Core Viewpoint - Huatai Securities indicates that the cost-effectiveness of bank allocations has improved due to balanced styles, calendar effects, and dividend value, suggesting a potential for short-term gains in the banking sector [1] Group 1: Market Conditions - Since mid-July, banks have experienced a maximum drawdown of approximately 15%, with some quality banks' 2025 dividend yields returning to over 5% [1] - The upward slope of the market has slowed down, and economic data has shown disturbances in the base, indicating a potential demand for risk aversion in Q4 [1] Group 2: Policy and Profitability - In the medium term, policies are focusing on stabilizing interest margins and preventing tail risks, which is expected to lead to continuous improvement in core business profitability for banks [1] - Concerns regarding asset quality are easing, and the sustainability of dividends is enhancing the attractiveness for long-term capital [1] Group 3: Investment Recommendations - There is an emphasis on the incremental allocation from insurance capital (driven by I9 switching and new premium growth), industrial capital (especially local state-owned enterprises), and foreign capital [1] - Recommendations include quality regional banks and those with stable dividends [1]