Glonghui, March 18 | CICC released a report saying that overall growth in credit and social finance slowed markedly in January due to Spring Festival factors and the pace of credit investment during the same period last year. Credit fluctuations smoothed out in the two months before the merger and considering the differences in the pace of investment from last year to this year. However, judging from credit demand, the overall demand from residents in fields such as home purchases, real estate investment, and private investment has yet to be recovered. Follow-up attention will be paid to changes in real estate policies, the three major projects, and infrastructure investment driving demand. CICC believes that currently banks are still the main line for investing in high dividends. We recommend focusing on major state-owned banks with high H share discounts, such as CCB, Bank of China, etc., as well as Yunong Commercial Bank and Minsheng Bank, which are expected to improve asset quality. After waiting for economic fundamentals to become more clear, high-quality banks such as Bank of Ningbo and CMB will be more flexible.