中国银行：区域银行间的竞争

19 August 2025 Equity Research Report China Banks Equities Race among regional banks China High-quality city commercial banks to stand out in new round of sector re-rating. The China banking index rose 3.9% in the past 60 trading days (CSI 300 index up 7.4% over the same period) amid ample liquidity and in-line or above-consensus 1H25 economic releases. The sector's underperformance was mainly attributable to investors' belief that bank NIM would be harmed by the interest discount policy. In our view, the m ...