预期修复，夯实前行

Group 1: Economic Recovery and Market Trends - The banking sector has benefited from a nearly 35% increase since the beginning of the year, driven by dividends and stability attributes[2] - The average price-to-book (PB) ratio for A-share listed banks is currently 0.58x, indicating an implied non-performing loan (NPL) rate significantly higher than the actual level[9] - The performance of banks in Jiangsu and Zhejiang regions is expected to continue leading, while strategic upgrades in western regions may present new opportunities for local banks[1] Group 2: Policy Impact and Recommendations - Recent policy shifts are expected to alleviate concerns regarding asset quality, particularly in the real estate sector, thereby driving valuation recovery[9] - Short-term recommendations include stocks benefiting from debt resolution logic and expected asset quality improvements, such as Chongqing Rural Commercial Bank and Industrial Bank[1] - Long-term recommendations focus on high-quality banks like China Merchants Bank and regional banks in cities like Ningbo, Chengdu, Nanjing, and Changshu[1]