中信证券：政策趋于灵活，银行板块估值延续提升

Group 1 - The recent appreciation of the RMB is favorable for the performance of RMB-denominated equity assets [1] - The central bank will adopt more flexible policy tools in the next phase, with a focus on domestic demand targets [1] - By 2026, stable macro-financial conditions are expected to indicate a stable banking operating environment, with bank interest margins reaching a bottom and a recovery in income and profitability for the real sector [1] Group 2 - The absolute return logic for the banking sector comes from the re-evaluation of systemic risks, leading to valuation recovery [1] - The stable characteristics of equity returns are expected to drive capital inflows into the sector [1] - It is anticipated that the sector will continue to experience valuation enhancement trends in 2026 [1]