Diversified Banks

CM BANK

CMB Appoints Wang Xiaoqing as New President

Bank Wealth Management Subsidiaries Actively Participate in IPOs

New CBIRC Rules to Impact Alipay Yu'ebao and Similar Products

BOC International Raises Target Price and Maintains Buy Rating for China Merchants Bank

CMB President Wang Liang Resigns, Wang Xiaoqing Takes Over

Citibank Issues Report on Disappointing First Quarter Performance of China Merchants Bank

Goldman Sachs Maintains Buy Rating on China Merchants Bank and Adjusts Profit Forecast

BofA Securities Maintains CMB 'Underperform' Rating

CMB Reports 2025 Annual Results, Facing Pressure

CMB reports a 1.52% YoY increase in net profit for Q1 2026

CM BANK released FY2026 Q1 earnings on April 28 During-Market (BJT), actual revenue HKD 81.74 B (forecast HKD 100.17 B), actual EPS HKD 1.6892 (forecast HKD 1.802)

China Merchants Bank Sees Profit Growth in 2025 with 1.21% YoY Increase in Net Profit

CMB London Branch's Medium-Term Notes Approved for Listing on LSE

CM BANK to Release FY2026 Q1 Earnings on April 28 During-Market (BJT), Forecast Revenue HKD 100.14 B, EPS HKD 1.802

Hubei Consumer Finance Completes ESG-Linked Syndicated Loan Raising

China Merchants Bank Fully Pays Dividends on Domestic Preference Shares and Completes Redemption

China Merchants Bank Issues RMB 30 Billion Perpetual Capital Bonds

China Merchants Bank Plans to Redeem 2.75 Billion Shares of Domestic Preferred Stock

CMB Chairman Discusses Employee Overtime and Compensation

China Merchants Bank reports 1.2% net profit growth in 2025 fiscal year, total assets growth of 7.56%

CH DEMETER FIN

FAMEGLOW

LUEN THAI

NEW GONOW RV

REF HOLDINGS

PARADISE ENT

WEBX HOLDING

HAICHANG HLDG

BEST FOOD HLDG

INTELLIMARK W27

CICHY

IDCBY

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03968

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159887

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A research report by M Stanley highlights that Chinese banks have integrated AI into their core infrastructure, enhancing efficiency and competitiveness while maintaining stable return on equity (ROE). The report notes significant AI investments by major state-owned banks, with each exceeding RMB25 billion. Banks that effectively apply AI across their operations are expected to excel. Industry leaders include ICBC, CCB, and CM BANK, which combine technological prowess with strong execution.

AASTOCKS News

China Construction Bank

INDUSTRIAL & COMMERCIAL BK OF CHINA UNSP ADR EACH REPR 20 ORD SHS

ICBC

China Merchants Bank

Fullgoal CSI 800 Banks ETF

Guotai CSI All Share Investment Banking & Brokerage ETF

Hwabao WP CSI All Share Investment Banking & Brokerage ETF

China Merchants CSI BANK AH Price ETF

Hwabao WP CSI Banks ETF

China Southern CSI Banks ETF

Huaan CSI Banks ETF

ChinaAMC CSI Banks ETF

WP CSI Banks ETF

Morgan Stanley

MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

MORGAN STANLEY DEP SHS REP 1/1000 NON-CUM PFD STK SER K

M Stanley: Chinese Banks Have Integrated AI into Core Infrastructure, Supporting ROE Stability and Enhancing Corporate Competitiveness

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512070

BOCI has slightly raised the target price for CM BANKfrom HKD59.58 to HKD59.61 while maintaining a Buy rating. The bank reported a net profit growth of 1.5% YoY in 1Q26, with solid fundamentals and strong asset quality, despite a decline in NIM. The broker expects CM BANK to achieve the highest ROAE among its peers in 2026. Short selling data indicates a ratio of 41.995% with a total of $221.89M.

GF Fund CSI HK Connect Financials(ex Banks) Thematic ETF

E Fund CSI 300 Financials (ex Banks) ETF

BOCI Slightly Raises CM BANK  TP to HKD59.61, Maintains Buy

HSBC Research reported that China's banks exceeded first-quarter expectations, driven by strong earnings growth and improved net interest margins (NIM). Large state-owned banks showed exceptional performance, while corporate banking outperformed retail banking. HSBC anticipates further improvement in the sector's fundamentals this year, leading to a re-rating of P/E multiples. Top stock picks include ICBC H-shares, CCB H-shares, and CMB A-shares, all rated Buy with target prices of HKD8, HKD10.7, and RMB56.3 respectively.

BANK OF CHINA

Bank Of China

PSBC

BOC HONG KONG

Bank of China

HSBC Research: China Banks 1Q Results Beat; Fundamentals Expected to Further Improve This Year

Wang Xiaoqing has been appointed as the new Party Secretary of CM BANK, following the retirement of Wang Liang upon reaching retirement age. According to CM BANK's articles of association, the Party Secretary and President roles are held by the same person, indicating that Wang Xiaoqing will soon become the fifth President of the bank after completing internal procedures and obtaining regulatory approval.

Wang Xiaoqing to Serve as President of CM BANK ; Wang Liang Retires Upon Reaching Retirement Age

00HSI

HKXCY

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On futures settlement day, the HSI rose 432 points (1.7%) to close at 26,111, with a total market turnover of HKD258.281 billion. Key companies reported strong quarterly results, including HKEX (+3%), BYD (+4.4%), and Ping An (+6.1%). However, CM Bank (-4.2%) and WH Group (-5.8%) missed expectations. Tech stocks like Tencent and Alibaba also saw gains, while newly listed SUNMI TECH surged 241.1% from its listing price. Overall, the market showed positive momentum driven by strong earnings reports.

Hang Seng Index

Hong Kong Exchanges and Clearing (HKEX)

BYD Company Limited

HKEX

Tencent Holdings Limited

Ping An Insurance

Ping An

PING AN

BABA 2x Long Daily ETF - GraniteShares

Ping An CSI Animal Husbandry ETF

KraneShares 2x Long BABA Daily ETF

Tencent

TENCENT

BYD COMPANY

HSI Rises 432 pts on Futures Settlement Day; HKEX Surges Post-Results; Mainland Insurers and Developers Advance

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SIGENERGY(06656) rose 10.17%, with a trading turnover 468.6 Million HKD, and a year-to-date rose 80.4%. CHINA OVERSEAS(00688) rose 8.89%, with a trading turnover 824.1 Million HKD, and a year-to-date rose 9%. WH GROUP(00288) fell 5.77%, with a trading turnover 898.8 Million HKD, and a year-to-date rose 14.9%. BIREN TECH(06082) fell 5.45%, with a trading turnover 369.4 Million HKD, and a year-to-date rose 119.7%.

- The Hang Seng Index increased by 1.68%, with a year-to-date rise of 1.9%.  
- Several stocks showed notable movements: Sihg New Energy rose by 10.17%, China Overseas Development gained 8.89%, while WH Group and Bilan Technology fell by 5.77% and 5.45%, respectively.  
- Year-to-date performance varied, with Sihg New Energy up 80.4% and Bilan Technology up 119.7%, while WH Group's increase was 14.9% and China Overseas Development was up 9%.

Top Gainers&Losers

SIGENERGY

CHINA OVERSEAS

COSCO SHIP ENGY

NIO-SW

TIANQI LITHIUM

WH GROUP

BIREN TECH

HUA HONG SEMI

MONTAGE TECH

Top 5 HK Stock Gainers/Losers (>100B) (4.29)

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HSBC Research has stated that CM BANKneeds more time to convert its retail strength into earnings advantage, despite a 4.5% YoY growth in pre-provision operating profit in 1QYY. Rising credit costs slowed EPS growth to 0.7% YoY, with a 1% QoQ decline in retail loans and increased non-performing loan ratios. HSBC maintains a Buy rating and a target price of HKD63.7, remaining optimistic about CM BANK's long-term potential in retail and wealth opportunities.

- HSBC Research reports that CM BANK's pre-provision operating profit grew 4.5% YoY in 1QYY, but EPS growth slowed to 0.7% YoY due to rising credit costs.  
- The net interest margin narrowed to 1.83%, while net interest income rose by 5% YoY; however, retail loan demand and asset quality faced challenges.  
- HSBC maintained a Buy rating with a target price of HKD 63.7, expressing confidence in CM BANK's long-term potential despite current pressures on its retail sector.

HSBC HOLDINGS

HSBC Holdings Plc

HSBC

HSBC 5xShortSG241213

HSBC Research: CM BANK  Needs More Time to Turn Retail Strength into Earnings Edge; Long-term Potential Favored

Citi reported that CM BANK's 1Q26 results were disappointing, with net profit growth of only 1.5% YoY, lagging behind six major state-owned banks. The bank faced challenges from weak loan growth, NIM pressure, and declining trading income. Retail asset quality worsened, with a 1% QoQ drop in retail loans and a rise in non-performing loan ratios. Despite a shift in household assets to the A-share market, fee income growth was weaker than expected. Citi maintains a Buy rating on CM BANK's H-shares with a target price of HKD59.06.

Citigroup

CITIGROUP INC 6.250 NON CUM SER II PFD WI

Citi: CM BANK  1Q26 Results Disappoint; Net Profit Growth May Lag Six Major State-owned Banks

CLSA's report on CM BANKindicates mixed results for 1Q26. While wealth management income and net interest margin exceeded expectations, fee income and capital performance were weak. Operating income rose 3.5% YoY, with net profit growing 1.5%, slightly below forecasts. The number of high-tier customers increased, suggesting potential for future fee income, despite a 12% YoY drop in credit card fee income. Retail loan demand remains weak, but total loans grew 2.8% QoQ, supporting a full-year loan growth target of 6% to 7%.

CLSA: CM BANK  1Q26 Results Mixed; Wealth Mgmt Income and NIM Beat

G Sachs has maintained a Buy rating on CM BANKwith a target price of HKD52.86, despite the bank's 1Q pre-provision operating profit and net profit falling 3% and 5% below expectations. The weaker performance was attributed to slower fee income growth, a 7% YoY decline in investment income, and ongoing NIM compression. The non-performing loan formation ratio increased to 1.08%, driven by a rise in credit card NPLs. G Sachs has adjusted its profit forecasts for CM BANK for 2026 to 2028 down by 1% due to these results.

Goldman Sachs

GS Hldg R

G Sachs Maintains Buy on CM BANK  with TP at HKD52.86

CM BANK(03968.HK)

M Stanley: Chinese Banks Have Integrated AI into Core Infrastructure, Supporting ROE Stability and Enhancing Corporate Competitiveness

BOCI Slightly Raises CM BANK TP to HKD59.61, Maintains Buy

HSBC Research: China Banks 1Q Results Beat; Fundamentals Expected to Further Improve This Year

Wang Xiaoqing to Serve as President of CM BANK ; Wang Liang Retires Upon Reaching Retirement Age

HSI Rises 432 pts on Futures Settlement Day; HKEX Surges Post-Results; Mainland Insurers and Developers Advance

Top 5 HK Stock Gainers/Losers (>100B) (4.29)

HSBC Research: CM BANK Needs More Time to Turn Retail Strength into Earnings Edge; Long-term Potential Favored

Citi: CM BANK 1Q26 Results Disappoint; Net Profit Growth May Lag Six Major State-owned Banks

CLSA: CM BANK 1Q26 Results Mixed; Wealth Mgmt Income and NIM Beat

G Sachs Maintains Buy on CM BANK with TP at HKD52.86