Xin Lang Cai Jing·2026-01-20 00:24Core Viewpoint - The report from China Galaxy Securities indicates that the expansion of structural monetary policy tools and interest rate cuts will benefit banks by stabilizing interest margins and providing stronger support for key areas of the real economy [1] Group 1: Monetary Policy Impact - The expansion of structural monetary policy tools and interest rate cuts is expected to positively impact banks by stabilizing their interest margins [1] - There are signs of a marginal improvement in RMB credit, with a recovery in financing demand from real enterprises [1] Group 2: Banking Sector Performance - The first batch of listed banks has reported stable recovery in their performance [1] - The current environment of abundant liquidity, low interest rates, and frequent dividend distributions continues to enhance the dividend attributes of banks [1] Group 3: Investment Outlook - Long-term funds, represented by insurance capital, are continuously increasing their holdings in banks, which accelerates pricing efficiency and valuation reconstruction [1] - The banking sector's dividend value is expected to remain favorable [1]