Diversified Banks

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

TSMC

Conference Minutes

AMAT

ASML

01398

601398

IDCBY

Below is Dolphin Research's Trans of the Q4 2025 earnings call for $Taiwan Semiconductor(TSM.US). For our earnings analysis, please see 'TSMC: the real heavyweight in AI — who would say no?'.Key takeaways from the call are summarized below. We highlight capex plans and spending mix.a) Capex: for 2026, raised to $52-56bn (+$11-15bn YoY), vs prior street $48-50bn. Allocation: 70-80% for advanced nodes, ~10% for specialty technologies...

Applied Materials

Taiwan Semiconductor

ICBC

TSM (Trans): Capex to rise by tens of billions YoY, a decision made after talks with downstream customers.

Shanghai Gold Exchange Absorbs ICBC as International Member

DBS Analyst Maintains Buy Rating for ICBC with Target Price of HKD 7.70

Industrial & Commercial Bank of China released FY2026 Q1 earnings on April 29 After-Market EST, actual revenue USD 22.09 B (forecast USD 31.19 B), actual EPS USD 0.6943

Industrial & Commercial Bank of China to Release FY2026 Q1 Earnings on April 29 After-Market EST, Forecast Revenue USD 31.61 B

ICBC Reports 2025 Annual Performance: Net Profit Grew 0.7%, Assets Exceeded 50 Trillion Yuan

Industrial & Commercial Bank of China UNSP ADR released FY2025 Q4 earnings on March 27 Pre-Market (EST), actual revenue USD 26.24 B (forecast USD 27.2 B), actual EPS USD 0.7815

INDUSTRIAL & COMMERCIAL BK OF CHINA UNSP ADR EACH REPR 20 ORD SHS released FY2025 earnings on March 27 Pre-Market EST, actual revenue USD 93.69 B (forecast USD 114.84 B), actual EPS USD 2.8032

ICBC reports annual net profit of 368.56 billion yuan

Industrial & Commercial Bank of China to Release FY2025 Earnings on March 26, Pre-Market EST; Forecasted Revenue USD 117.57 B

West Kowloon Cultural District Authority Reaches Financing Agreement with ICBC (Asia) and Plans to Issue Medium-Term Bonds

BlackRock Reduces Stake in Industrial and Commercial Bank of China H Shares

ICBC Redeems Secondary Capital Bonds in Full

INDUSTRIAL & COMMERCIAL BK OF CHINA UNSP ADR EACH REPR 20 ORD SHS released FY2025 Q3 earnings on October 30 Pre-Market (EST), actual revenue USD 25.25 B (forecast USD 27.4 B), actual EPS USD 0.7584

Industrial & Commercial Bank of China released FY2025 9 Months Earnings on October 30 Pre-Market EST, actual revenue USD 67.52 B, actual EPS USD 1.2746

Industrial & Commercial Bank of China to Release FY2025 Q3 Earnings on October 29, Pre-Market EST, Forecast Revenue USD 27.37 B

INDUSTRIAL & COMMERCIAL BK OF CHINA UNSP ADR EACH REPR 20 ORD SHS released FY2025 Semi-Annual earnings on August 29 After-Market EST, actual revenue USD 42.27 B, actual EPS USD 1.2724

INDUSTRIAL & COMMERCIAL BK OF CHINA UNSP ADR EACH REPR 20 ORD SHS released FY2025 Q2 earnings on August 29 After-Market EST, actual revenue USD 21.94 B (forecast USD 27.46 B), actual EPS USD 0.6413

Industrial & Commercial Bank of China to Release Semi-Annual Earnings on August 29, 2025 (EST)

Industrial & Commercial Bank of China released FY2025 Q1 earnings on April 29 After-Market EST, actual revenue USD 20.34 B (forecast USD 28.61 B), actual EPS USD 0.6332

Industrial & Commercial Bank of China to Release Q1 FY2025 Earnings on April 29 After-Market EST, Forecast Revenue USD 28.3 B

InMed Pharmaceuticals

AMPLITECH GROUP INC. USD0.001 S/R 20/11/26 SER B

Amesite

CN Energy

AMPLITECH GROUP INC. COM USD0.001 (S/R 18/07/2026)

NextNRG

Meiwu Tech

Generation Income Properties

MetaVia

OceanPal

601988

BACHY

03988

CICHY

00939

512800

159887

512820

512700

515020

516210

HSBC Research has lowered expectations for rate cuts in 2026 following the People's Bank of China's recent monetary policy report. The report suggests a high likelihood of net interest income expansion for Chinese banks, particularly ICBC, CCB, and Bank of China H shares. The research indicates that corporate banking is outperforming retail, with positive growth in corporate loans. Additionally, banks are advised to limit high-interest interbank time deposits to reduce competition and funding costs.

AASTOCKS News

Bank Of China

Bank of China

BANK OF CHINA

China Construction Bank

Hwabao WP CSI Banks ETF

Fullgoal CSI 800 Banks ETF

WP CSI Banks ETF

China Merchants CSI BANK AH Price ETF

China Southern CSI Banks ETF

ChinaAMC CSI Banks ETF

Huaan CSI Banks ETF

HSBC HOLDINGS

HSBC

BANKCOMM

Bank Of Communications

MINSHENG BANK

CMBC

CITIC BANK

CNCB

CEB BANK

CEB Bank

China Merchants Bank

CM BANK

HSBC 5xShortSG241213

HSBC Holdings Plc

BOC HONG KONG

HSBC Research Lowers Rate Cut Expectations Within Year; CN Banks' Net Interest Income Seen Expanding; Prefers ICBC, CCB and BANK OF CHINA H Shrs

601288

JPM's report highlights that China's April credit data fell significantly short of expectations, with Aggregate Financing at RMB620 billion and new RMB loans decreasing by RMB10 billion. The largest recorded monthly declines in household and corporate loans were noted. The bank recommends a defensive strategy favoring the Big Four state-owned banks due to their stronger loan pipelines, while indicating deteriorating retail loan demand and a widening gap between M1 and M2 growth.

JPMorgan Chase

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: China Apr Credit Data Far Below Expectations, Favor Big Four State-owned Banks for Defensive Positioning

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.

Guotai CSI All Share Investment Banking & Brokerage ETF

Hwabao WP CSI All Share Investment Banking & Brokerage 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

BofAS reported that Chinese banks listed in H-shares saw an average net profit increase of 1.1% YoY in Q1 2026, up from 0.7% last year. Pre-provision operating profit (PPOP) grew 9.2% YoY. ICBC and CCB are favored, while CM Bank and PSBC are viewed less positively. The net interest margin (NIM) rose to 1.43%, with net interest income increasing 2.8% QoQ. BofAS maintains a positive outlook on the sector, citing solid dividend yields and defensive characteristics.

PSBC

CQRC BANK

Chongqing Rural Commercial Bank

BofAS: CN Banks' H-shrs 1Q Results Beat; ICBC, CCB Favored

DBS analyst Manyi Lu has maintained a Buy rating on Industrial and Commercial Bank of China (IDCBF), setting a price target of HK$7.70. Lu, who specializes in the Financial sector, has an impressive average return of 22.7% and a success rate of 79.61% on stock recommendations. The current consensus for IDCBF is a Strong Buy, with an average price target of HK$8.07.

Tip Ranks

DBS Group

Qifu Tech

QFIN-S

DBS Remains a Buy on Industrial and Commercial Bank of China (IDCBF)

UBS's research report highlights that state-owned Chinese banks outperformed expectations in Q1, with an 8.5% revenue increase, the highest since 2021. This growth was driven by improved net interest margins and solid fee income. While regional banks met expectations, joint-stock banks showed mixed results. The report indicates an improving operating environment for mainland banks, with potential upward revisions in earnings growth for state-owned banks. UBS remains positive on defensive bank stocks with high dividend yields, favoring CCB, Bank of China, ICBC, CITIC Bank, and Bank of Ningbo.

Bank of Ningbo

UBS Group AG

UBS: State-Owned CN Banks Stand Out in 1Q; Operating Conditions Improving

China's Big Four banks reported stronger-than-expected first-quarter earnings, with combined net profit reaching approximately 305 billion yuan (US$44.6 billion). This growth was driven by a recovery in net interest income, which rose over 7%, and improved asset quality. Analysts noted resilient loan growth, particularly in government-related sectors like infrastructure and manufacturing. The banks are increasingly supporting policy priorities, with significant increases in loans to technology firms and manufacturing. Moody's Ratings revised the outlook of these banks from negative to stable, reflecting expectations of continued government support.

SCMP

Citigroup

Moodys

CITIGROUP INC 6.250 NON CUM SER II PFD WI

China’s Big Four banks post stronger earnings as policy lending lifts growth

Citi's research report highlights ICBC's solid 1Q26 results, with a 9.2% YoY increase in pre-provision operating profit and a net profit of RMB86.9 billion, despite higher credit costs. The bank's ROA and ROE declined slightly. Citi anticipates a positive market response and expects ICBC to receive a capital injection of nearly RMB100 billion, leading to a 3-4% EPS dilution. However, the valuation remains attractive, with a target price of HKD7.95 and a Buy rating maintained.

Yinhua CSI All Share Investment Banking & Brokerage ETF

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

Citi: ICBC  1Q26 Results Solid, Attractive Valuation; Reiterates Buy

INDUSTRIAL & COMMERCIAL BK OF CHINA UNSP ADR EACH REPR 20 ORD SHS(IDCBY.US)