CI-CMB @EC2611A

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

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%

Huaxing Capital Maintains Buy Rating for CITIC Bank, Target Price at HKD 57.70

A-Share Listed Banks' Overall Salaries Stable While Executives' Drop in 2025

CMB Chairman Miao Jianmin Elaborates on Corporate Culture as Core Competitiveness

CMB Credit Card Revenue Continuously Slides, Business Faces Adjustments

CMB holds 2025 annual financial report conference call

CH GOLD CLASSIC

STARGLORY HLDGS

CHI HO DEV

VSING

CENTRALCHINA MT

RIMBACO

CHINA PARTYTIME

CHINA CBM

ZXZN QI-HOUSE

HANVEY GROUP

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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.

AASTOCKS News

ICBC

China Merchants Bank

CM BANK

WP CSI Banks ETF

China Southern CSI Banks ETF

China Merchants CSI BANK AH Price ETF

ChinaAMC CSI Banks ETF

Fullgoal CSI 800 Banks ETF

Huaan CSI Banks ETF

Hwabao WP CSI Banks ETF

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

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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

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

UBS Research reported that CM BANKexperienced a 1.5% YoY growth in net profit for 1Q26, slightly below expectations. Revenue increased by 4% YoY, driven by a 5% rise in net interest income and a 4.9% increase in net fee income. However, non-interest income fell by 2.9% YoY. The net interest margin (NIM) narrowed to 1.83%. UBS maintains a Neutral rating with a target price of HKD56.

UBS Group AG

UBS: CM BANK  1Q26 Revenue and PPOP Largely In Line; Rated Neutral

JPMorgan's report on CM BANKindicates a 4% YoY revenue growth and a 2% YoY net profit growth for 1Q26, with revenue slightly exceeding expectations. Despite strong net interest income and wealth management fees, profit growth remains weak due to higher provisioning expenses and a contraction in non-wealth management fees. JPMorgan expects CM BANK to underperform peers in the near term, maintaining an Overweight rating with a target price of HKD62.

JPMorgan Chase

Defiance Daily Target 2X Long JPM ETF

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JPMORGAN CHASE & CO. 6%NON CUM DEP SHS REP 1/400TH PFD SER EE

JPMORGAN CHASE & CO. DEP REP 1/400TH (5.75% NON CUM PFD DD)

JPMORGAN CHASE & CO. 4.625% DEP SH RE 1/400TH INT NO CU PF LL

JPMorgan Chase & Co.

JPMORGAN CHASE & CO. 4.55% DEP SHS REPSTG 1/400TH PFD SER JJ

JPMORGAN CHASE & CO. 4.75 DEP SHS REP 1/400 NCUM PFD SR GG

JPM: CM BANK  NII Recovery Fails to Translate into Strong Profit Growth; Seen Underperforming Peers Near Term

Morgan Stanley reported that CM BANKexperienced steady growth in revenue and profit in 1Q26, with operating revenue increasing by 3.8% YoY, primarily due to a 5% YoY rise in net interest income. However, fee income growth was moderate and bond investment performance was weak. The broker has assigned an Overweight rating to the stock with a target price of HKD63.4.

Morgan Stanley

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M Stanley: CM BANK  1Q26 Revenue and Profit Grow Steadily; Rated Overweight

CM Bankreported a net profit of RMB37.852 billion for Q1, a 1.5% increase YoY. Net operating income rose 3.9% to RMB86.952 billion, with EPS at RMB1.49. Net interest income grew 5% to RMB55.642 billion, while net non-interest income was RMB31.31 billion, up 1.9% YoY. The NPL ratio remained stable at 0.94%, with a provision coverage ratio of 387.76%.

CM BANK  1Q Net Profit RMB37.852B +1.5% YoY

China Merchants Bank has released its unaudited Q1 2026 IFRS results, confirming the accuracy of the financial information. The bank emphasizes its diversified structure, including various subsidiaries, and warns investors about the uncertainties in forward-looking statements. The latest analyst rating for its stock (HK:3968) is a Buy with a price target of HK$53.50. The bank operates under both IFRS and PRC GAAP, providing a range of financial services in China and abroad.

Tip Ranks

China Merchants Bank Files Unaudited Q1 2026 IFRS Report, Cautions on Forward-Looking Risks

China Merchants Bank announced the resignation of independent non-executive director Li Chaoxian, effective April 28, 2026, ahead of his term's end in August 2027. His departure, due to personal reasons, will not impact the board's quorum. Li has completed the necessary work handover and has no disagreements with the board. The bank expressed appreciation for his contributions. The current analyst rating for China Merchants Bank (HK:3968) is a Buy, with a price target of HK$53.50.

China Merchants Bank Independent Director Li Chaoxian Resigns Ahead of Term End

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JPMorgan expects moderate improvement in revenue and profit growth for Chinese banks in 1Q26. Agricultural Bank of China and Bank of Communications are anticipated to lead with stronger profit growth, while Postal Savings Bank may lag due to rising credit costs. Among joint-stock banks, Ping An Bank is likely to achieve positive growth, whereas China Minsheng Bank's profit growth may contract. JPM favors China Merchants Bank for its stable growth and attractive dividends. Overall, state-owned banks are expected to outperform joint-stock banks ahead of the dividend season in July.

BANKCOMM

Bank Of Communications

MINSHENG BANK

CMBC

INDUSTRIAL BANK

CEB BANK

CEB Bank

JPM Expects Moderate Improvement in 1Q26 Revenue and Profit Growth for Chinese Banks

The Monetary Authority of Singapore tightened the slope of the Singapore dollar's nominal effective exchange rate policy band on April 14 (the first rate hike in four years) and raised its 2026 inflation forecast to 1.5–2.5%; the government launched a support plan worth nearly S$1 billion.This is the first time the Singapore government has responded to the impact of the Middle East conflict on Singapore's economic system.

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Apple

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CI-CMB @EC2611A(28637.HK)

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