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Securities Times e Company News, Guoxin Securities Research News believes that the current banking fundamentals are still under pressure, marginal changes are small, and the performance for the whole year may be close to that of the first quarterly report. In terms of key drivers: (1) due to the decline in LPR in February, the bank net interest margin is still under downward pressure, but with the decrease of the base, if the subsequent LPR no longer falls sharply, the annual net interest margin will increase on income and net profit.BlockchaingamesearncryptoThe adverse impact may be weakened, and the bank's performance is expected to bottom out. (2) as the macro-economy recovers, it is expected that the rate of bad production will remain stable throughout the year. At present, banks' provision coverage and loan ratio are at a high level, and they still have the ability to feed profits through provisions. it is expected that the growth rate of net profit will remain stable. (3) with the reduction of the base and fine-tuning of policy orientation, the growth rate of assets may maintain a relatively stable level. The current banking sector valuation is low, experienced real estate risk exposure, stock mortgage interest rate adjustment, the sector potential bearish significantly reduced, meaning that the valuation downside risk is very small. If LPR does not fall sharply in the future, for most listed banks, the first quarter of 2024 may be the bottom area in recent years. As the macroeconomic recovery improves, it is expected to promote the valuation repair of the banking sector, thus maintaining the industry's "overweight" rating.