Core Viewpoint - The report from CICC maintains a positive outlook on the absolute and relative performance of domestic bank stocks, projecting revenue and net profit growth for covered listed banks in 2026 and 2027 [1] Group 1: Revenue and Profit Projections - Expected revenue growth for the covered banks is projected at 2.5% and 3.6% year-on-year for 2026 and 2027 respectively [1] - Anticipated net profit attributable to shareholders is expected to increase by 1.9% and 2.6% year-on-year for the same periods [1] Group 2: Market Conditions and Trends - Net interest margin pressure is expected to further narrow, with a reduction in credit issuance aimed at improving quality, primarily 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 the digestion of high base pressures, the growth rate of fee income is expected to stabilize and recover [1] - Although small and micro enterprises, along with retail customer exposures, remain the main 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 industry competition and operational landscape [1]
中金：料明年内银股营业收入及纯利同比上升 净息差压力进一步收窄
Zhi Tong Cai Jing·2025-12-16 08:29