中银国际：升招商银行目标价至59.58港元 评级“买入”

Core Viewpoint - Zhongyin International's report indicates 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][2] Group 1 - The asset quality of China Merchants Bank is expected to remain excellent in Q4 2025, with a stable net interest margin [1][2] - The average return on equity (ROAE) for China Merchants Bank in 2026 is projected to continue leading the industry [1][2] - The target price for China Merchants Bank has been raised to HKD 59.58, maintaining a "Buy" rating [1][2]