中国银行板块：在 2025 年第三季度业绩中寻求深度价值；买入招商银行-China Banks_ Seeking deep value into 3Q25 results; Buy CMB

Claire Ouyang +852-2978-6686 | claire.x.ouyang@gs.com Goldman Sachs (Asia) L.L.C. 17 October 2025 | 8:09PM HKT Equity Research CHINA BANKS Seeking deep value into 3Q25 results; Buy CMB The A/H-share listed bank stocks we cover have recorded market-cap-weighted absolute returns of 12%/21% YTD. We believe this is driven more by improving fundamentals than by sector allocation demand seeking dividend yields, primarily reflected in the stabilization of asset quality and the narrowing decline in NIMs. As we head ...