Guotou Securities: It is expected that the performance growth rate of listed banks will slightly rebound in 2026, and the revaluation of the value of domestic banks is not yet complete.

Guotou Securities released a research report stating that they expect the performance growth rate of listed banks to slightly recover in 2026. The People's Bank of China is downplaying the focus on quantity targets, and the slowdown in credit growth is expected to continue. The trend of financial investment growth is better than that of credit growth. In the context of weakening overall quantity, structure will become more important. Regions that can sustain leverage and banks that can steadily increase their share of credit will benefit more. Currently, the banking industry is operating steadily and the fundamentals are expected to moderately improve. Compared to the global market, the valuation of domestic banks is still relatively low, with fewer institutional holdings. Guotou Securities believes that the path for the central elevation of bank valuations has not yet been fully realized, and they expect the valuation of Hong Kong banks to continue to converge with the A-share banking sector.