According to CITIC Securities' research report, since 2023, the absolute and relative returns of the banking sector have been significant. The profit growth rate of banks during the same period has been decreasing, reflecting that the market style factors in the capital markets have a more severe impact on valuation. Behind the style changes is the wave of increasing allocations under the product configuration logic, with a decrease in risk-free returns, differentiation of risk-return curves, and an unchanging demand for financial product allocation. The improvement in dividend income asset returns has improved the price-performance ratio of bank stocks. Looking ahead, dividend asset logic and cyclical growth logic may seem to be at odds, but the underlying logic is highly unified, namely, the high certainty of dividend returns requires more fundamental support. The bottom signal of bank fundamentals driving factors is beginning to appear, and the policy direction to prevent debt risks will change the debt risk expectations of banks, leading to a more fundamental support for the valuation of bank stocks, while also strengthening the certainty of bank dividend income space. It is recommended that investors increase their allocation in the banking sector.