BOCI Securities Limited: Believe that CMB will maintain the highest industry return on equity this year, the target price is lowered to HKD 53.82.

CICC International released a research report stating that the first quarter profit of China Merchants Bank in the 2025 fiscal year slightly decreased, due to the bank's continuous strong financial support to the real economy. The attributable net profit for the period decreased by 2.1% year-on-year, while it increased by 1.2% year-on-year in 2024. Meanwhile, China Merchants Bank maintained excellent asset quality, with a decrease in non-performing loan ratio and a high level of provisioning for bad loans in the quarter. The bank mentioned that China Merchants Bank maintains strong competitiveness in the retail business market, with growth seen in high-end customers in the first quarter of this year. As of the end of March this year, China Merchants Bank has a total of 212 million retail customers, an increase of 1% from the end of December last year; the total balance of retail customer assets under management reached 15.57 trillion yuan, an increase of 4.3% from the end of December last year. The bank believes that China Merchants Bank will maintain the highest return on equity among its peers this year, maintaining a "buy" rating with a target price lowered from HK$54.22 to HK$53.82.