中信证券：银行政策趋于灵活 估值延续提升

Group 1 - The core viewpoint of the article indicates that the recent appreciation of the RMB is favorable for the performance of RMB-denominated equity assets [1] - The central bank is expected to adopt more flexible policy tools in the next phase, with a focus on domestic demand targets [1] - Looking ahead to 2026, stable macro-financial conditions are expected to lead to a stable banking operating environment, with bank interest margins anticipated to bottom out and a reduction in risks for the real sector, resulting in income and profit recovery [1] Group 2 - The absolute return logic for the banking sector is driven by a reassessment of systemic risks, leading to valuation recovery, alongside stable equity return characteristics that attract capital inflows into the sector [1] - It is projected that the sector will continue to experience valuation enhancement in 2026 [1]