[CITIC Securities: The banking sector will continue to interpret the upward direction of valuation, and the absolute returns for the whole year will continue] On September 14, CITIC Securities reported that the "15th Five-Year Plan for Building a Financial Power" was officially launched, and the medium- and long-term development framework of the financial industry is clear. In the context of serving entities well, it lays the foundation for the construction of a financial power. For commercial banks, from a fundamental perspective, looking forward to the third quarter and the whole year of this year, it is expected that core variables such as interest margins and asset quality will remain stable, the operating pattern will be stable, and the profit trend will be positive. 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 ROE in the industry will stabilize this year and next, with a range of 8-9%, helping to increase the sector's valuation. It is expected to be revalued from "high dividend defensive assets" to "high certainty equity assets". The banking sector will still interpret the upward direction of valuation, and absolute returns throughout the year will continue.