Core Viewpoint - The report from CICC expresses a positive outlook on the absolute and relative performance of domestic bank stocks, projecting revenue and net profit growth for listed banks in 2026 and 2027 [1] Group 1: Revenue and Profit Projections - Revenue for the covered listed banks is expected to increase by 2.5% and 3.6% year-on-year in 2026 and 2027, respectively [1] - Net profit attributable to shareholders is projected to rise by 1.9% and 2.6% year-on-year for the same periods [1] Group 2: Market Conditions and Trends - The pressure on net interest margins is anticipated to further narrow, with a shift towards quality over quantity in credit issuance due to weak credit demand and insufficient risk compensation [1] - The characteristics of credit issuance are becoming more pronounced in terms of regions and industries [1] Group 3: Fee Income and Business Stability - After several years of fee reductions and high base pressure, the growth rate of fee income is expected to stabilize and recover [1] - Although small and micro enterprises, along with retail customer exposures, remain significant sources of non-performing loans, the stability of business exposures is maintained, with a trend of improvement in the net non-performing loan generation rate [1] Group 4: Industry Dynamics - The report anticipates an acceleration in supply-side reforms within the industry, leading to a rapid decrease in the number of bank licenses, which will improve competition and the operational landscape of the industry [1]
研报掘金丨中金：预计明年内银股营收及纯利均增长 净息差压力进一步收窄