Zheshang Securities published a weekly strategy note highlighting a 1.48% gain in the banking sector from September 28 to October 9, with joint-stock banks leading and Shanghai Pudong Development Bank up 6.00%. The note cites multiple policy measures including mortgage interest subsidies, structural relending rate cuts, PSL rate cuts, and a 150 billion yuan special treasury bond injection into large state-owned banks.
Zheshang Securities maintains a bullish view on large state-owned banks and wealth-management-focused banks, citing dense policy support that extends the sector's upward logic beyond pure defense.
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