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<Research>HSBC Research: CN Banks Interim Results Slightly Positive; Brokers/ Insurers Preferred
Recommend 27 Positive 54 Negative 14 |
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The 1H25 results of Chinese banks were slightly positive, but the positive news may have largely been absorbed by the market, HSBC Global Research issued a research report saying. Among the 10 Chinese banks rated by the broker, 6 showed stronger-than-expected 2Q25 net profit due to robust fees and trading income. Moreover, 8 of the banks saw YoY improvement in 2Q25 net profit growth compared to 1Q25. Trends in costs and asset quality were mixed, with loan growth prospects appearing more favorable for state-owned banks. Among Chinese financials, HSBC Global Research preferred brokers and insurers over banks, and was optimistic about Hong Kong financials. The broker added that, in 2Q25, CCB (00939.HK), PSBC (01658.HK) and MINSHENG BANK (01988.HK) outperformed in QoQ net interest margin trends, while ICBC (01398.HK), BANK OF CHINA (03988.HK) and BANKCOMM (03328.HK) underperformed. During the period, joint-stock banks demonstrated greater cost flexibility than state-owned banks. Looking ahead, HSBC Global Research noted that Chinese banks have outperformed the market YTD, but positive news may have been priced in, with several macro indicators showing that market-driven loan demand weakened in 2Q25. It is expected that banks will be more cautious regarding retail asset quality. AASTOCKS Financial News Website: www.aastocks.com |
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