CITIC Securities: It is expected that the revenue and net profit growth rate attributable to the parent company of A-share listed banks in the first quarter will further improve compared to the annual performance growth rate for 2025

CITIC Securities research report predicts that in the first quarter of 2023, the revenue and net profit growth rate attributable to shareholders of A-share listed banks will improve compared to the full-year performance growth rate in 2025, mainly benefiting from the convergence of interest margin decline and the recovery of middle-income driven by wealth management. Although the recent market risk appetite has increased, the relative returns of banks are relatively weak, but it is expected that the market expectation gap will weaken subsequently, and fund repositioning will gradually be realized, leading to a potential rebound in the relative returns of banks, with significant absolute return space for the whole year