<p>摩根大通发布报告指出，中国银行在 2026 年第一季度的业绩显示出收入增长改善，同比增长 7%，较 2025 年第四季度的 2% 增长加速。改善主要得益于净利息收入的稳步恢复，而净息差的环比反弹是主要的积极惊喜。随着银行开始重建拨备缓冲，盈利增长以更温和的速度改善。</p>
<p>报告提到，银行之间的业绩差异在第一季度变得明显。四大国有银行明显优于同行，而所有股份制银行的盈利均低于摩根大通的预期。</p>
<p>在第一季度业绩公布后，该行看好农业银行（01288.HK）-0.080（-1.297%）空头头寸$277.41M；比例 31.485%，建设银行（00939.HK）-0.210（-2.336%）空头头寸$1.28B；比例 37.462%，中国银行（03988.HK）-0.120（-2.317%）空头头寸$523.78M；比例 39.575%，工商银行（01398.HK）-0.180（-2.493%）空头头寸$1.04B；比例 37.066% 以及宁波银行（002142.SZ）-0.380（-1.133%）在中国银行中。它认为邮储银行（01658.HK）-0.200（-3.817%）空头头寸$50.64M；比例 29.089% 可能继续落后于大型国有银行。</p>
<p>摩根大通还预计，整体股份制银行将表现不及国有银行。中国光大银行（06818.HK）-0.120（-3.727%）空头头寸$12.52M；比例 22.980%，民生银行（01988.HK）-0.120（-3.217%）空头头寸$12.71M；比例 13.101% 以及华夏银行（600015.SH）-0.260（-3.596%）可能因第一季度盈利收缩面临更大的股价压力。浦发银行（600000.SH）-0.100（-1.066%）和招商银行（03968.HK）-0.760（-1.584%）空头头寸$893.53M；比例 38.864% 也可能在短期内表现不佳，因为浦发银行的盈利增长显著放缓，而招商银行尽管交易时估值溢价，仍在盈利增长上落后于大型国有银行。（ha/u）（香港股票报价延迟至少 15 分钟。空头数据截至 2026 年 4 月 29 日 16:25。）（A 股报价延迟至少 15 分钟。）</p>
<p>本文由 AI 自动翻译，中文版本应视为权威版本。AASTOCKS.com Limited 不保证其准确性或完整性，并对因使用本翻译而产生的任何损害或损失不承担任何责任。</p>

建设银行

工商银行

中国银行

招商中证银行AH价格优选ETF

南方中证银行ETF

<p>摩根大通的报告强调了中国银行在 2026 年第一季度的收入增长显著改善，同比增长 7%，这得益于净利息收入的恢复和净利差的反弹。四大国有银行的表现优于同行，而股份制银行则未能达到预期。摩根大通看好农业银行、建设银行、中国银行、工商银行和宁波银行，预测股份制银行如邮储银行、光大银行、民生银行和华夏银行将表现不佳，原因是盈利收缩。浦发银行和招商银行在短期内也可能因盈利增长放缓而面临困难</p>

<p>JPM issued a report noting that Chinese banks' results for 1Q26 showed improving revenue growth, rising 7% YoY, accelerating from 2% growth in 4Q25. The improvement was mainly driven by a steady recovery in net interest income, while the QoQ rebound in NIM was the key positive surprise. Earnings growth improved at a more moderate pace as banks began rebuilding provision buffers.</p>
<div class="lb-trans"><p>摩根大通发布报告指出，中国银行在 2026 年第一季度的业绩显示出收入增长改善，同比增长 7%，较 2025 年第四季度的 2% 增长加速。改善主要得益于净利息收入的稳步恢复，而净息差的环比反弹是主要的积极惊喜。随着银行开始重建拨备缓冲，盈利增长以更温和的速度改善。</p>
</div><p>The report mentioned that performance divergence among banks became evident in the first quarter. The Big Four state-owned banks clearly outperformed peers, while earnings of all joint-stock banks came in below JPM's expectations.</p>
<div class="lb-trans"><p>报告提到，银行之间的业绩差异在第一季度变得明显。四大国有银行明显优于同行，而所有股份制银行的盈利均低于摩根大通的预期。</p>
</div><p>Following the 1Q results, the bank favors ABC (01288.HK) -0.080 (-1.297%)  Short selling $277.41M; Ratio 31.485%  , CCB (00939.HK) -0.210 (-2.336%)  Short selling $1.28B; Ratio 37.462%  , BANK OF CHINA (03988.HK) -0.120 (-2.317%)  Short selling $523.78M; Ratio 39.575%  , ICBC (01398.HK) -0.180 (-2.493%)  Short selling $1.04B; Ratio 37.066%  and BANK OF NINGBO (002142.SZ) -0.380 (-1.133%)  among Chinese banks. It believes PSBC (01658.HK) -0.200 (-3.817%)  Short selling $50.64M; Ratio 29.089%  may continue to lag behind large state-owned banks.</p>
<div class="lb-trans"><p>在第一季度业绩公布后，该行看好农业银行（01288.HK）-0.080（-1.297%）空头头寸$277.41M；比例 31.485%，建设银行（00939.HK）-0.210（-2.336%）空头头寸$1.28B；比例 37.462%，中国银行（03988.HK）-0.120（-2.317%）空头头寸$523.78M；比例 39.575%，工商银行（01398.HK）-0.180（-2.493%）空头头寸$1.04B；比例 37.066% 以及宁波银行（002142.SZ）-0.380（-1.133%）在中国银行中。它认为邮储银行（01658.HK）-0.200（-3.817%）空头头寸$50.64M；比例 29.089% 可能继续落后于大型国有银行。</p>
</div><p>JPM also expects joint-stock banks as a whole to Underperform state-owned banks. CEB BANK (06818.HK) -0.120 (-3.727%)  Short selling $12.52M; Ratio 22.980%  , MINSHENG BANK (01988.HK) -0.120 (-3.217%)  Short selling $12.71M; Ratio 13.101%  and HUAXIA BANK (600015.SH) -0.260 (-3.596%)  may face greater share price pressure due to earnings contraction in the first quarter. PU DEV BANK (600000.SH) -0.100 (-1.066%)  and CM BANK (03968.HK) -0.760 (-1.584%)  Short selling $893.53M; Ratio 38.864%  may also underperform in the near term, as PU DEV BANK saw a significant slowdown in earnings growth, while CM BANK, despite trading at a valuation premium, still lags large state-owned banks in earnings growth. (ha/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-29 16:25.) (A Shares quote is delayed for at least 15 mins.)</p>
<div class="lb-trans"><p>摩根大通还预计，整体股份制银行将表现不及国有银行。中国光大银行（06818.HK）-0.120（-3.727%）空头头寸$12.52M；比例 22.980%，民生银行（01988.HK）-0.120（-3.217%）空头头寸$12.71M；比例 13.101% 以及华夏银行（600015.SH）-0.260（-3.596%）可能因第一季度盈利收缩面临更大的股价压力。浦发银行（600000.SH）-0.100（-1.066%）和招商银行（03968.HK）-0.760（-1.584%）空头头寸$893.53M；比例 38.864% 也可能在短期内表现不佳，因为浦发银行的盈利增长显著放缓，而招商银行尽管交易时估值溢价，仍在盈利增长上落后于大型国有银行。（ha/u）（香港股票报价延迟至少 15 分钟。空头数据截至 2026 年 4 月 29 日 16:25。）（A 股报价延迟至少 15 分钟。）</p>
</div><p>This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation.</p>
<div class="lb-trans"><p>本文由 AI 自动翻译，中文版本应视为权威版本。AASTOCKS.com Limited 不保证其准确性或完整性，并对因使用本翻译而产生的任何损害或损失不承担任何责任。</p>
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JPM: Chinese Banks' 1Q26 Revenue Growth Improves Markedly, NIM Rebound a Positive Surprise

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摩根大通

农业银行

宁波银行

邮储银行

中国光大银行

光大银行

民生银行

华夏银行

浦发银行

招商银行

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

中银香港

中国银行(ADR)

摩根大通：中国银行 2026 年第一季度的收入增长显著改善，净息差的反弹是一个令人惊喜的积极信号