Diversified Banks

ICBC

TSMC

Conference Minutes

AMAT

ASML

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Below is Dolphin Research's Trans of the Q4 2025 earnings call for $Taiwan Semiconductor(TSM.US). For our earnings analysis, please see 'TSMC: the real heavyweight in AI — who would say no?'.Key takeaways from the call are summarized below. We highlight capex plans and spending mix.a) Capex: for 2026, raised to $52-56bn (+$11-15bn YoY), vs prior street $48-50bn. Allocation: 70-80% for advanced nodes, ~10% for specialty technologies...

Applied Materials

Taiwan Semiconductor

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

TSM (Trans): Capex to rise by tens of billions YoY, a decision made after talks with downstream customers.

Bank Wealth Management Subsidiaries Accelerate Equity Market Entry, Highlighting IPO and Net Subscription Performance

Shanghai Gold Exchange Absorbs ICBC as International Member

ICBC Deploys 'Zhidaitong' AI Agent Matrix to Solve Financing Difficulties in Xinjiang Cotton Region

ICBC Adjusts Risk Level of Gold Accumulation Business

ICBC Launches 'GYXY' Fund Sales Service Brand

ICBC Adjusts Risk Grades for 如意金积存 Business

JPMorgan Reports: ICBC's Q1 Earnings Beat Expectations

BOA Securities Raises ICBC's Profit Forecast and Adjusts Rating

JPMorgan Raises ICBC's Target Price and Rating

ICBC Quarterly EPS Misses Expectations

ICBC released FY2026 Q1 earnings on April 29 After-Market (BJT), actual revenue HKD 184.65 B (forecast HKD 244.41 B), actual EPS HKD 0 (forecast HKD 0.2947)

ICBC reports double-digit growth in revenue and net profit for Q1

ICBC Board Approves Q1 2026 Report and Governance Matters

ICBC Issued 50 Billion RMB TLAC Non-Capital Bond

ICBC reports Q1 net profit of 86.94 billion yuan

BlackRock Reduces Stake in ICBC H-shares

ICBC Sharesholders' Meeting Approves 2025 Audited Accounts and Profit Distribution Plan

ICBC to Release FY2026 Q1 Earnings on April 29 After-Market (BJT), Forecast Revenue HKD 247.31 B, EPS HKD 0.2947

ICBC Successfully Issued a 300 Billion Yuan Perpetual Bond

HINSANG GROUP

RIVERINE CHINA

PASHUN INT RTS

BRAINAURORA-B

SOFTMEDX

GOLDENPOWER

ZHONGKE GROUP

VISION SYNERGY

GEMILANG INTL

GHPC

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BACHY

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CICHY

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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

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

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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

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Industrial and Commercial Bank of China (HK:1398) has announced a final ordinary dividend of RMB 1.689 per 10 shares for the financial year ending December 31, 2025. Hong Kong shareholders will receive HKD 1.9441 per 10 shares, with a 10% withholding tax for non-resident H-shareholders. The dividend, approved on April 23, 2026, will be paid on June 16, 2026, to shareholders registered by May 12, 2026. The ex-dividend date is set for May 4, 2026, with a book closure from May 6 to May 12, 2026. The latest analyst rating for the stock is a Buy with a target price of HK$7.70.

Tip Ranks

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FL2 CSOP HSI

FI2 CSOP HSI

ICBC Sets 2025 Final Dividend, Details HKD Payout and Tax Terms for H Shareholders

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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?

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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

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

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

Citi has released a research report detailing its investment ratings and target prices (TP) for various Chinese banks' H shares. The report includes ratings such as 'Buy' for most banks, with specific target prices ranging from HKD 4.47 to HKD 11.26. Notable banks listed include ABC, Bank of China, and ICBC, among others. The report also highlights short selling data and ratios for each bank, indicating market sentiment. The information is subject to a 15-minute delay for HK stocks quotes.

CQRC BANK

HUISHANG BANK

PSBC

Chongqing Rural Commercial Bank

Citi's Investment Ratings and TP on CN Banks H Shrs (Table)

BofAS reported that Chinese banks listed in H-shares saw an average net profit increase of 1.1% YoY in Q1 2026, up from 0.7% last year. Pre-provision operating profit (PPOP) grew 9.2% YoY. ICBC and CCB are favored, while CM Bank and PSBC are viewed less positively. The net interest margin (NIM) rose to 1.43%, with net interest income increasing 2.8% QoQ. BofAS maintains a positive outlook on the sector, citing solid dividend yields and defensive characteristics.

BofAS: CN Banks' H-shrs 1Q Results Beat; ICBC, CCB Favored

BOCI has slightly increased the target price for ICBCfrom HKD9.21 to HKD9.22 while maintaining a Buy rating. The bank reported a net profit growth of 3.3% year-on-year in Q1 2026, exceeding forecasts, and its net interest margin was stable at 1.29%. The report highlights ICBC's solid asset quality and attractive valuation. Short selling data indicates a ratio of 33.241%.

BOCI Slightly Adds ICBCTP to HKD9.22, Maintains Buy

ICBC(01398.HK)