智通财经网·2026-01-26 08:48Group 1 - The core viewpoint of the article is that Goldman Sachs has rated China Merchants Bank (03968) with a "Buy" rating for both A-shares and H-shares, setting a 12-month target price of 54.22 RMB for A-shares and 52.96 HKD for H-shares [1] Group 2 - China Merchants Bank (600036.SH) reported preliminary performance for the year 2025, with total revenue of 338 billion RMB and a net profit of 150 billion RMB [1] - The estimated revenue for the fourth quarter of 2025 is 86 billion RMB, representing a year-on-year growth of 2%, which is 1% lower than Goldman Sachs' expectations [1] - The net profit for the fourth quarter is projected to be 36 billion RMB, showing a year-on-year increase of 3%, also 1% lower than Goldman Sachs' expectations [1]