智通财经网·2025-10-31 09:25Core Viewpoint - Goldman Sachs reported that China Construction Bank's (00939) pre-provision profit for the last quarter was 6% lower than expected, primarily due to a weaker net interest margin and an increase in the cost-to-income ratio [1] Financial Performance - The common equity tier 1 capital ratio for China Construction Bank was 14.4%, which represents a year-on-year increase of 26 basis points, but is 32 basis points lower than forecasted [1] - The bank's net interest margin trend will be a key focus for investors moving forward [1] Future Outlook - Investors will pay attention to the outlook for non-interest income and the trend in asset quality following a significant release of provisions due to a decline in non-performing loan generation rates [1] - Cost control guidance will also be a critical area of interest for investors [1] Investment Rating - Goldman Sachs maintains a "Buy" rating on China Construction Bank with a target price of HKD 8.55 [1]