China banks Seven key takeaways from Asia Financials Corporate Day

研报英文原文证据摘录

China banks Seven key takeaways from Asia Financials Corporate Day

14 July 2026

China banks EquitiesCommercial Banks

Seven key takeaways from Asia Financials Corporate

Day China

◆ We hosted ICBC, CCB, BOC, CMB and CITICB in our recent Gary Lam*, CFA

Asia Financials Corporate Day during 6-9 July 2026 Head of Greater China Financials Research

The Hongkong and Shanghai Banking Corporation Limited

gary.lam@hsbc.com.hk

◆ We outline key takeaways on NIM, loan growth, wealth, +852 2996 6926

capital, policy direction, asset quality and non-interest income Yiwei Liu*

Associate, China Banks

◆ Prefer CCB-H, BOC-H and ICBC-H ahead of 2Q26 earnings yi.wei.liu@hsbc.com.hk

+852 2996 6635

(1) NIM trend stays positive overall – We expect NIM to be stable or mildly Simon Ling*

expanding at large state-owned banks, supported by ongoing repricing of time Associate

Guangzhou

deposits. We expect state-owned banks’ NIM to outperform retail-oriented banks,

which face weaker retail loan demand (mortgages and non-mortgage).

* Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

not registered/ qualified pursuant to FINRA regulations

(2) Loan growth market share shift continues – Large state-owned banks are

likely to keep gaining loan market share, driven mainly by corporate lending and

deeper participation in national policy-led priorities. Overall loan growth may slow in

2026 versus 2025, as banks prioritise quality over quantity.

(3) Wealth income: growth driver is shifting – Overall wealth management

demand remains solid, but the mix is shifting. Fund sales are improving amid

elevated market confidence and banks’ in-house recommendations to overweight

equities. In contrast, insurance sales could be pressured by lower illustrated rates of