Cai Xing Securities research reports pointed out that in October, the growth rate of social financing and loans continued to slow down, with a year-on-year weakening in corporate loans, but an improvement in household financing demand, with both M1 and M2 rebounding, reflecting the initial effects of a comprehensive policy package to improve real liquidity. Subsequently, with the advancement of local government debt, the allocation of special bonds fiscal funds, capital injection from state-owned major banks, and the promotion of a comprehensive policy package including real estate, it is expected to drive the improvement of social financing and credit, easing the pressure on the quality of banks' risky assets. Under the backdrop of declining risk-free interest rates, high dividend yields remain the long-term investment logic for the sector, focusing on state-owned major banks with stable profits and high dividends, such as China Construction Bank Corporation, to closely monitor the incremental fiscal policies and their implementation effects. If economic expectations improve, pay attention to core assets of the sector, such as CM Bank and Bank of Ningbo. Maintain the industry's "synchronized with the broader market" rating.