大行评级丨中银国际：中国银行业估值具吸引力，首选工行

Core Viewpoint - The report from BOC International indicates that the Chinese banking sector remains stable with attractive valuations, maintaining an "overweight" rating, with a preference for Industrial and Commercial Bank of China (ICBC) [1] Group 1: Investment Outlook - Investors are expected to focus on H-shares of banks this year due to their low valuations and solid fundamentals, with an anticipated dividend yield of approximately 5.46%, which is significantly higher than the one-year RMB deposit rate of 1.5% and the one-year HKD deposit rate of about 3% [1] - Looking ahead to 2026, it is anticipated that policymakers will continue to promote accommodative monetary policy and proactive fiscal policy, leading long-term investors to closely monitor H-share bank stocks [1] Group 2: Preferred Stocks - Among Chinese bank stocks, ICBC is favored due to its relatively low valuation compared to peers [1] - Recommendations include "buy" ratings for Agricultural Bank of China (1288.HK), China Merchants Bank (3968.HK), China Construction Bank (0939.HK), Postal Savings Bank of China (1658.HK), and China Everbright Bank (6818.HK) [1]