晨会纪要：对近期重要经济金融新闻、行业事件、公司公告等进行点评-20251029

Group 1: Industry Overview - The report highlights that the financial sector will focus on serving the real economy, emphasizing the importance of supporting key areas such as technology, green initiatives, and digital transformation during the 14th Five-Year Plan period [3][4] - The People's Bank of China (PBOC) has established a policy framework to enhance financial support for technological innovation, indicating a sustained increase in loans to technology-oriented small and medium-sized enterprises, with a growth rate of 22.3% in Q3 2025 [4][5] - The report notes that the monetary policy will maintain its current stance, with an emphasis on macroeconomic policies to support high-quality development and mitigate local government debt risks [5][6] Group 2: Regional Banking Dynamics - The report discusses the potential for regional banks to expand their assets, driven by the economic growth in major provinces, which are expected to play a pivotal role in regional economic development [6][7] - It emphasizes the collaboration between regional banks and local fiscal policies, which is anticipated to enhance their capacity to serve the real economy and promote industrial upgrades [6][7] Group 3: Investment Recommendations - The report suggests that regional banks are likely to benefit from the demonstration effect of economic powerhouses, with asset expansion expected to remain resilient [7][8] - It recommends focusing on state-owned banks for their stable high dividend yields and suggests potential valuation recovery opportunities for joint-stock and regional banks, specifically naming banks such as CITIC Bank, Jiangsu Bank, Chengdu Bank, and others [8]