金十数据6月26日讯，高盛发表研究报告，维持中国银行(03988.HK)买入评级，目标价为4.83港元，对 应2026年预期的目标市盈率4.375倍。该行主持亚洲金融企业日总结要点，据中国银行称，2025年净息 差仍面临压力，但预计按年降幅将收窄。海外净利差受惠于联储局减息步伐放缓。2025年全年人民币贷 款增长目标接近去年水平，零售消费贷款需求回升。中国银行预计2025年手续费收入将维持稳定，主要 由海外业务支撑。债券投资小幅增长，其中70—80%配置于国债。资产品质风险主要集中在零售端，但 预期整体风险可控，拨备水平稳定。该公司1650亿元注资已于6月17日完成，预计将撬动万亿信贷增 长，支持实体经济。 高盛维持中国银行港股买入评级 目标价4.83港元 ...

Investment Rating - The investment rating for the company is "Strong Buy" (maintained) [12] Core Views - The company demonstrates robust profit growth with a steady increase in both loans and deposits. In Q1 2025, the company achieved an operating income of 18.5 billion yuan, a year-on-year increase of 5.6%, and a net profit attributable to shareholders of 7.42 billion yuan, up 5.8% year-on-year [4][7] - The company's total asset scale grew by 17.6% year-on-year, with loans increasing by 20.4% and deposits by 19.9% [4][7] - The net interest margin (NIM) for Q1 2025 was 1.80%, showing a slight decline compared to the end of 2024, attributed to the pressure of asset repricing [7][8] - The asset quality remains stable, with a non-performing loan (NPL) ratio of 0.76% and a coverage ratio of 371% [8] Summary by Sections Financial Performance - In Q1 2025, the company reported operating income of 18.5 billion yuan, a 5.6% increase year-on-year, and net profit of 7.42 billion yuan, up 5.8% year-on-year [4][9] - The company expects steady growth in operating income and net profit over the next few years, with projected EPS of 4.38 yuan in 2025, 4.83 yuan in 2026, and 5.34 yuan in 2027 [7][10] Asset Quality - The NPL ratio remained stable at 0.76%, with a slight decrease in the loan generation rate to 1.09% [8][10] - The company maintains a high provision coverage ratio, ensuring strong risk mitigation capabilities [8] Growth Projections - The company anticipates continued growth in loans and deposits, with loan growth rates projected at 17.8% for 2024 and 16.0% for 2025 [11] - The total asset growth rate is expected to be around 15.3% for 2024, gradually stabilizing in subsequent years [11]