Listed banks' Q1 retail AUM surpassed 25 trillion yuan at its peak, with wealth management fee income increasing by over 50% at the highest. Third-party distribution played a key role.

①The retail AUM of eight banks that have disclosed their AUM all achieved positive quarter-on-quarter growth in the first quarter, with Agricultural Bank's AUM surpassing 25 trillion yuan. The number of private banking clients expanded rapidly, and for the first time, a joint-stock bank had over 200,000 private banking clients. ②Wealth management fee income showed overall recovery; state-owned large banks maintained leading fee income volumes, while joint-stock banks experienced differentiated growth rates ranging from -9% to +55%.

cls.cnMay 7 12:22

Hou Weidong, former deputy行长 of Bank of Communications, was expelled from the Communist Party due to alleged serious violations of discipline and laws.

The Central Commission for Discipline Inspection (CCDI) and the National Supervisory Commission (NSC) announced that, upon approval by the Central Committee of the Communist Party of China, they have launched an investigation into serious disciplinary and legal violations by Hou Weidong, former member of the Party Committee and Vice President of the Bank of Communications. The investigation revealed that Hou Weidong abused his position to secure benefits for others in matters such as employee recruitment and promotions while accepting bribes. He demonstrated no regard for legal or ethical boundaries, misusing his authority over the allocation of fintech resources for personal gain, engaging in extensive quid pro quo arrangements. He exploited his position to assist others in securing contracts and obtaining loans, while illegally amassing substantial assets. In accordance with relevant regulations, following deliberation at a meeting of the Standing Committee of the CCDI and subsequent approval by the Central

AASTOCKSMay 7 10:09

A strong stock market has driven up clients' net worth, leading to an expansion in the number of high-net-worth private banking clients at listed banks, with both the '200,000-account' and '100,000-account' tiers growing by the end of the first quarter.

① By the end of the first quarter, the number of private banking clients at China Merchants Bank exceeded 200,000 for the first time. Prior to this, only major state-owned banks had reached this milestone. ② The "100,000 client club" has now expanded to include eight banks: ICBC, ABC, BOC, CCB, BOCOM, China Merchants Bank, Ping An Bank, and CITIC Bank. ③ Since last year, the continuous boom in the equity market has led to significant investment returns for many high-net-worth individuals in the stock market, driving up their asset values.

cls.cnMay 5 16:28

Citi's Investment Ratings and Target Prices for H Shares of Chinese Banks (Table)

Citi issued a research report listing its investment ratings and target prices for H shares of mainland banks as follows: Stock | Investment Rating | Target Price (HKD) Agricultural Bank of China (01288.HK) | Buy | 6.94 → 7.00 Bank of China (03988.HK) | Buy | 5.92 → 6.58 Bank of Communications (03328.HK) | Buy | 8.02 → 9.14 China CITIC Bank (00998.HK) | Buy | 8.88 → 9.78 China Construction Bank (00939.HK)

AASTOCKSMay 5 12:44

CICC has raised its target price for Bank of Communications (03328.HK) to HKD 8.7, citing better-than-expected Q1 performance.

CICC issued a report stating that Bank of Communications' (03328.HK) first-quarter results exceeded the bank's expectations, with net profit/pre-provision profit/operating income increasing by 3%, 10.3%, and 4.9% year-on-year respectively. The revenue growth rate was better than expected, mainly due to the rebound in interest margin. The bank has largely maintained its forecasted net profit for 2026 and 2027 unchanged. The report noted that the current share price of Bank of Communications’ A-shares (601328.SS) corresponds to a price-to-book ratio of 0.5x/0.5x for 2026/2027, while the H-share price corresponds to a price-to-book ratio of 0.5x/0.4x for 2026/2027. The target price for A-shares is maintained at 8.9.

AASTOCKSMay 4 16:27

UBS Group: Bank of Communications (03328.HK) Q1 net profit in line with expectations, revenue lags peers

According to a UBS research report, Bank of Communications (03328.HK) reported a 3% year-on-year growth in net profit for the first quarter, in line with expectations. Revenue increased by 4.9% year-on-year, underperforming the average growth of 8.5% among state-owned banks, primarily due to a 3% year-on-year decline in net fee income compared to an average increase of 6.5% for their peers. Net interest income grew by 7.2% year-on-year, close to the average 7.6% increase among state-owned banks; interest income fell by 4.6% year-on-year but was offset by a significant 12.4% reduction in interest expenses. Other non-interest income recorded a modest 4.3% increase. Regarding costs, operating expenses...

AASTOCKSMay 4 15:54