智通财经网·2026-01-27 02:48Group 1 - The core viewpoint of the report is that the banking sector's H-shares are rated as "overweight," with specific recommendations for banks such as Industrial and Commercial Bank of China (ICBC) due to its attractive valuation compared to peers [1][2] - The report predicts that over 50 trillion RMB of long-term fixed deposits will mature in 2026, creating a re-pricing window for bank liabilities, which is expected to alleviate the downward pressure on net interest margins that has troubled the industry in recent years [1][2] - As of June 2025, the total RMB deposits in mainland China reached 320.17 trillion RMB, with the proportion of one to five-year deposits from the four major state-owned commercial banks decreasing from 24.5% at the end of 2024 to 23.5%, indicating initial signs of improvement in deposit structure [1] Group 2 - The report emphasizes that 2026 will mark the largest liability re-pricing window in the history of the banking industry, which will not only slow the decline in net interest margins but also create conditions for the recovery of bank profitability [2] - Despite facing margin pressure, the report anticipates that the fundamentals of the banking industry will remain robust in 2026, with a slight year-on-year increase in net profit attributable to shareholders for the commercial banks covered by the report in 2025, and an expected growth rate of about 2% in 2026 [2]