16 September 2025 China Banks Equities Key trends in 1H25 and implications for 2H25 China Post mainland Chinese banks' 1H25 results (see: 1H25 results: a mild positive, but was it priced-in?, 1 Sep), we dive deeper into banks' results and management comments, and identify key trends that may have implications for the sector in 2H25: 1. State-owned banks outperformed joint-stock banks in volume: State-owned banks achieved noticeably faster loan growth in 1H25 over joint-stock banks, partly supported by rapid ...