Yinhai Securities released a Research Report stating that as of December 23, 2024, the banking sector has accumulated a rise of 31.42%, gaining increased favor from institutions. Looking ahead to 2025, macro policies are becoming more positive, and positive factors in the banks' fundamentals will continue to accumulate: compared to the expectations of pressured bank performance, banks face opportunities for improvement from the perspectives of quantity, price, and risk, mainly reflected in: intensified risk mitigation efforts in key areas, while financial support boosts short-term Crediting, the effectiveness of lowering deposit benchmark interest rates is expected to accelerate, supporting bank interest margins. The accumulation of positive factors supports valuation formation. Investment suggestions: (1) Continue the high dividend strategy, adhere to the large bank dividend investment main line; (2) The acceleration of economic momentum conversion optimizes the Crediting structure, focusing on selective opportunities in regional small and medium banks; (3) The light capital transformation of joint-stock banks deepens, with positions taken at low levels to gain valuation premiums.