Diversified Banks

CCB Asia Extends Hours During Golden Week, New Accounts Surge 10-Fold Highlighting Cross-border Strength

China Construction Bank Penalized Over 1.4 Million Yuan for Multiple Violations

GZ City Investment Fund Successfully Issued First Consumption-focused REITs

BOC International Raises Target Price for ICBC to HKD 11.3

JPMorgan Reports: CCB's Q1 2026 Earnings Exceed Expectations

Goldman Sachs Maintains Buy Rating on CCB with Target Price of HKD 9.96

Citi Report Suggests Construction Bank's Q1 PPOP Growth of 13%

China Construction Bank's Q1 2026 Revenue and Non-interest Income Growth Leads Among Big Six Banks

CDB's Liquidity Coverage Ratio Rises to 138.12% in Q1 2026

Construction Bank's Q1 Net Profit Up 3.53% YoY

CCB released FY2026 Q1 earnings on April 29 Pre-Market (BJT), actual revenue HKD 164.11 B (forecast HKD 229.17 B), actual EPS HKD 0.3741

CDB Releases 2025 Annual Report: Robust Profit Growth

CCB to Release FY2026 Q1 Earnings on April 29 Pre-Market BJT, Forecast Revenue HKD 232.17 B

A 股 Bank Stocks Surge, Several Banks Hit New Highs

Shanghai Guotou Company Hosts 2026 Angel Investment Conference to Promote Early Stage Capital Investment

Citibank: CCB's Q1 Earnings May Exceed Expectations

Goldman Sachs Maintains Buy Rating on CCB with Price Target

China Construction Bank and China Huadian Sign Strategic Cooperation Agreement

China Construction Bank Discloses Jianxin Consumer Finance's 2025 Annual Report: Net Profit Surges 170% Year-on-Year

BOC International raises target price for Construction Bank to HKD 11.28 and maintains 'Buy' rating

HINSANG GROUP

RIVERINE CHINA

PASHUN INT RTS

BRAINAURORA-B

SOFTMEDX

GOLDENPOWER

ZHONGKE GROUP

VISION SYNERGY

GEMILANG INTL

GHPC

601988

BACHY

03988

601939

CICHY

00939

IDCBY

512800

159887

512820

515020

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HSBC Research has lowered expectations for rate cuts in 2026 following the People's Bank of China's recent monetary policy report. The report suggests a high likelihood of net interest income expansion for Chinese banks, particularly ICBC, CCB, and Bank of China H shares. The research indicates that corporate banking is outperforming retail, with positive growth in corporate loans. Additionally, banks are advised to limit high-interest interbank time deposits to reduce competition and funding costs.

AASTOCKS News

Bank Of China

Bank of China

BANK OF CHINA

China Construction Bank

ICBC

INDUSTRIAL & COMMERCIAL BK OF CHINA UNSP ADR EACH REPR 20 ORD SHS

Hwabao WP CSI Banks ETF

Fullgoal CSI 800 Banks ETF

WP CSI Banks ETF

China Merchants CSI BANK AH Price ETF

China Southern CSI Banks ETF

ChinaAMC CSI Banks ETF

Huaan CSI Banks ETF

HSBC HOLDINGS

HSBC

BANKCOMM

Bank Of Communications

MINSHENG BANK

CMBC

CITIC BANK

CNCB

CEB BANK

CEB Bank

China Merchants Bank

CM BANK

HSBC 5xShortSG241213

HSBC Holdings Plc

BOC HONG KONG

HSBC Research Lowers Rate Cut Expectations Within Year; CN Banks' Net Interest Income Seen Expanding; Prefers ICBC, CCB and BANK OF CHINA H Shrs

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UBS reported that April's new RMB loans and Aggregate Financing to the Real Economy fell short of expectations, with loans contracting by RMB10 billion. Despite record bill financing, overall loan growth slowed to 5.6% YoY. UBS remains positive on Chinese banks, predicting a turning point in 2026 for net interest income and revenue. Their top picks include BANK OF CHINA, CCB, ICBC, and CITIC BANK, all rated Buy with attractive valuations and high dividend yields.

UBS Group AG

UBS: CN Apr New RMB Loans, TSF Both Miss; Top Picks BANK OF CHINA/ CCB/ ICBC/ CITIC BANK

JPM's report highlights that China's April credit data fell significantly short of expectations, with Aggregate Financing at RMB620 billion and new RMB loans decreasing by RMB10 billion. The largest recorded monthly declines in household and corporate loans were noted. The bank recommends a defensive strategy favoring the Big Four state-owned banks due to their stronger loan pipelines, while indicating deteriorating retail loan demand and a widening gap between M1 and M2 growth.

JPMorgan Chase

JPMORGAN CHASE & CO. 4.20% DEP SHS REPSTG 1/400TH PFD SER MM

JPMORGAN CHASE & CO. 6%NON CUM DEP SHS REP 1/400TH PFD SER EE

JPMORGAN CHASE & CO. DEP REP 1/400TH (5.75% NON CUM PFD DD)

JPMORGAN CHASE & CO. 4.625% DEP SH RE 1/400TH INT NO CU PF LL

JPMorgan Chase & Co.

JPMORGAN CHASE & CO. 4.55% DEP SHS REPSTG 1/400TH PFD SER JJ

JPMORGAN CHASE & CO. 4.75 DEP SHS REP 1/400 NCUM PFD SR GG

JPM: China Apr Credit Data Far Below Expectations, Favor Big Four State-owned Banks for Defensive Positioning

Jefferies has maintained a Buy rating on China Construction Bank (CICHF) with a price target of HK$10.60, while the shares closed at HK$8.87. The analyst consensus suggests a Strong Buy rating with an average price target of HK$10.26, indicating a potential upside of 15.63%. Additionally, DBS reiterated a Buy rating with a price target of HK$10.20 in a report from April 30.

Tip Ranks

Jefferies Financial

Jefferies Remains a Buy on China Construction Bank (CICHF)

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The People's Bank of China (PBOC) will maintain a moderately accommodative monetary policy and improve interest rate regulation. The RMB central parity against the USD is set at 6.8426, up 41 bps MoM. The three major A-share indices opened higher, with the Shanghai Composite up 0.1%, Shenzhen Component up 0.3%, and ChiNext up 0.5%. LQKJ fell over 3%, while YANGTZE OPTICAL FIBRE rose 1.4%. Bank stocks showed mixed results, with ICBC slightly up and CCB slightly down.

ChiNext

SSE Index

Shenzhen Index

YOFC

Montage Technology

BYD COMPANY

CATL

SMIC

Hua Hong

HUA HONG SEMI

Cambricon

MetaX

Moore Threads

Wingtech

MONTAGE TECH

BYD HK SDR 10to1

BYD Company

BYD Company Limited

BYD COMPANY-R

CATL HK SDR 30to1

SMIC HK SDR 5to1

Three Major Indices Open 0.1%0.5% Higher; LQKJ  Falls Over 3%

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Yesterday's closing, MINSHENG BANK H shares performed steadily, with a trading volume of approximately HKD 148 million, which is considered active within the banking sector. The MACD daily line formed a golden cross signal above the zero axis, indicating that the medium-term upward trend has regained momentum after a brief technical correction, with bullish forces gradually accumulating. From the recent trend, the stock price is operating above the moving average system, with effective short-term support. On the news front, the domestic bank stocks have recently been supported by multiple positive factors. China Construction Bank rose slightly by 0.91% yesterday, Industrial and Commercial Bank of China rose by 0.87%, and Bank of China rose by 1.17%, showing overall stable performance in the banking sector. The central bank's monetary policy maintains an accommodative tone, with expectations for banks' net interest margin pressure marginally improving, coupled with the easing of China-U.S. relations boosting risk appetite for Hong Kong stocks, leading to continuous allocation of southbound funds into bank stocks. As one of the higher dividend yield targets among joint-stock banks, MINSHENG BANK's attractiveness in a low-interest-rate environment has further increased. From a technical perspective, MINSHENG BANK H shares have recently maintained an upward channel, and the golden cross above the MACD zero axis is a positive confirmation of trend continuation. The trading volume of HKD 148 million indicates a high level of institutional participation, with a healthy volume-price relationship. If it can break through the upper edge of the recent fluctuation range with increased volume, it is expected to initiate a new round of upward movement. The performance of MINSHENG BANK in the A-share market has a strong reflective effect on H shares and needs to be monitored simultaneously. In terms of risks, although bank stocks have strong defensive attributes, if macroeconomic data falls short of expectations leading to heightened concerns about asset quality, or if market style shifts to growth stocks, it may result in a temporary diversion of funds

Technical Forecast

Pre-market trend | MINSHENG BANK (1988.HK) 5/11 Bank stocks see capital inflow, is a new round of breakthrough in the making?

A research report by M Stanley highlights that Chinese banks have integrated AI into their core infrastructure, enhancing efficiency and competitiveness while maintaining stable return on equity (ROE). The report notes significant AI investments by major state-owned banks, with each exceeding RMB25 billion. Banks that effectively apply AI across their operations are expected to excel. Industry leaders include ICBC, CCB, and CM BANK, which combine technological prowess with strong execution.

Guotai CSI All Share Investment Banking & Brokerage ETF

Hwabao WP CSI All Share Investment Banking & Brokerage ETF

Morgan Stanley

MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

MORGAN STANLEY DEP SHS REP 1/1000 NON-CUM PFD STK SER K

M Stanley: Chinese Banks Have Integrated AI into Core Infrastructure, Supporting ROE Stability and Enhancing Corporate Competitiveness

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SPDB International reported that southbound funds recorded a net inflow of HKD56.54 billion into Hong Kong stocks in April, down from HKD61.4 billion in March. The average daily turnover share of these funds decreased to 21.3%. The report highlighted a preference for high-dividend stocks and quality growth names, with notable inflows into CHINA MOBILE, CCB, and XIAOMI. The top 20 stocks by net southbound inflows included CHINA MOBILE (HKD7.93 billion) and CCB (HKD6.09 billion).

CHINA MOBILE

Hang Seng Index

CHINA SHENHUA

CSEC/China Shenhua

SINOPEC CORP

Sinopec Corp.

XIAOMI-W

LENOVO GROUP

Lenovo Group

ASMPT

POP MART

3SBIO

AKESO

HANSOH PHARMA

KUAISHOU-W

KB LAMINATES

PICC P&C

PICC Group

HUANENG POWER

Huaneng Power International, Inc. Sponsored ADR Class N

LI AUTO-W

Li Auto

China Mobile

CN Mobile HK SDR 5to1

CHINA MOBILE-R

Xiaomi Corporation

XIAOMI-WR

Xiaomi HK SDR 2to1

LENOVO GROUP-R

POP MART HK SDR 20to1

Sunshine Guojian Pharmaceutical

KUAISHOU-WR

SPDB International Lists Top 20 Southbound Net Buys in HK Stocks for Apr (Table)

BOCI has slightly raised the target price for China Construction Bank (CCB) from HKD11.28 to HKD11.3 while maintaining a Buy rating. The bank reported a 3.5% year-on-year increase in net profit for Q1 2026, with a stable non-performing loan ratio of 1.31% as of March 2026. The report highlights solid asset quality and a relatively low valuation for the bank.

BOCI Slightly Raises CCB  TP to HKD11.3, Maintains Buy

JPM's report indicates that CCBexceeded forecasts in 1Q26, with revenue growth of 11% YoY and profit growth of 4% YoY, surpassing broker expectations by 9% and 2%, respectively. The results were driven by a 8 bps QoQ NIM expansion, the highest among major state-owned banks. All major revenue items, including net interest income and fee income, performed strongly. JPM maintains an Overweight rating on CCB with a target price of HKD9.8, anticipating a positive share price reaction.

JPM: CCB  1Q Results Beat Forecasts Strongly

CCB(00939.HK)