On August 16th, Morgan Stanley published a report stating that China's prioritization of financial risk control over supporting growth will continue to be effective and contribute to the sustainable shareholder returns of major banks, with value and dividends still outperforming the market. According to Morgan Stanley, as of July 30th, the average total return of A-share and H-share banking stocks covered by the bank over the past three years was about 35%. The bank expects the net interest margin of China Mainland Banking to stabilize. Under the new monetary policy framework, it is expected that the pressure on net interest margin will be moderate next year, and there will be a rebound in the following year. Morgan Stanley has changed its top pick for China Mainland Banking to Postal Savings Bank of China because it is best positioned, including potential higher asset yield and lower deposit interest rates. At the same time, it also believes that several other banking stocks still have good potential returns, especially China Construction Bank Corporation, Bank of Ningbo, Minsheng Bank, and Industrial Bank.