Tianfeng Securities: The continuous highlighted value of bank stocks' dividend.

According to the research report from Tianfeng Securities, the valuation repair logic driven by dividend value is expected to continue. From a fundamental perspective, the net interest margin of banks is expected to decline only slightly throughout the year, and their performance is still in a stable stage. However, benefiting from new regulations for public funds, the entry of medium and long-term funds into the market, and other institutional reforms, the bank sector, as a fundamentally stable, dividend-paying, and undervalued category, is expected to continue to increase in attractiveness to capital.