高盛： 银行、网络游戏、科技

Investment Rating - The report highlights a Buy rating for BONB and CCB, a Sell rating for ICBC and ABC, and a Neutral rating for CMB due to full valuation [46]. Core Insights - The report discusses the impact of recent property funding support measures in China, which are expected to stimulate local government debt financing to address refinancing needs and reduce housing inventory [46]. - It updates FY24-26E PPOP/net profit estimates, reflecting higher government lending in bank portfolios, which positively affects capital through an expansion of lower risk-weighted assets [46]. - The report anticipates a continued reduction in Net Interest Margin (NIM) to 1.4% by 2026, down from 1.7% in 2023, alongside an increase in property loans to RMB 4.5 trillion to aid in housing inventory reduction [46]. - An annual capital release of RMB 0.7 trillion is projected for the covered banks [46]. Summary by Sections Section: NIM Forecast - The report provides a forecast of the average NIM for covered banks, indicating a decline from 1.7% in 2023 to 1.4% in 2026 [46]. Section: Property Loans - It estimates a higher balance of RMB 4.5 trillion in property loans to facilitate the reduction of housing inventory [46]. Section: Capital Release - The report projects an annual capital release of RMB 0.7 trillion for the covered banks, indicating a positive outlook on capital management [46].