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Citi: The four major domestic banks prefer Industrial and Commercial Bank of China, followed by China Construction Bank, China Merchants Bank, Bank of Communications and Postal Savings Bank.
JPMorgan released a report stating that it remains bullish on the performance of Chinese banks in the second half of the year. The bank has raised its target price for China Construction Bank (03988) from HKD 4 to HKD 4.2, for Agricultural Bank of China (00939) from HKD 6.55 to HKD 6.7, for China Merchants Bank (03968) from HKD 44 to HKD 46, for China Citic Bank Corporation (00998) from HKD 4.4 to HKD 4.55, and for Postal Savings Bank of China (01658) from HKD 4.3 to HKD 4.6. JP Morgan continues to favor the four major Chinese banks with stable profitability and high yield, preferring them in the following order: Industrial and Commercial Bank of China (01398), Agricultural Bank of China (0.
Jpmorgan: bullish on the performance of domestic banking industry in the second half of the year, preferring the four domestic banks with stable earnings and high yields.
JPMorgan released a report stating that it remains bullish on the performance of domestic banking industry in the second half of the year, believing that it will mainly benefit from the regulatory focus on safeguarding banks' net income and policy support for the stable macroeconomic growth prospects in the second half of the year. The bank expects domestic banks' revenue and profits to turn to growth in the second half of the year. JPMorgan continues to favor the four domestic banks with stable profitability and high yield rates, listed in order of preference: Industrial and Commercial Bank of China, Agricultural Bank of China, China Construction Bank Corporation, and Bank of China. The bank's analysis shows that the current dividend yield gap is still attractive for southward and A-share investors, and they can increase their shareholding during any weak periods. The bank has raised its target price on Bank of China from HKD4 to HKD4.2.
Galaxy Securities: Bullish on the value of sector allocation for banks continuing high-dividend strategy in the environment of asset scarcity.
The public fund has released the Q2 2024 heavy stock holding data.
Industrial and commercial bank of china (601398.SH): Redeem the non-fixed term capital bonds of 2019.
On July 31, GeLongHui reported that the Industrial and Commercial Bank of China (ICBC) announced that from July 26 to July 30, 2019, the company issued RMB 8 billion of perpetual capital bonds (referred to as the current bonds), and on July 30, 2019, released an announcement on the completion of the issue of perpetual capital bonds. According to the relevant provisions in the prospectus for the issuance of this bond, there is a redemption right for the issuer. The ICBC has the right to fully redeem the bond at face value on the interest payment date of the fifth year of the bond issuance (i.e. July 30, 2024).
Maotai fell below 1,400 yuan! Suffered over 500 million yuan in selling pressure from southbound funds while northbound funds continue to increase holdings in Tencent and reduce holdings in ICBC.
Northbound funds sold a net of 4.985 billion yuan in A-shares, while southbound funds bought a net of 0.745 billion Hong Kong dollars in Hong Kong stocks.
Analysis: Northbound funds net sold nearly 500 million yuan of A shares, reduced positions in Maotai and Contemporary Amperex Technology, and increased positions in Industrial and Commercial Bank of China.
Northbound funds sold a net of 4.985 billion yuan of A shares today, marking the fifth consecutive day of net sales. Among them, Kweichow Moutai, Contemporary Amperex Technology, and Weichai Power suffered net sales of 0.572 billion yuan, 0.257 billion yuan, and 0.191 billion yuan, respectively; Industrial and Commercial Bank of China, China Yangtze Power, and Horizon Robotics received net purchases of 0.218 billion yuan, 0.185 billion yuan, and 0.142 billion yuan, respectively.
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