CITIC Securities: Wealth management continues to strengthen, maintaining "buy" rating for China Merchants Bank (03968)

According to the Zhitong Finance APP, Zhongtai Securities released a research report stating that China Merchants Bank (03968) has gradually accumulated a "moat" in the retail and wealth management race; this is due to the long-term formation of an internal market-oriented and external customer-oriented "corporate culture" (which is rare in the banking industry); and the formation of a team of practical, hardworking, professional, and upright middle and senior management and business backbone. These underlying values have not changed and the company remains a rare and outstanding bank in the industry, worth holding for the long term. The company's PB for 2026E, 2027E, 2028E is 0.82X/0.74X/0.68X; PE is 6.25X/6.10X/5.95X. The rating of "hold" is maintained.