GF Securities pointed out that as the end of the quarter approached, stocks and bonds all fluctuated last week. Bank stocks showed certain defensive characteristics at the beginning of the fluctuation process. Next week is the last week at the end of the quarter, and volatility is likely to increase. The sector may fluctuate simultaneously with the market, and defensive strength may weaken. From the perspective of asset allocation, the demand for allocation at the beginning of the quarter still exists, and the logic of asset shortage will restart again. The adjustments at the end of the quarter have opened up some space for reallocation at the beginning of the quarter. It is expected that considering the comparative advantage of the fundamentals of the first quarterly report, urban commercial banks may still have an opportunity to make an absolute profit at the beginning of the quarter (April). It is expected that the quarterly report disclosure phase (end of April) will also be a critical time window for the sector style change.