中银国际：升招商银行(03968)目标价至59.58港元 评级“买入”

Group 1 - The core viewpoint of the article is that China Merchants Bank (03968) is expected to see a year-on-year net profit growth of 3.4% in Q4 2025, with a growth rate of 1% in Q3 2025 [1] - The asset quality of the bank is expected to remain excellent in Q4 2025, with a stable net interest margin [1] - The bank's average return on equity (ROAE) for 2026 is projected to continue leading the industry, and the target price has been raised to HKD 59.58, maintaining a "Buy" rating [1]