CITIC Securities: The fundamental pattern of the banking zone is stable, and the value of configuration is apparent after the zone pullback.

Jinshi data news on September 5th, CITIC Securities pointed out that from the interim report of listed banks, the income side continued the trend of the first quarter due to 'interest rate cuts' and 'fee reductions', and the cost side contributed to profit recovery through savings. In terms of quality, retail credit is affected by residents' income, and quality indicators have weakened, but overall risk indicators are still operating in a stable range. Overall, the wealth product allocation logic remains unchanged, the fundamental pattern of bank zones is stable, and the value of allocation is evident after the zone pulls back.