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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.
The central parity rate of RMB is reported at 7.1376, down 53 points.
On August 2nd, the central parity rate of RMB was reported at 7.1376, down 53 basis points from the previous trading day when the central parity rate was 7.1323. Experts believe that the RMB exchange rate will be basically stable at a reasonable and balanced level in the second half of the year. Wang Youxin, a researcher at Bank of China Research Institute, thinks that the rapid growth of China's export trade, the high level of trade surplus and sufficient foreign exchange reserves provide strong support for RMB exchange rate. The possibility of the Fed entering a cut interest rate cycle in September and the further rollback of the US dollar index will also impose external constraints on the RMB exchange rate.
Bank of China Raises 30 Billion Yuan From Undated Bond Issue
Bank of China (601988.SH) completed the issuance of 30 billion yuan of hybrid capital bonds without a fixed term.
Bank of China (601988.SH) announced that the shareholder meeting held on June 30, 2023 was reviewed...
Bank of China (601988.SH): completion of the issuance of write-down perpetual capital bonds.
Bank of China (601988.SH) announced on July 30th that the proposal to issue no more than CNY 450 billion or equivalent foreign currency capital instruments was approved at the shareholders' meeting held on June 30, 2023. With the approval of the relevant regulatory authorities, the Bank issued a total amount of CNY 30 billion perpetual capital bonds with a write-down feature on the national interbank bond market on July 26, 2024 (the "current bonds"), which were fully issued on July 30, 2024. The coupon rate of the current bonds in the first five years is 2.19%, which will be adjusted every five years, with the next adjustment in the fifth year.
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