科方得咨询机构负责人张新原表示，从基本面看，2025年年底以来中小银行净息差逐步企稳，资产质量 持续改善，优质区域城商行的不良贷款率回落至低位，盈利增速显著跑赢行业平均水平，低估值属性凸 显出较高的配置性价比；在政策面上，监管层加大对中小银行资本补充的支持力度，地方政府债务风险 化解举措落地，进一步降低了中小银行的经营不确定性；在市场面上，在大类资产配置中，银行板块的 高股息特征成为避险资金的重要选择，而优质中小银行兼具成长性与分红潜力，更易获得机构青睐。 张新原指出，整体来看，相比过去聚焦"扩表速度"与"区位优势"，近来机构对中小银行业务的关注倾向 发生了显著转变。一方面，从关注"规模扩张"转向关注"盈利质量"，调研重点从资产负债表的扩张速 度，转向净息差管控能力、非息收入占比提升路径、成本收入比优化空间等盈利相关指标。另一方面， 从关注"传统业务"转向关注"特色赛道"，对普惠金融、绿色金融、科创金融等政策支持型业务的布局进 展、风控模式、收益水平关注度大幅提升，尤其看重银行在细分领域的差异化竞争力。 此外，张新原进一步分析，机构投资者对上市中小银行的关注不再局限于区域经济总量的优势，而是调 研区域产业升级 ...

Core Viewpoint - The A-share market experienced a significant rebound, with the Shanghai Composite Index breaking the 3600-point mark for the first time this year, driven more by liquidity and fundamentals than by policy [1][5][6]. Market Performance - On July 23, the Shanghai Composite Index reached a high of 3613.02 points before closing at 3582.30 points, reflecting a slight increase of 0.01% [1][2]. - The market saw a total trading volume of 1.90 trillion yuan, a decrease of 303 billion yuan from the previous trading day [2]. - The A-share market has shown a cumulative increase of 15.69% for the Shanghai Composite Index, 18.10% for the Shenzhen Component Index, and 27.86% for the ChiNext Index since April 8 [1][3]. Sector Performance - The financial sector, particularly non-bank financials and insurance, showed strong performance, with non-bank financials rising by 1.29% [2][3]. - Conversely, sectors such as construction materials, defense, and machinery experienced declines, with construction materials down by 2.27% [2]. - Among the concept stocks, the Yajiang Hydropower Station stocks showed mixed results, with some stocks hitting the daily limit while others faced significant declines [2]. Structural Market Dynamics - The current market is characterized by a structural rally, with 14 industry sectors rising over 20% since April 8, led by telecommunications, composites, and non-ferrous metals [3][4]. - The market has seen a rotation among sectors, with technology, non-ferrous metals, and military industries outperforming, while consumer, coal, and real estate sectors lagged [3][5]. Investment Sentiment and Outlook - Analysts suggest that the market's upward trend is supported by improved liquidity and a favorable economic environment, with expectations of further global liquidity easing in the second half of the year [1][6][7]. - The financing balance in the A-share market reached 1.92 trillion yuan, indicating a strong market sentiment and increased participation from public funds [6]. - The banking sector is highlighted as a key area for investment due to its low price-to-book ratio and expected benefits from stable interest margins and improved asset quality [7][8].