大行评级丨高盛：六大国有银行第三季业绩符预期 目标价平均上调1%

Core Viewpoint - Goldman Sachs reports that the performance of the six major state-owned banks in Q3 met expectations, with pre-provision operating profit and net profit showing year-on-year growth of 0% and 4% respectively, exceeding the bank's forecasts by 2% and 4% [1] Group 1: Financial Performance - The net interest margin decline has continued to narrow, aligning with expectations, with cost savings on funds becoming a key differentiator [1] - Following the Q3 performance, Goldman Sachs has raised its forecasts for pre-provision operating profit and net profit for the six major banks by an average of 1% for 2025 to 2027 [1] - Target prices for Industrial and Commercial Bank of China, Bank of China, Agricultural Bank of China, and Bank of Communications have been raised to HKD 5.81, HKD 4.93, HKD 4.96, and HKD 5.78 respectively, while target prices for China Construction Bank and Postal Savings Bank have been lowered to HKD 8.39 and HKD 6.06 [1] Group 2: Market Outlook - For Q4, Goldman Sachs anticipates that the People's Bank of China will restart government bond trading, which will increase overall liquidity in the banking system, leading to a downward shift in the yield curve [1] - This shift is expected to boost investment income and capital base, particularly benefiting small and medium-sized banks that are more sensitive to market liquidity and interest rates [1]