高盛：招商银行去年业绩符预期 评级为“买入”

Core Viewpoint - Goldman Sachs has issued a report rating China Merchants Bank (600036) (03968) as "Buy" for both A-shares and H-shares, with a 12-month target price of 54.22 RMB for A-shares and 52.96 HKD for H-shares [1] Financial Performance - China Merchants Bank reported preliminary results for the fiscal year 2025, with total revenue of 338 billion RMB and a net profit of 150 billion RMB [1] - For the fourth quarter of 2025, the estimated revenue is 86 billion RMB, reflecting a year-on-year growth of 2%, which is 1% lower than Goldman Sachs' expectations [1] - The net profit for the same quarter is projected to be 36 billion RMB, showing a year-on-year increase of 3%, also 1% below Goldman Sachs' forecast [1]