According to a research report published by Morgan Stanley, the Bank of China was given an “increase in wealth” rating. It is expected that the bank will benefit from stabilizing net interest spreads and the resilience of offshore profit margins to maintain steady revenue and profit growth; and with its extensive global network and international business, it is expected to seize cross-border business growth and opportunities for Chinese enterprises to go overseas. According to the bank, the Bank of China expects a dividend rate of about 4.9% in 2026, which is attractive, and major insurance companies hold relatively low shares, and may be able to provide additional valuation support when institutional demand for high-interest financial stocks rises. The bank also gave Bank of Ningbo an “increase in holdings” rating and added to the A-share theme focus list. Among banks in the mainland, it believes that Bank of Ningbo can benefit the most from the positive development cycle gradually formed by the financial industry. It is expected that loan growth can maintain about 15%, which is significantly higher than the industry's growth rate of about 6%; differentiated products and services help support better risk-adjusted loan yields, and drive loan repricing capabilities and net interest spreads to recover faster than peers. The bank believes that, based on the 2026 expected market account ratio of 0.93 times, the valuation is still attractive.

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