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<Research>UBS Expects CN Banks' 1Q Results to Be Positive Catalyst; Top Picks H-shrs of ICBC/ CCB/ BOC/ CITIC BANK
Chinese banks will begin announcing their 1Q26 results next Monday (20th), UBS published a research report saying. The results are expected to serve as a positive catalyst, particu...
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<Research>UBS Expects CN Banks' 1Q Results to Be Positive Catalyst; Top Picks H-shrs of ICBC/ CCB/ BOC/ CITIC BANK
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Chinese banks will begin announcing their 1Q26 results next Monday (20th), UBS published a research report saying. The results are expected to serve as a positive catalyst, particularly for the big four state-owned banks, benefiting from further revenue improvement, while joint-stock banks may see divergence.

Furthermore, details of capital replenishment and injection plans for ABC (01288.HK)  +0.040 (+0.680%)    Short selling $199.46M; Ratio 46.926%   and ICBC (01398.HK)  +0.050 (+0.735%)    Short selling $276.62M; Ratio 22.958%   are yet to be announced, with pricing per share and fundraising size being critical.

Related News HSBC Research Lowers Rate Cut Expectations Within Year; CN Banks' Net Interest Income Seen Expanding; Prefers ICBC, CCB and BANK OF CHINA H Shrs
Investor focus may center on several areas, including net interest margin (NIM) trends, fee income growth, strength of bond trading income and new non-performing loan formation.

Benefiting from lower deposit costs and a low base in 4Q25, BANKCOMM (03328.HK)  -0.010 (-0.139%)    Short selling $61.73M; Ratio 53.194%   , CCB (00939.HK)  +0.080 (+0.921%)    Short selling $622.55M; Ratio 36.255%   , PING AN BANK (000001.SZ)  -0.020 (-0.187%)   and MINSHENG BANK (01988.HK)  +0.010 (+0.290%)    Short selling $7.83M; Ratio 20.236%   are likely to record QoQ NIM expansion.

Continued fundamental improvement in Chinese banks provided support, UBS added. During the late-April results announcement season, BOC, BANKCOMM, PING AN BANK and CITIC BANK (00998.HK)  -0.090 (-1.169%)    Short selling $15.52M; Ratio 9.433%   are expected to outperform peers, while INDUSTRIAL BANK (601166.SH)  +0.090 (+0.518%)   and MINSHENG BANK may lag.

Looking ahead, amid geopolitical uncertainties, weak real estate conditions, RMB appreciation and export risks, the broker remained positive on defensive banks.

Dividend yields of H-share banks remained above 5%, and improving fundamentals are expected to continue supporting share prices. Its top picks over the next 12 months are the H-shares of CITIC BANK, BOC, CCB and ICBC.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-22 16:25.) (A Shares quote is delayed for at least 15 mins.)

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