Guoxin Securities releases a research report on China Merchants Bank: clear bottom-line performance, a high-quality asset with both offensive and defensive capabilities

NightAirdropper · 2026-03-29T15:51:43+00:00

Guoxin Securities gives China Merchants Bank an "Outperform the Market" rating, believing its earnings bottom is clear, revenue is rebounding, net interest margin stabilizes in the fourth quarter, and wealth management business income is growing. It is expected that by 2025, the large wealth management business income will increase to 44.01 billion yuan, with asset quality remaining stable, but facing macroeconomic risks.

NightAirdropper

2026-03-29 15:51:43

Abstract generation in progress

Everyday AI News Report, Guosen Securities released a research report on March 29, stating that it gives China Merchants Bank (600036.SH, latest price: 39.44 yuan) an “outperform” rating. The reasons for the rating mainly include: 1) Clear performance bottom, revenue has reversed the year-on-year decline trend of the past two years; 2) In the fourth quarter, net interest margin stabilized and rebounded, with steady scale expansion; 3) The company’s customer base is of high quality, and income from wealth management business has returned to high growth; 4) In 2025, income from wealth management business is expected to be 44.01 billion yuan, a year-on-year increase of 16.9%, accounting for 13.04% of revenue; 5) Asset quality is solid, but small micro retail business is under temporary pressure. Risk warning: A macroeconomic recovery that falls short of expectations could drag down the company’s net interest margin and asset quality.

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(Reporter Zhang Xiwei)

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