CITIC Securities: A package of financial policies has a neutral to slightly positive impact on banks' operating expectations.

The research report of CITIC Securities pointed out that the proactive and supportive monetary policy of "one line, one bureau, one meeting" is expected to boost the performance of the macro economy. Although rate cuts affect banks' asset yields and interest margins, the rate cut is smaller than expected, indicating that regulatory concerns for banks' interest margins are being taken into account. It is also expected that banks will guide deposit interest rates to decrease in the future, effectively offsetting the impact. Support policies for key sectors such as real estate, small and micro enterprises, and foreign trade are also expected to stabilize banks' related asset risk expectations. Overall, the new policy is expected to have a neutral to slightly positive impact on banks' business expectations.