Ge Long Hui·2025-10-30 06:27Core Viewpoint - Bank of America Securities reports that the performance of China Bank in the last quarter generally met expectations, with a net profit of 177.7 billion yuan for the first nine months, reflecting a year-on-year growth of 1.1%, which is an improvement from a year-on-year decline of 0.9% in the first half of the year [1] Financial Performance - The core earnings decreased by 0.3% year-on-year, compared to a growth of 0.1% in the first half of 2025, which is equivalent to 79% of the bank's full-year forecast for 2025 [1] - The annualized average return on equity decreased by 0.7 percentage points to 8.8% [1] - The core Tier 1 capital adequacy ratio remained at 12.58% as of the end of the third quarter [1] Earnings Forecast and Target Price - The bank raised its profit forecast for China Bank for 2025 to 2027 by 0.9% to 1.6% [1] - The target price for H-shares was increased from 4.42 HKD to 4.51 HKD, and the target price for A-shares was raised from 5.32 CNY to 5.46 CNY [1] Rating and Market Conditions - The bank reiterated a "neutral" rating due to the lack of attractiveness in dividend yield and potential pressure on net interest margin from possible interest rate cuts by the Federal Reserve [1]