Tianfeng Securities pointed out that undervaluation resonates with economic recovery. Financial concessions have slightly suppressed the impact of the epidemic in the first half of the year in the short term. Asset quality is under pressure, compounded by strong pressure on financial systems to make concessions. It is expected that the performance of listed banks may be clearly pressured; it is possible to wait for the interim report to be laid out after the implementation of the interim report. The undervaluation resonated with the economic rebound, supporting a reasonable restoration of valuations in the banking sector. Currently, the A-share bank (Shenwan) index is only 0.71 times PB (lf), which is an all-time low. The economic recovery in the second half of the year is expected to ease bad concerns and support the reasonable restoration of bank stock valuations. In particular, the valuation switch in the fourth quarter is worth paying attention to. In terms of individual stocks, they mainly recommend Ping An Bank, Everbright Bank, and Industrial Bank, which are undervalued and have good fundamentals, and focus on Bank of Chengdu, Bank of Changsha, Bank of Jiangsu, Bank of Changshu, Bank of Zhangjiagang, China Merchants Bank, etc.