According to the CITIC Construction Investment Research Report, the revenue of 1H26 listed banks increased by a large single digit, profits were stable and released by a small single digit, and the trend is positive. Credit grew by a large single digit, and the decline on the asset side slowed down and debt costs were optimized, net interest spreads stabilized marginally, and net interest income accelerated. Revenue grew steadily by a small single digit, and the trend in the core revenue capacity of listed banks is improving. There is a certain differentiation in other non-interest rates, mainly due to different options for cashing out floating profits. Asset quality is apparently stable, real estate risks are being cleared at an accelerated pace, and retail risks are still naturally exposed. Some banks chose to expedite the elimination of real estate risks during the window period when policies have not declined and financial resources are relatively abundant, which is beneficial to future performance flexibility. Some banks have implemented mid-term dividend plans, and the dividend rate of major state-owned banks has been uniformly increased by 1 pct, and dividend attributes have been further improved. Looking ahead to the whole year, the revenue and profits of listed banks are expected to continue their positive trend, and fundamentals will stabilize. Currently, the banking sector is dominated by the hedging market. It is recommended to choose targets that balance excellent fundamentals, maintain industry leadership, and have solid dividend ratios.

According to the CITIC Construction Investment Research Report, the revenue of 1H26 listed banks increased by a large single digit, profits were stable and released by a small single digit, and the trend is positive. Credit grew by a large single digit, and the decline on the asset side slowed down and debt costs were optimized, net interest spreads stabilized marginally, and net interest income accelerated. Revenue grew steadily by a small single digit, and the trend in the core revenue capacity of listed banks is improving. There is a certain differentiation in other non-interest rates, mainly due to different options for cashing out floating profits. Asset quality appears to be stable, real estate risks are being cleared at an accelerated pace, and retail risks are still naturally exposed. Some banks chose to expedite the elimination of real estate risks during the window period when policies have not declined and financial resources are relatively abundant, which is beneficial to future performance flexibility. Some banks have implemented mid-term dividend plans, and the dividend rate of major state-owned banks has been uniformly increased by 1 pct, and dividend attributes have been further improved. Looking ahead to the whole year, the revenue and profits of listed banks are expected to continue their positive trend, and fundamentals will stabilize. Currently, the banking sector is dominated by the hedging market. It is recommended to choose targets that balance excellent fundamentals, maintain industry leadership, and have solid dividend ratios.