According to the Minsheng Securities Research Report, it is expected that the banking industry will continue to operate steadily in 2025 to provide solid support for dividend sustainability. On the basis of the industry's high dividend attributes, segmentation logic will be superimposed, and relatively cost-effective dividend targets will be selected. 1) The absolute dividend ratio of H-share banks is higher. It is recommended to focus on state-owned banks (H shares), China CITIC Bank (H shares), etc.; 2) stock banks with high dividends+risk mitigation/low public fund positions/low valuation, China Merchants Bank, Ping An Bank, Huaxia Bank, etc.; 3) High dividends+high-quality regional banks, economic sentiment regions. It is recommended to focus on areas benefiting from Bank of Jiangsu, Bank of Shanghai, Bank of Beijing, etc.