Core Viewpoint - Morgan Stanley predicts that the income and net profit of domestic banks in China will grow faster in the third quarter compared to the first half of the year, but slightly slower than in the second quarter [1] Group 1: Performance Expectations - State-owned banks are expected to show stable net profit growth, while the profitability growth trend among joint-stock banks is mixed [1] - Agricultural Bank of China is anticipated to lead in profit growth among state-owned banks, while Postal Savings Bank is expected to have the highest profit growth among joint-stock banks, benefiting from year-on-year growth in net interest income [1] - CITIC Bank and China Merchants Bank are also expected to show significant profit growth [1] Group 2: Market Concerns - The market is expected to focus on several issues regarding the performance of domestic banks, including the impact of tariffs, anti-competitive practices, and the weak real estate market on asset quality [1] - Outlook for net interest margin in the fourth quarter is a key concern [1] - Issues related to fee income, particularly from wealth management business, and the impact of reduced sales fees for the third phase of funds are also under scrutiny [1] - Credit demand and dividend commitments are additional areas of focus for the market [1]
小摩：预测内银股第三季收入及净利润增长快于上半年 但略逊第二季
Xin Lang Cai Jing·2025-10-29 06:12