Xinhua News Agency, June 9, CITIC Securities Research report believes that reducing the cost of bank deposits is still a key direction this year, which will not only help banks to reduce debt costs, but also help banks to enhance their ability to support entities, and the reduction of deposit interest rates is expected to continue. On the whole, the overall business pattern of the banking industry is stable, the market style catalyzes the beta market, and the value of individual companies begins to appear. As far as plate investment is concerned, the second derivative improvement of banking spreads is expected to begin in the second quarter and the first derivative improvement will begin in the second half of the year. Under the background of current low valuation, the plate is expected to enter an active allocation range. There are two main lines of individual stocks: one is the valuation repair logic, that is, the performance repair of high-quality companies drives the valuation repair; the other is the valuation improvement logic, corresponding to the valuation space brought by the improvement of the asset quality cycle of individual banks; we can also pay attention to the sustainability of the market catalyzed by the concept of special valuation.