中信证券：当前银行股性价比大幅提升 给稳定回报型资金带来配置机会

Core Viewpoint - The report from CITIC Securities indicates a significant outflow of funds from bank stocks since the beginning of the year, highlighting a disparity in performance between A-shares and H-shares in the banking sector, which suggests that A-share banks are more affected by fund outflows and style influences, resembling trends observed in August 2025 [1] Summary by Categories Market Performance - There has been a notable outflow of funds from bank stocks at the start of the year, with A-shares and H-shares showing differing performances [1] - The current situation indicates that A-share banks are significantly impacted by these fund outflows and market style changes [1] Investment Opportunities - The investment value of banks in 2026 is expected to arise from two main factors: 1. Re-evaluation of net assets due to reassessment of systemic risks in the banking sector 2. The stable return characteristics of bank equities within the framework of RMB asset allocation, leading to a re-evaluation of core equity asset values [1] - The report suggests that the current price-performance ratio of bank stocks has significantly improved, presenting a configuration opportunity for stable return-oriented funds [1] Stock Selection Strategy - The recommendation is to focus on selecting stable individual stocks, indicating a strategy that emphasizes a solid foundation for investment [1]