Core Viewpoint - Morgan Stanley believes that the stock price of China Construction Bank (00939) will experience absolute growth in the next 60 days, with a probability of occurrence estimated at 70% to 80% [1] Summary by Categories Stock Rating and Target Price - Morgan Stanley rates China Construction Bank as "Overweight" with a target price of HKD 9.5 [1] Market Conditions and Expectations - The bank's stock price is expected to be supported by seasonal capital inflows, with more upward potential anticipated by the end of the year [1] - Moderate but stable credit demand is expected to stabilize financial asset yields and the bank's net interest margin, supporting revenue and profit growth in the coming quarters [1] Financial Performance Outlook - The third quarter is likely to be another quarter of positive profit growth for China Construction Bank, driven by a rebound in fee income and a reduced narrowing of net interest margin [1] - The bank presents an attractive return opportunity with a dividend yield of 5.8% [1]

摩根士丹利发表研究策略，相信工商银行的股价在未来60天内将上涨，此情境发生的概率约70%至80% (即极有可能)。大摩预计银行股股价将受季节性资金流入的支撑，并在今年底前看到更多上行空间。温 和但稳定的信贷需求应能稳定金融资产收益率和银行净息差，并在未来几个季度支持收入和利润增长。 该行预期工行将在今年第三季实现另一个季度的盈利正增长，6.1%的股息收益率提供了具吸引力的回 报机会。大摩对其评级为"增持"，目标价为7.6港元。 ...