China Banks_Corporate business a key growth driver; NIM likely to stabilise

12 March 2025 Equity Research Report China Banks Equities Corporate business a key growth driver; NIM likely to stabilise We visited major joint-stock banks (JSBs) and city commercial banks (CCBs) in February. Our key takeaways are as follows: Prefer BoJS, BoSZ, and BoNB (all rated Buy), as: (1) BoJS and BoSZ have undemanding valuations and higher dividend yields among A-share banks; (2) these three banks are located in the regions with resilient economy, rich infrastructure projects and industrial park upg ...