According to a research report released by Macquarie on December 9, even if there is a risk of replacement of existing mortgage loans in the mainland in the first quarter of next year, it is expected that the banks of state-owned enterprises will be revalued because institutional investors who attach importance to earnings and social responsibility may increase their positions. Instead, the bank maintains a cautious view of mixed-ownership banks. The bank said that domestic bank stocks are the first choice.$BANK OF CHINA (03988.HK)$The rating "outperforms the market", mainly because of its huge exposure to overseas markets, and at the same time$ICBC (01398.HK)$、$CCB (00939.HK)$The investment rating has also been upgraded from "neutral" to "outperform the market". Macquarie is the least optimistic.$CM BANK (03968.HK)$The rating "lags behind the big market", as China Merchants Bank is expected to suffer from reduced revenue from financial management products and China Merchants Bank's reduced exposure to real estate credit business.