Zhi Tong Cai Jing·2025-08-06 07:18Group 1 - The core viewpoint of the article is that the Chinese banking sector has reached a turning point, as evidenced by a 26% increase in the market value of H-shares rated by Goldman Sachs this year [1] - Among the rated banks, China Merchants Bank (600036) (03968) H-shares have risen by 33%, outperforming Bank of Communications (03328) by 15 percentage points [1] - Goldman Sachs forecasts a 0.3% average growth in pre-provision operating profit (PPOP) and net profit for the second quarter among rated banks [1] Group 2 - Revenue forecasts for rated Chinese banks' H-shares have been raised by 2%, 4%, and 4% for the years 2025 to 2027 [1] - After-tax net profit forecasts have been increased by 5%, 6%, and 5% for the same period [1] - The average target price for rated banks has been raised by 12%, with a recommendation to buy China Merchants Bank, increasing its target price from HKD 47.08 to HKD 53.34 [1] Group 3 - Goldman Sachs maintains a sell rating on Bank of Communications, with a target price remaining at HKD 6.21 [1]