Galaxy Securities: Banks continue to maintain strong interim dividend payout, highlighting the ongoing value of dividends.

Galaxy Securities pointed out that in the third quarter, the short-term performance of the banking industry was disturbed by other non-interest income, but the stable growth in scale still formed a performance support. The trend of interest rate spread stabilization remains unchanged, net interest income further improved, and middle-income also showed a continuous recovery trend. Asset quality is stable, and the release of provisions contributes to the increase in net profit. Policy guidance optimizes the credit structure of banks, protects interest rate spreads, and the rebound of the capital market opens up space for middle-income growth. At the same time, the release of the Fifteenth Five-Year Plan promotes the long-term transformation of the banking industry. Attention should be paid to the release of policy effectiveness, industry reform progress, and opportunities for fundamental repair. The mid-term dividend distribution of banks remains unabated, and the value of dividends continues to be highlighted.