China Construction Bank Corporation (601939)
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China Construction Bank Corporation (601939) News
Latest holdings of insurance funds and private equity funds revealed!
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PIMCO: Fund begins reducing holdings in the "Magnificent Seven" tech stocks, shifting capital to Asian markets with a bullish outlook on Chinese financial and healthcare equities.
PIMCO fund manager Emmanuel Sharef stated that the next winners in the AI boom will not be among the large U.S. technology companies, but rather Asian equipment suppliers and Chinese financial and healthcare stocks. The surge in AI spending has increased corporate debt burdens and affected earnings prospects, diminishing the appeal of many of the largest U.S. tech firms. Sharef noted that due to excessive valuations, he is reducing holdings in most hyperscale cloud service providers and the majority of the "Magnificent Seven," arguing that it is not necessary to hold the most expensive stocks to
Hong Kong Stock Market Closing Review: The Hang Seng TECH Index rose 2.27%, driven by both internet technology stocks and major financial stocks, while semiconductor stocks experienced a broad pullback.
On September 4, Hong Kong's three major stock indices surged collectively, driven by a decline in U.S. Treasury yields and easing market expectations for a September interest rate hike, which bolstered overall market sentiment. At the close, the Hang Seng Index rose 1.74%, the Hang Seng China Enterprises Index gained 2.02%, and the Hang Seng Tech Index advanced 2.27%. In terms of sector performance, the primary drivers of today's gains were the dual momentum from large-cap technology and internet stocks alongside financial shares, with tech and internet stocks rallying broadly. The financial sector provided additional support, with heavyweight financial stocks such as Chinese brokerage firms, mainland banks, and mainland insurers generally rising, further pushing up the indices. Notably, China Merchants Bank recorded its fifth consecutive daily gain, while China Construction Bank and Bank of China both hit fresh record highs. Dairy product stocks and beer...
Global bank stocks surge, rising up to 13-fold.
A prolonged slow-bull market rally has been unfolding quietly for several years.
The Hang Seng Index extended its early-session gains to over 560 points, while the Hang Seng Tech Index rose 3%, supported by heavyweight technology and financial stocks. Longfor Group (00960.HK) surged 8%.
U.S. stocks closed more than 1% higher across the three major indices on Wednesday (the 3rd), supported by Federal Reserve Governor Waller’s stance in favor of keeping interest rates unchanged. Market attention is now focused on the latest U.S. non-farm payrolls data to be released tonight. Major Asia-Pacific markets rose broadly this morning (the 4th): Japan’s Nikkei and South Korea’s KOSPI gained 0.75% and nearly 1.1%, respectively; mainland China’s A-share benchmark indices rose between 0.6% and 0.7%; Taiwan’s stock market advanced 0.7%; and Singapore’s Straits Times Index also rose 0.7%. Hong Kong stocks opened higher, with the Hang Seng Index initially up 302 points, or 1.2%, before extending gains. The index was last quoted at 25,779 points, up 566 points, or approximately 2.2%, with turnover reaching HK$70.025 billion. The Hang Seng China Enterprises Index rose 2.
ICBC deploys RMB 81.9 billion as five banks simultaneously revisit past issues in the same half-year; what is the motive?
At the interim results conference, Liu Jun, President of ICBC, disclosed a rare figure: in the first half of 2026, the bank allocated RMB 81.9 billion in write-off resources to dispose of non-performing loans (NPLs), describing this as the "most significant effort in recent years." In the same semi-annual report, ICBC reported operating income of RMB 465.859 billion, a year-on-year increase of 9.08%, and net profit attributable to shareholders of RMB 173.682 billion, up 3.3% year-on-year. This implies that resources equivalent to more than half of its profits were used to clear existing bad debts. This move is not unique to ICBC. Bank of China wrote off and transferred out approximately RMB 42.638 billion in the first half of the year, while China Construction Bank wrote off RMB 31.9 billion.
Express News | Credit card issuance dropped by nearly 20 million in the first half of the year.
The latest data released by the People's Bank of China shows that as of the end of the second quarter this year, the total number of credit cards and dual-function debit-credit cards stood at 677 million, a decrease of 10 million from the first quarter and nearly 20 million from the beginning of the year. Data from interim reports disclosed by listed banks indicates a divergence in changes to credit card portfolios. Among banks that have disclosed credit-related data, most—including Industrial and Commercial Bank of China (ICBC), China Construction Bank (CCB), and Ping An Bank—saw significant declines in their outstanding credit card volumes. Xue Hongyan, a special researcher at Jiangsu Suning Bank, stated that from a financial market perspective, the substitution effect among similar products has become increasingly pronounced, posing a direct challenge to the credit card sector. Some banks have lagged in innovating their credit card products and suffer from severe homogenization. Under the strong impact of internet-based credit payment tools such as Huabei and Baitiao, younger users are accelerating their move away from traditional credit cards, with a marked decline in their willingness to use them. (Jiemian)
A-Share Market Update | Safe-Haven Inflows and Earnings Risk Unwind: Bank Stocks Rally, with CCB and BOC Hitting Record Highs
Gelonghui, September 3 – Bank stocks in the A-share market rallied collectively, with Wuxi Bank, Suzhou Bank, and Chongqing Rural Commercial Bank each rising more than 2%. Notably, Bank of Chengdu, Bank of Nanjing, Bank of Jiangsu, Bank of China, China Construction Bank, Bank of Hangzhou, and Bank of Qingdao hit record highs. Analysts pointed out that as listed companies completed their earnings disclosures, performance-related risks that had previously weighed on the sector—such as surging non-performing loan ratios or significant increases in provision coverage—have been alleviated. Meanwhile, several banks are advancing interim dividend policies, enhancing their appeal to income-oriented capital. In addition, growth stocks and technology stocks (such as AI and chips), as well as high-valuation thematic stocks, have seen corrections or sharp volatility.
Zhitong Stock Connect Holdings Analysis | September 3
Analysis of Stock Connect Holdings in Hong Kong | September 2, 2026
Fee reforms bottom out and rebound after three years; total fees for public mutual funds in the first half exceed RMB 120 billion, with two key uncertainties remaining.
① In the first half of the year, the total amount of the four major fees for public fund management—management fees, trading commissions, custody fees, and sales service fees—reached RMB 120.594 billion, a year-on-year increase of 6.57%; ② The expansion in scale was the primary driver behind the growth in total fees; ③ Since the implementation of fee reforms, trading commissions have bottomed out and rebounded after nearly halving, while management and custody fees have experienced a "V-shaped" reversal. Sales service fees have continued to rise, making them the only category that has not declined.
A-Share Market Close Review | Three Major Indices Close Lower; Defense Sector Surges Against the Trend; Agricultural Sector Plunges
On September 2, the three major A-share indices closed lower collectively, fluctuating weakly throughout the day, while the defense sector bucked the trend to post gains.
Listed banks are collectively stepping up write-offs, with ICBC’s one-time clearance of over RMB 80 billion in non-performing assets sparking widespread discussion. Why such a significant move?
① Industrial and Commercial Bank of China (ICBC) was not the only institution to intensify its write-off efforts in the first half of this year; other banks, including China Construction Bank, Huaxia Bank, Ping An Bank, and Bank of Jiangsu, also significantly increased their write-offs. ② There are multiple reasons for banks to accelerate the write-off of non-performing loans (NPLs): on one hand, regulatory authorities have encouraged such actions; on the other hand, there is pressure to clear out bad debts. ③ Such large-scale write-offs are generally one-time measures and are not expected to occur frequently.
Bank of Communications and Postal Savings Bank of China followed suit, marking the first time that client data for private banking divisions across the "Big Six" state-owned banks has collectively disappeared from public disclosures, while small and mediu
① By the end of August 2025, ICBC took the lead in ceasing the disclosure of its private banking client numbers. In March this year, three other major state-owned banks—Agricultural Bank of China, Bank of China, and China Construction Bank—successively followed suit. In this interim report, Bank of Communications and Postal Savings Bank of China also stopped releasing private banking client data. ② Most joint-stock commercial banks and city commercial banks continue to highlight their private banking performance in their interim reports and have disclosed relevant data.
10-Year U.S. Treasury Yield Surges to 4.76% Amid Global Synchronous Tightening: Why Have Shock Absorbers Failed?
On August 31, U.S. Eastern Time, the yield on the 10-year U.S. Treasury note briefly touched 4.764% during trading, marking a new high since January 2025; the 30-year yield rose to around 5.26%, up approximately 5 basis points within a single trading session. The following day, spot gold fell below $4,350 per ounce, dropping more than 2% intraday, while Brent crude oil surged to $94 per barrel in the early hours of September 2. This is not how the script has played out over the past decade. When risk assets decline, bond prices should rise, and gold should absorb safe-haven demand. This time, however, bonds were the subject of concentrated selling, and gold declined alongside them. Central banks are operating across time zones
When will the new regulations on personal housing loans take effect? Branches of several major state-owned banks report that no implementation guidelines are currently in place, while some banks indicate that details could be finalized within a week.
① Reporters visited multiple offline branches of major state-owned banks today and learned that there are currently no implementable detailed rules at the branch level, including for mortgage contracts and risk disclosures, as no notifications have been issued by the head offices. ② Most banks stated that their head offices are currently organizing consultations among personnel from relevant credit and asset-liability departments to finalize specific detailed rules. ③ Bank insiders indicated that these rules are expected to be finalized and publicly released within approximately one week.
HK Market Quick Look | All three major indices fell, with the Hang Seng Tech Index down 1.49%; tech stocks broadly declined, with Alibaba and JD.com both dropping over 3%; August delivery data released, Nio fell over 6%; Shein closed down 0.12% on its fir
Tech stocks declined, with Alibaba-W down 3.33% and JD.com-SW down 3.21%; semiconductor stocks mostly fell, with Changguang Chenxin down 2.77% and SMIC down 2.69%; casino and gaming stocks broadly declined, with Galaxy Entertainment down 3.16% and International Entertainment down 2.36%;
Tech sector pullback drives capital surge into bank stocks; high-quality performers and high-dividend yields become market "safe havens"
Gelonghui, September 1 – Banking stocks showed strong performance in both the Hong Kong and A-share markets today. In the A-share market, Bank of Qingdao, Bank of China, Bank of Chengdu, Bank of Jiangsu, China Construction Bank, ICBC, and China CITIC Bank all hit record highs. In the Hong Kong stock market, Agricultural Bank of China, ICBC, Bank of China, China CITIC Bank, China Construction Bank, and Bank of Communications also reached record highs. Regarding the robust performance of banking stocks, analysts pointed out that with the completion of listed companies’ financial report disclosures, earlier performance-related risks weighing on the sector (such as surging non-performing loan ratios or significant increases in provision coverage) have been alleviated. Meanwhile, several banks are advancing their interim dividend policies, enhancing their appeal to income-oriented capital.
Hong Kong-listed Chinese bank stocks have extended their recent rally, with major lenders such as ICBC, China Construction Bank, and Bank of Communications hitting record highs. The dividend payout ratios of the six largest state-owned banks are set to ri
Shares of mainland Chinese banks extended their recent gains, with H-shares of ICBC, Agricultural Bank of China, Bank of China, China Construction Bank, and Bank of Communications all hitting record highs. As of press time, Postal Savings Bank of China (01658) rose 2.45% to HKD 5.43; Agricultural Bank of China (01288) rose 2.44% to HKD 6.50; ICBC (01398) rose 1.45% to HKD 7.68; and China Construction Bank (00939) rose 0.84% to HKD 9.58.
Express News | 14:00 Quick Take: Short-term sentiment remains strong, with limit-up success rate exceeding 90%
The market surged in the afternoon before retreating, with the ChiNext Index briefly turning positive before oscillating lower again. In terms of trading volume, the combined turnover of the Shanghai and Shenzhen markets decreased by RMB 23.8 billion in the first hour, with full-day turnover projected to reach RMB 2.06 trillion. Sector rotation continued in the afternoon; the HarmonyOS concept strengthened amid volatility, with Honghe Technology and Teamsun Technology hitting their daily price limits. The banking sector remained active, with Bank of China, China Construction Bank, Bank of Chengdu, and Bank of Jiangsu all reaching record highs. Other sectors experiencing rotation included CPO (Co-packaged Optics) and pharmaceuticals. On the short-term front, market sentiment was robust, with a limit-up success rate above 90% and more than 80 stocks hitting their daily price limits. Seagull Living led with seven consecutive limit-ups, while Wanxiang Denong and Jierong Technology each recorded six consecutive limit-ups. Jinlong Shares recovered to trade in positive territory after previously touching its daily price floor.
BOC International raises target prices for China Construction Bank (00939.HK), Industrial and Commercial Bank of China (01398.HK), and Agricultural Bank of China (01288.HK); maintains "Buy" ratings.
BOC International stated in a research report that China Construction Bank (00939.HK) saw its net profit attributable to shareholders increase by 5.8% year-on-year in the second quarter of 2026, up from 3.5% in the first quarter. The non-performing loan ratio declined to 1.29% by the end of June, an improvement from 1.31% at the end of last year. The firm raised CCB’s target price to HK$11.56 and maintained a "Buy" rating. Industrial and Commercial Bank of China (ICBC) (01398.HK) reported a 3.3% year-on-year growth in net profit attributable to shareholders in the second quarter, flat compared to the first quarter, with improved asset quality; its net interest margin is expected to stabilize in the first half of the year. The firm raised ICBC’s target price to HK$9.44 and maintained a "Buy" rating. Agricultural