Wanlian Securities' research reports indicate that considering the overall development environment of the banks and the characteristics of cm bank (600036.SH) itself, it is believed that cm bank's advantage in deposit costs is still expected to support stable performance, and its strong capital strength will help in the stable expansion of future asset scale. The asset quality is relatively excellent, and the risk of retail loans may fluctuate in the short term. In addition, cm bank's retail financial business shows high operational resilience. Under the condition that the sales scale of wealth management-related business gradually recovers in the future, the net income from handling fees related to retail wealth management is expected to gradually stabilize. Coupled with the empowerment of cni xiangmi lake fintech index, it is believed that cm bank's overall operational efficiency is expected to steadily improve. Taking into account the company’s business development situation and valuation factors, the recommendation to increase shareholding in the company is maintained.