CITIC Securities: Reduction of debt costs remains an important direction for managing bank interest spreads in the following quarters.

CITIC Securities' research report stated that from the perspective of pricing of listed bank assets and liabilities, since 2025, the banking industry's asset and liability allocation has been stable in terms of total amount, adjusting structure, and actively promoting deposit and loan growth, while the expansion of interbank assets and liabilities has been curbed. In terms of interest spread, although the industry's net interest spread continues to decline, the reduction in liability costs helps narrow the margin of decline in interest spread. Looking ahead, the downward pressure on liability costs will continue to be an important direction for bank interest spread management in the subsequent quarters.