Galaxy Securities' research report pointed out that the optimization of the deposit interest rate self-discipline pricing mechanism improves the transmission efficiency of policy interest rates. The optimization of banks' liability cost is expected to release further effectiveness, improving the necessity of cost and alleviating the downward pressure on interest margins. A package of incremental policies is bullish for short-term crediting by banks, with a neutral impact on interest margins. The localization of debt efforts has increased, real estate policies continue to be optimized, and the clearing of bad risks is accelerated, benefiting the asset quality of banks. Supplementing the capital of state-owned banks enhances crediting and risk resistance capabilities. A new round of central state-owned enterprise reform strengthens market cap management, opening up space for valuation recovery. Continue to be bullish on the configuration value of the banking sector, adhering to dividend value and high dividend strategies.