J.P. Morgan Chase released a research report saying that China's credit data for August fell short of expectations. The scale of social financing in the Mainland increased by 1.66 trillion yuan in August, lower than the bank's forecast of 2.27 trillion yuan and the market forecast of 2.12 trillion yuan; the additional RMB loans were only 60 billion yuan, which was also far below expectations. Among loans, retail loans contracted further by 0.2% month-on-month, while medium- to long-term corporate loans and discounted notes remained resilient. J.P. Morgan Chase said that in the context of strong corporate activity, it favors state-owned banks with stronger corporate financial business advantages. Bank of China and China Construction Bank are preferred by the industry, and both have “increased holdings” ratings. The target prices are HK$6.7 and HK$11.05, respectively.

J.P. Morgan Chase released a research report saying that China's credit data for August fell short of expectations. The scale of social financing in the Mainland increased by 1.66 trillion yuan in August, lower than the bank's forecast of 2.27 trillion yuan and the market forecast of 2.12 trillion yuan; the additional RMB loans were only 60 billion yuan, which was also far below expectations. Among loans, retail loans contracted further by 0.2% month-on-month, while medium- to long-term corporate loans and discounted notes remained resilient. J.P. Morgan Chase said that in the context of strong corporate activity, it favors state-owned banks with stronger corporate financial business advantages. Bank of China and China Construction Bank are preferred by the industry, and both have “increased holdings” ratings. The target prices are HK$6.7 and HK$11.05, respectively.