Zhi Tong Cai Jing·2026-01-27 02:59Group 1 - The report from Zhongyin International maintains an "overweight" rating for the H-share segment of domestic banks, with a specific recommendation for Industrial and Commercial Bank of China (ICBC) due to its relatively attractive valuation among peers [1] - Other banks recommended for purchase include Agricultural Bank of China, China Merchants Bank, China Construction Bank, Postal Savings Bank of China, and China Everbright Bank [1] - It is predicted that over 50 trillion RMB of long-term fixed deposits will mature in 2026, which is expected to create a repricing window for bank liabilities, significantly alleviating the net interest margin pressure that has troubled the industry in recent years [1] Group 2 - The report emphasizes that 2026 will mark the largest liability repricing window in the banking industry’s history, which will not only slow the decline of net interest margins but also create conditions for the recovery of bank profitability [2] - Despite facing margin pressure, the banking sector's fundamentals are expected to remain robust in 2026, with a slight year-on-year increase in net profit attributable to shareholders projected for 2025, and an anticipated growth rate of about 2% in 2026 [2]