银行行业2025年中期策略报告：红利延续，顺势而为-20250627

Group 1 - The report emphasizes that external disturbances continue, but policy measures have room for further action, with a resilient domestic economy supported by ongoing growth stabilization policies [2][4][7] - The monetary policy is expected to maintain a "reasonably ample" total liquidity principle, with a low interest rate environment likely to persist, benefiting bank operations [2][18][23] - The "Five Major Articles" policy framework is being continuously improved, with structural monetary policy tools being enriched to support economic recovery [2][26][28] Group 2 - The fundamentals of the banking sector remain robust, with a gradual recovery expected after initial setbacks, supported by core business stabilization [5][32] - The report notes that the cost benefits from lower funding costs are expected to stabilize interest margins, with a focus on improving core business performance [5][47][50] - The asset quality remains stable, providing banks with more flexibility in provisioning, despite slight fluctuations in key areas [5][39][43] Group 3 - The report highlights significant changes in funding structures, suggesting a shift towards reallocation rather than trading, driven by stable inflows from passive indices and the attractiveness of high dividend yields [5][31] - The average dividend yield for the banking sector is noted to be 4.01%, indicating continued appeal for long-term funds [2][5][31] - The selection strategy focuses on dividend stability while considering potential elasticities in earnings, particularly in A-share banks and select regional banks [5][31][32]