Huatai Securities: The logic of dividend allocation in banks continues.

Huatai Securities pointed out that on September 29, the People's Bank of China adjusted and improved monetary policy tools, involving PSL, relending for scientific and technological innovation and technological upgrading, and relending for agriculture and small businesses; the Ministry of Finance and other departments introduced an interest subsidy policy for residents' home purchase loans, providing fiscal interest subsidies for eligible first-home commercial personal housing loans. The two sets of policies were implemented in coordination. Against the backdrop of credit growth shifting from scale expansion to quality improvement and efficiency enhancement, this round of policies highlights the orientation of structural optimization and increases support for major projects, scientific and technological innovation, small and micro private enterprises, and rigid housing demand. It is expected that the central trend of bank credit growth will still gradually slow, and policies will shift toward optimizing the credit structure and improving financing demand in key areas. The logic of bank dividend allocation continues.