On October 14th, the bank stocks rose, with the bank fund component stocks chongqing rural commercial bank, bank of chongqing, bank of jiangsu, bank of guiyang, bank of ningbo, and bank of chengdu all rising by over 5%. The bank fund (512730) rose by 2.79%, and in nearly 16 trading days, the bank fund (512730) surged over 20%. On the news front, Deputy Minister of Finance Liao Min stated at a State Council Information Office press conference on October 12th that as of the end of June 2024, the average core tier one capital adequacy ratio of the six large state-owned banks was 12.3%. The Ministry of Finance will adhere to market-oriented and rule-based principles, coordinate overall, implement in batches and stages, tailor policies to individual banks, actively raise funds through issuing special national bonds, among other channels, to prudently and orderly promote further increase of core tier one capital in large state-owned commercial banks. This work has been initiated, and we are waiting for each bank to submit their capital replenishment plans. Specific capital replenishment plans will be disclosed in a timely and lawful manner according to relevant regulations. Citic Securities research reports indicate that the intensity of fiscal policy counter-cyclical adjustments has increased, helping to alleviate the two major sectors' credit risks (local government financing platforms and the real estate sector) that are crucial for the banking system. This will aid in enhancing the stability of banks' net assets and positively impact the valuation of bank stocks.