Galaxy Securities' Research Reports indicate that the market cap management of central state-owned enterprises has been further strengthened, and the valuation of banks is expected to benefit. On December 17, the State-owned Assets Supervision and Administration Commission (SASAC) released "Several Opinions on Improving and Strengthening the Market Cap Management of Central Enterprises Holding Listed Companies." The attributes of listed banks as central state-owned enterprises are prominent, and the following aspects are worth paying attention to: (1) Clearly define the goal of market cap management as the high-quality development of listed companies, with the transformation of bank operations expected to deepen. Banks are likely to continue optimizing structure, reducing capital, and controlling risks with the help of digital transformation, promoting improved operational quality and efficiency. (2) Focus on investor returns, with enhanced expectations for bank dividends. SASAC has proposed to increase the frequency of cash dividends, optimize the rhythm of cash dividends, and raise the proportion of cash dividends. Coupled with a reduction in dividend transaction fees by half, it is expected that the strength of bank dividends will likely increase. (3) Perfect and enhance the institutional mechanism arrangement for boosting investor confidence and market cap management, with the valuation center of banks expected to rise. SASAC stated that central enterprises should include resolving the long-term negative net asset issue as part of their annual key tasks. The banking sector has long been in a negative net asset state, and it is expected to promote the recovery of sector valuation through improving operational quality and efficiency and increasing dividend strength.