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| HSI1 | 23,094.83 | 0.00 | -- |
| HSCEI1 | 7,791.63 | 0.00 | -- |
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2026-10-28 11:16:26 JPMorgan published a research report stating that, after a period of restriction on coverage of ICBC (01398.HK) and ABC (01288.HK), it has adjusted the ratings of both banks from "Not Rated" to "Overweight". The bank expects large state-owned banks to record solid revenue growth and resilient earnings growth over the next two to three quarters. Meanwhile, supported by continued inflows under defensive trading strategies, JPMorgan expects state-owned Chinese banks to continue outperforming joint-stock commercial bank peers and the broader market before year-end. The bank's preference order among state-owned Chinese banks is ICBC > CCB (00939.HK) > BANK OF CHINA (03988.HK) > ABC > BANKCOMM (03328.HK) > PSBC (01658.HK). JPMorgan's top pick is ICBC H shares, as the stock has underperformed H-share state-owned Chinese bank peers by 8 ppts over the past three months, while its earnings growth trajectory is expected to continue improving. The bank also expects ABC to deliver the strongest profit growth among state-owned Chinese banks, although this may already be reflected in market expectations. JPMorgan added that, outside the state-owned Chinese banks, opportunities are emerging among joint-stock commercial banks with stable earnings growth and relatively competitive dividend yields, including CM BANK (03968.HK), CITIC BANK (00998.HK) and PU DEV BANK (600000.SH). JPMorgan's investment ratings and target prices for Chinese banks are listed below: Stock|Investment Rating|TP (HKD) State-owned Chinese banks: BANK OF CHINA (03988.HK)|Overweight|HKD7 CCB (00939.HK)|Overweight|HKD11.5 ICBC (01398.HK)|Overweight|HKD8.7 BANKCOMM (03328.HK)|Neutral|HKD8.8 ABC (01288.HK)|Overweight|HKD7.35 PSBC (01658.HK)|Neutral|HKD5.9 --------------------------------------------------------------------------------- Joint-stock commercial banks: CITIC BANK (00998.HK)|Overweight|HKD9.2 CM BANK (03968.HK)|Overweight|HKD63 MINSHENG BANK (01988.HK)|Neutral|HKD3.35 CEB BANK (06818.HK)|Underweight|HKD2.2 (ad/da)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |