On November 27, Glonghui reported that Bank of America Securities issued a research report indicating that the five major investment themes for the domestic banking sector next year are as follows: crediting growth will accelerate alongside domestic stimulus measures; profit margins will continue to decline, but the downside potential is narrowing; non-interest income may decrease from a high base; asset quality risks are controllable, and local government debt swaps will help improve the situation; and state-owned domestic banks are expected to receive capital injections. The report also mentioned that its preferred banks are China Construction Bank Corporation and the Industrial and Commercial Bank of China, noting that when the domestic market recovers, potentially in the middle or second half of next year, the domestic banking sector is expected to underperform the broader market, while growth-oriented domestic banks like CM Bank are likely to outperform state-owned banks. Bank of America Securities anticipates that the net profit growth of major listed banks will remain flat year-on-year this year and next, with the net interest margin expected to decline in the first quarter of next year but stabilize in the second half. Loan growth slowed from less than 10% last year to 7.5% by the end of October this year, and is expected to recover next year. Additionally, the firm has raised its profit forecasts for the covered domestic banks by an average of 2% to 3% for this year and next, estimating that the profit growth of major state-owned banks will average 0% to 2% for this year and next.