CITIC Construction Investment | Revenue improves and performance stabilizes, selecting targets with strong fundamentals + high dividends - Overview of the banking industry 2025 annual report

CITIC Construction Investment Securities' research report points out that in 2025, listed banks will achieve slight positive growth in both revenue and profit, with the decline in interest margins continuing to narrow, and core revenue returning to positive growth territory. Credit demand remains stable, liability costs are optimized, and interest margins are expected to stabilize in the fourth quarter. Wealth management is recovering, with accelerated growth in fee income, and asset quality meets expectations. Looking ahead to 2026, revenue is expected to continue improving, and it is recommended to focus on high-quality targets with excellent fundamentals and high dividend yields. Overall, the banking industry is defensive and suitable for market risk aversion