摩根大通表示，內銀股行業首選是招行(03968.HK)，該行透過派發特別股息或提高派息率來改善股東回報，而且對國內需求刺激及資本市場情緒較為敏感，維持對其H股「增持」評級，將目標價由58元降至53元。JPMorgan released a report, expecting that China Mainland Banking stocks will outperform the market this year, believing that bank dividend yields are stable and high, and that the widening dividend difference supports bank stock prices. At the same time, the target price for China Mainland Banking has been adjusted (see the other table for details).
JPMorgan forecasts that this year, the earnings per share for China Mainland Banking stocks will grow steadily, the reduction in net interest yield will ease, and the growth in fees will recover. The cost of deposits and the optimization of the portfolio present upward risks to net interest yield.
The bank upgraded the ratings for China CITIC Bank Corporation (00998.HK) and Industrial And Commercial Bank Of China (01398.HK) from "Neutral" to "Shareholding", increasing the target price for China CITIC Bank Corporation from 4.8 yuan to 6.25 yuan, and the target price for Industrial And Commercial Bank Of China from 5.1 yuan to 5.8 yuan.
JPMorgan stated that the top choice in the China Mainland Banking industry is China Merchants Bank (03968.HK), which improves Shareholder returns through special dividends or increasing dividend rates, and is more sensitive to domestic demand stimulus and sentiment in Capital Markets, maintaining a "Shareholding" rating on its Listed in Hong Kong with a target price reduced from 58 yuan to 53 yuan.