Gelonghui, December 11 ｜ JPMorgan published a report pointing out that the recent strong tone released by the Central Political Bureau to support the macro economy and stock market is expected to have a positive response on China's financial stocks. It is believed that in the short term, Brokerage stocks will outperform China Mainland Banking stocks, with a more Bullish outlook on East Money Information and China Galaxy. Among China Mainland Banking stocks, CM BANK is preferred, as it is expected to benefit from improvements in Retail Trade and investment sentiment. At the same time, Ping An Bank is also optimistic, estimating that under low base and increased policy support, its Retail Trade will turn profitable by 2025. In addition, state-owned China Mainland Banking stocks may underperform growth-oriented banks due to their dilution risks, service to national strategy risks, and limited space for profit growth. The bank anticipates that due to the impact of trade tensions, stock market volatility will occur in the first quarter of next year, but the expectations of further policy support from China should limit the downside risks for China's financial stocks.