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2026-11-12 11:38:44 Morgan Stanley published a research report stating that news of Beijing studying the imposition of income tax on interest income from Chinese government bonds may weigh on market sentiment, but the impact on banks' earnings is expected to be limited. If the tax is implemented, the broker believes higher yields on newly issued bonds should ultimately partially offset the additional tax burden. Morgan Stanley assumes existing bonds will be exempt from retrospective taxation, with the earnings impact emerging gradually. The negative impact on annual net profit is expected to be less than 1%. Whether the policy will ultimately be implemented and how it will proceed will depend on consultation feedback and the eventual level of taxable government bond yields. According to the broker's estimates, if government bond yields rise by 15 bps due to the tax, annual net profit for bank stocks will decrease by 0.3% to 0.9%; if yields rise by 30 bps, annual net profit will fall by 0.1% to 0.3%. The broker maintains an "Attractive" sector view on China's financial industry. (sl/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. | |