JPMorgan published a research report stating that considering the authorities' more proactive policy tone to stimulate consumer spending, the expectation is favorable for the banking loan portfolio in addition to the expansion of the domestic personal pension plan. The current outlook on the financial market remains cautiously optimistic, and the recent pullback will be an opportunity for investors to increase shareholding in high-quality Chinese financial stocks. JPMorgan believes that the authorities will also prioritize the prevention of financial risks, which may mean that the net interest margin will stabilize. It is anticipated that more robust measures will be introduced to reduce banks' financing costs and lower the LPR rate, with hopes of loans regaining growth, mild recovery in capital market conditions, and consumer spending, all of which are favorable for the growth prospects of banks' fee income. It is predicted that in a declining interest rate environment, households will increase their asset allocation to stocks, funds, and insurance products. The bank is more bullish on banks that are highly sensitive to capital markets and retail business, with its top choice being China Merchants Bank, followed by Ping An Bank. It also favors China Construction Bank, which can provide stable profits and dividend returns, as well as life insurance companies like China Life and Ping An Insurance, which have strong distribution channels and good solvency.