Citic Securities pointed out that according to the interim report of listed banks, the income side continues the trend of the first quarter due to "interest rate cuts" and "fee reductions", while cost savings contribute to profit recovery. In terms of quality, the quality indicators of retail credit have weakened due to the impact of residents' income, but the overall risk indicators are still running in a stable range. Overall, the logic of wealth product allocation remains unchanged, and the fundamental pattern of the banking sector is stable, with the value of allocation becoming apparent after the sector undergoes a correction.