[CITIC Securities: The stability of bank performance is expected to further consolidate stable return attributes] On October 18, CITIC Securities pointed out that thanks to the continued volume-price balance and other non-interest contributions, the revenue and net profit attributable to parent companies of A-share listed banks are expected to grow by +7.2% and +3.2% respectively in the first three quarters. On the basis of revenue growth remaining at a high level, profit growth is still on the path to improvement. Comparing various banks, the banks with superior marginal performance in the third quarter may be concentrated in: some large banks with better volume-price balance performance and benefiting from the listing of large technology companies; high-quality varieties among small and medium-sized banks that benefit from the proceeds of trading bonds and have less pressure on asset quality. From an investment perspective, against the background of still large market fluctuations, the stability of bank performance is expected to further consolidate stable return attributes. From a medium-term perspective, the banking sector has entered the tail range of the risk cycle, and the first-order guidance of ROE has improved. It is expected that the absolute number of industry ROE will stabilize this year and next, with a range of 8%-9%, which will help improve the sector's valuation. The sector is expected to be revalued from "high-dividend defensive assets" to "high-certainty equity assets", and the banking sector will still interpret the upward direction of valuation.