Diversified Banks

PSBC

Postal Savings Bank Leads in Loan Growth Among Big Six Banks in Q1

Postal Savings Bank of China's registered capital increased to about 120.1 billion yuan

China's Six State-Owned Banks Show Diverse Net Interest Margin Performance in Q1 2026

BOCI 下调中国邮政储蓄银行目标价至 6.18 港元并维持买入评级

BOC International Publishes Analysis Report on China Post Savings Bank's Q1 2026 Earnings Growth

JPMorgan Releases Report Analyzing Postal Savings Bank's Q1 Earnings

Postal Savings Bank Completes Absorption of Youhui WanJia Bank

Postal Savings Bank of China Reports 1.9% YoY Growth in Net Profit in Q1 2026

PSBC released FY2026 Q1 earnings on April 29 After-Market (BJT), actual revenue CNY 78.47 B (forecast CNY 93.76 B), actual EPS CNY 0.2

Postal Savings Bank Optimizes Branch Layout to Enhance Retail Banking Competitiveness

PSBC to Release FY2026 Q1 Earnings on April 29 After-Market (BJT), Forecast Revenue CNY 93.76 B

Postal Savings Bank Transforms from Retail to Full-Service Bank, Corporate Finance Business Enters Trillion-Dollar Growth Channel

Postal Savings Bank Achieved Core Performance Upside in 2025

Postal Savings Bank Holds 'You Win Together' Smart Ecosystem Launch Conference

Six Major Banks Release 2025 Annual Reports: Profit Growth and Stable Decline in Non-Performing Loan Ratio

China Post Savings Bank's Registered Capital Increased to 120.095 Billion Yuan

BOC International Reports PBOC Bank Valuation as Low, Maintains 'Buy' Rating

Zhiyou Financial Asset Investment Co., Ltd. Established with a Registered Capital of 100 Billion Yuan

Postal Savings Bank's Development Strategy for 2026: Balanced, Steady, and Innovative

BOA Securities Downgrades Postal Savings Bank's Rating and Target Price

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Bank of China has reaffirmed its Buy rating on Postal Savings Bank of China Co., Ltd. Class H (1658), setting a price target of HK$6.18. The overall analyst consensus for the bank is a Strong Buy, with an average price target of HK$6.25.

Tip Ranks

BANK OF CHINA

Bank Of China

BOC HONG KONG

Bank of China

Bank of China Reaffirms Their Buy Rating on Postal Savings Bank of China Co., Ltd. Class H (1658)

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BOCI has reduced the target price for PSBCfrom HKD6.62 to HKD6.18 while maintaining a Buy rating. The bank reported a slight profit growth of 1.9% YoY in 1Q26, compared to 1.1% YoY for the full year 2025. The net interest margin (NIM) was 1.65% in 1Q26, slightly down from 1.66% in 2025. BOCI noted that PSBC's asset quality remains solid and its valuation is attractive. Short selling data indicates a ratio of 42.049%.

AASTOCKS News

Huaan CSI Banks ETF

Hwabao WP CSI Banks ETF

Fullgoal CSI 800 Banks ETF

China Southern CSI Banks ETF

China Merchants CSI BANK AH Price ETF

WP CSI Banks ETF

ChinaAMC CSI Banks ETF

BOCI Cuts PSBC  TP to HKD6.18, Rating Buy

JPM's research report indicates that PSBCreported a YoY revenue growth of 8% and a 19% increase in pre-provision profit for 1Q26, surpassing expectations. This growth was attributed to improved NIM, stable fee income, and lower agency fees. However, concerns over asset quality may negatively impact market sentiment, leading to a muted or negative share price reaction. JPM maintains a Neutral rating on PSBC with a target price of HKD5.5, expecting it to underperform compared to major state-owned peers.

JPMorgan Chase

ICBC

JPMORGAN CHASE & CO. 4.20% DEP SHS REPSTG 1/400TH PFD SER MM

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: PSBC  1Q26 Revenue and Pre-provision Profit Beat; Asset Quality Concerns Overhang

PSBCshares fell 3.82% to HKD5.04 at midday on April 30, with a trading volume of 54.55 million shares. Citi's report indicated that while PSBC's pre-provision operating profit rose 19% YoY in 1Q26, net profit growth was only 1.9% YoY due to a 65.2% increase in impairment losses. The bank's earnings growth is expected to remain under pressure, but Citi maintains a Buy rating with a target price of HKD6.42, citing NIM expansion as a positive factor.

Citigroup

CITIGROUP INC 6.250 NON CUM SER II PFD WI

PSBC  Falls 3.8% at Midday; Citi Says 1Q26 Profit Growth Lags Peers

PSBCreported a 1.9% YoY increase in net profit for 1Q26, reaching RMB25.73 billion, with operating income up 7.61% YoY to RMB96.162 billion. Basic EPS was RMB0.20. Net interest income rose 7.32% YoY to RMB73.897 billion, while net fee and commission income increased 16.83% YoY to RMB12.04 billion. However, credit impairment losses surged 65.22% YoY to RMB17.707 billion, and the non-performing loan ratio rose to 0.99%. Capital adequacy ratios met regulatory requirements, with core tier-one at 10.18%.

PSBC  1Q26 Net Profit Up 1.9% YoY to RMB25.73B

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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.

China Merchants Bank

CM BANK

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

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Year-to-date, shares of major state-owned banks such as CCB, ICBC, and Bank of China have shown strong performance in the H-share market, collectively reaching new highs in mid-April. The A-H share premium index stood at 118.38 points. Typically, H shares trade at a discount exceeding the market average, with discounts ranging from approximately 15% to 25% compared to A shares. Southbound capital and funds with state ownership backgrounds have continued to increase their holdings. PSBC's H shares were repeatedly purchased, with net inflows from southbound capital reaching HK$191 million on a single day in mid-April

Wallstreetcn

PING AN

Ping An

PING AN-R

Ping An Insurance

Major State-Owned Banks' H Shares Hit New Highs as Southbound Capital and State-Backed Funds Continue to 'Scour'

On April 14, PSBC successfully launched a remote sensing satellite in collaboration with Changguang Satellite, becoming the fourth commercial bank in China to participate in satellite development. ABC showcased a custom AI agent named "Lobster" to improve loan process efficiency. Industrial Bank's Executive Vice President presented technology progress via a digital avatar. China Merchants Bank proposed an "AI First" philosophy, while PAB views technology as its core competitive strength. The annual technology investment of 13 A-share listed banks exceeded 180 billion yuan, and the criteria for evaluating tech investment are shifting from scale to effectiveness

- On April 14, Postal Savings Bank launched a high-resolution optical remote sensing satellite, becoming China's fourth commercial bank to develop and launch a satellite.  
- Major banks are adjusting their technology strategies, with a significant focus on AI integration and digital transformation, amidst rising pressures on net interest margins and demands for higher efficiency.  
- Overall, bank technology spending surpassed 180 billion yuan, emphasizing the need for operational effectiveness and solid performance in a landscape increasingly defined by data and AI-driven solutions.

E Fund CSI 300 Financials (ex Banks) ETF

A 180 Billion Yuan Shadow War in Bank Technology

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Valuation enhancement plans released by six major state-owned banks failed to trigger a broad rally in the banking sector, instead exacerbating internal valuation divergence. Market capital has priced differently on bank profitability stability, asset quality, and development potential, leading to this phenomenon. As of April 15, 2026, ABC's price-to-book ratio neared 0.9, outperforming other major banks, while PSBC and BANKCOMM saw their PB ratios decline. Overall, all 42 A-share bank stocks traded below net asset value, with some banks having a PB ratio under 0.5

Bank of Ningbo

HZBANK

Dividends Fail to Drive Premium; Valuation Divergence Among Listed Banks Worsens

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BACHY

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UBS released investment ratings and target prices for domestic bank stocks, including Industrial and Commercial Bank of China (Buy, 7.79 RMB), China Construction Bank (Buy, 10.2 RMB), Agricultural Bank of China (Neutral, 5.85 RMB), Bank of China (Buy, 5.9 RMB), China Merchants Bank (Neutral, 56 RMB), Postal Savings Bank of China (Neutral, 6.1 RMB), Bank of Communications (Buy, 8.6 RMB), CITIC Bank (Buy, 9.3 RMB), Minsheng Bank (Buy, 5.3 RMB), Chongqing Rural Commercial Bank (Buy, 8.35 RMB), and Huishang Bank (Sell, 3.25 RMB)

PSBC(601658.SH)

Bank of China Reaffirms Their Buy Rating on Postal Savings Bank of China Co., Ltd. Class H (1658)

BOCI Cuts PSBC TP to HKD6.18, Rating Buy

JPM: PSBC 1Q26 Revenue and Pre-provision Profit Beat; Asset Quality Concerns Overhang

PSBC Falls 3.8% at Midday; Citi Says 1Q26 Profit Growth Lags Peers

PSBC 1Q26 Net Profit Up 1.9% YoY to RMB25.73B

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

Major State-Owned Banks' H Shares Hit New Highs as Southbound Capital and State-Backed Funds Continue to 'Scour'

A 180 Billion Yuan Shadow War in Bank Technology

Dividends Fail to Drive Premium; Valuation Divergence Among Listed Banks Worsens

UBS's Investment Ratings and Target Prices for Chinese Bank Stocks (Table)