Japan's Nikkei 225 fell below 70,000 points, down 3.33% on the day.

CITIC Securities says after large net outflows earlier this year, China bank A-shares now yield an average static dividend of about 4.3%, with some large caps above 5% and an average static PB of 0.60x. Looking to 2026-27, the sector is entering the tail of its risk cycle; the first derivative of ROE has improved and the firm expects industry ROE to stabilize around 8–9% in 2026–27, supporting valuation gains. H2 could see a "high-certainty equity asset" rerating with significant absolute upside. Stock selection favors banks with strong commercial models, improving ROE prospects, low-valuation large banks set for multiple recovery, names entering stable growth, and high-quality, defensive franchises.

Investment in key energy projects and new energy business formats during China's 15th Five-Year Plan will exceed 20 trillion yuan.