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00939
CCB
HKD
7.8500.080
(1.03%)
1D
High
7.930
Open
7.780
VWAP
7.87
Vol
243.54M
Mkt Cap
1.90T
Low
7.770
Amount
1.92B
EV/EBITDA(TTM)
11.18
Total Shares
240.42B
EV
4.52T
EV/OCF(TTM)
3.17
P/S(TTM)
2.99
CHINA CONSTRUCTION BANK CORPORATION is a commercial bank. The Bank operates its businesses through corporate banking businesses, including corporate deposit, corporate credit loan, asset custody, enterprise annuity, trade financing, international settlement, international financing and value-added services, among others, personal banking businesses, including personal deposit, loan, bank card services, private bank services, foreign exchange trading and gold trading services, among others, and capital business. The Bank operates its businesses in domestic and overseas markets.
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News
4.5
01-14aastocks<Midday Update> HSI Ends Midday at 27,092, Gaining 244 Points; HSTI Reaches 5,959, Up 89 Points; BABA Surges Over 5%; ALI HEALTH, ZIJIN MINING, CKH HOLDINGS, WANGUO GOLD GP, and WEICHAI POWER Achieve New Highs
Market Performance: The Hang Seng Index (HSI) rose by 244 points (0.9%) to 27,092, while the Hang Seng Tech Index (HSTI) and the Hang Seng China Enterprises Index (HSCEI) also saw gains of 1.5% and 0.9%, respectively.
Active Heavyweights: Notable stock movements included Alibaba (BABA) increasing by 5.3% to $168.3, while Meituan (03690.HK) fell by 3% to $101.8. Tencent (00700.HK) and HKEX (00388.HK) also experienced gains.
Top Gainers: Ali Health (00241.HK) surged by 15.9% to $7.58, reaching a new high, while Haidilao (06862.HK) and Nongfu Spring (09633.HK) rose by 7.4% and 6.1%, respectively.
Significant Movements: Synagistics (02562.HK) saw a remarkable increase of 47.9%, while Dalipal Holding (01921.HK) experienced a significant drop of 12%. Other notable gainers included Q Tech (01478.HK) and AsiaInfo Tech (01675.HK) with increases of 13.5% and 11.1%.
6.5
01-12aastocksM Stanley Provides Valuation and Dividend Return Predictions for H-Shares of Chinese Banks This Year (Table)
Morgan Stanley's 2026 Outlook: The report provides forecasts for the price-to-book (PB), return on equity (ROE), and dividend yield of various Chinese banks' H-shares for the year 2026.
Bank Performance Metrics: Key banks such as ABC, ICBC, and CCB show varying PB ratios, ROE percentages, and dividend yields, with ICBC having the lowest PB at 0.48x and CM Bank leading in ROE at 12.6%.
Short Selling Data: The report includes short selling statistics for each bank, indicating significant short selling activity, particularly for PSBC and CM Bank, with ratios of 51.978% and 45.638%, respectively.
Market Reactions: The stock prices of the banks reflect mixed performance, with some banks experiencing slight increases while others show declines, highlighting the volatility in the Chinese financial sector.
6.5
01-12aastocksM Stanley's Ranking of H-shr CN Banks Based on Preferences (Table)
Morgan Stanley's 2026 Outlook: The report provides a ranking of H-shares for Chinese banks, indicating a preference for several banks with "Overweight" investment ratings.
Top Ranked Banks: The top banks listed include Minsheng Bank, CITIC Bank, Bank of China, CCB, and PSBC, all rated "Overweight" with specific target prices.
Short Selling Data: The report includes short selling statistics for each bank, highlighting the amount and ratio of short selling activity.
Underperforming Banks: Some banks, such as Bank of Communications, CEB Bank, and CQRC Bank, received "Underweight" ratings, indicating a less favorable outlook.
6.5
01-12aastocksM Stanley's Top Financial Picks for This Year Include PING AN, MINSHENG BANK, CICC, and More
Morgan Stanley's Market Outlook: Morgan Stanley predicts that the Chinese financial market will hit its lowest point in 2025 before entering a positive growth cycle, characterized by a recovery in loans and financial asset yields, stable credit costs, and an active capital market.
Preferred Sectors and Stocks: The insurance sector is highlighted as a top pick, particularly PING AN, while BANK OF NINGBO and MINSHENG BANK are noted for their strong performance and turnaround potential, respectively.
8.0
2025-12-31aastocksFour Major Chinese Banks to Begin Paying Interest on Real-Name Digital RMB Wallet Balances Tomorrow
Short Selling Data: ICBC, CCB, ABC, and Bank of China reported significant short selling amounts, with ratios ranging from 34.835% to 52.803%.
Interest on Digital Renminbi: Starting January 1, 2026, interest on balances in real-name digital renminbi wallets will be calculated based on demand deposit interest rates and rules.
Money Flow
Over the past 66 trading days, overall net money flow is 1.57B, with retail investors contributing -13.96M and major investors adding 1.48B.
Net Buy $ Volume
Net Sell $ Volume
M Stanley
maintain
$9.9
2025-12-24
Reason
The analyst rating for CCB (China Construction Bank) was kept at "Overweight" due to an increase in its target price to HKD 9.9 by Morgan Stanley. This suggests a positive outlook on the stock's performance, indicating that analysts expect it to outperform the market or its sector.
M Stanley
Price Target
$9.9
2025-12-24
maintain
The analyst rating for CCB (China Construction Bank) was kept at "Overweight" due to an increase in its target price to HKD 9.9 by Morgan Stanley. This suggests a positive outlook on the stock's performance, indicating that analysts expect it to outperform the market or its sector.
M Stanley
M Stanley
Neutral
to
Neutral
maintain
2025-12-19
Reason
The analyst rating for ICBC (01398.HK) is "Neutral" with a target price adjustment from 5.81 to 5.8. The reasoning behind this rating is not explicitly stated in the provided text, but it can be inferred from the context that the overall market conditions for Chinese banks are being considered. The related news mentions that Morgan Stanley sees "absolute upside potential" for Chinese banks and anticipates a cut in the Reserve Requirement Ratio (RRR) by the People's Bank of China in the first quarter of 2026. This suggests a cautious outlook for ICBC, reflecting a balance between potential upside and current market performance, leading to a neutral stance rather than a more aggressive buy or sell recommendation.
M Stanley
Neutral
to
Neutral
Price Target
2025-12-19
maintain
The analyst rating for ICBC (01398.HK) is "Neutral" with a target price adjustment from 5.81 to 5.8. The reasoning behind this rating is not explicitly stated in the provided text, but it can be inferred from the context that the overall market conditions for Chinese banks are being considered. The related news mentions that Morgan Stanley sees "absolute upside potential" for Chinese banks and anticipates a cut in the Reserve Requirement Ratio (RRR) by the People's Bank of China in the first quarter of 2026. This suggests a cautious outlook for ICBC, reflecting a balance between potential upside and current market performance, leading to a neutral stance rather than a more aggressive buy or sell recommendation.
Morgan Stanley
Morgan Stanley
upgrade
2025-12-19
Reason
Morgan Stanley adjusted its earnings forecasts for CCB (00939.HK) primarily due to a slower recovery pace of state-owned banks' net interest margins (NIMs), which led to a reduction in NIM forecasts for 2025-27. However, the broker also noted higher-than-expected growth in fee income for 3Q25, prompting an increase in the relevant forecasts. As a result, Morgan Stanley slightly raised its 2025 post-tax net profit forecast for CCB by 0.1%, while lowering the forecasts for 2026 and 2027 by 0.3% and 0.8%, respectively. Consequently, the target price for CCB was elevated from HKD9.5 to HKD9.9, leading to a rating of Overweight.
Morgan Stanley
Price Target
2025-12-19
upgrade
Morgan Stanley adjusted its earnings forecasts for CCB (00939.HK) primarily due to a slower recovery pace of state-owned banks' net interest margins (NIMs), which led to a reduction in NIM forecasts for 2025-27. However, the broker also noted higher-than-expected growth in fee income for 3Q25, prompting an increase in the relevant forecasts. As a result, Morgan Stanley slightly raised its 2025 post-tax net profit forecast for CCB by 0.1%, while lowering the forecasts for 2026 and 2027 by 0.3% and 0.8%, respectively. Consequently, the target price for CCB was elevated from HKD9.5 to HKD9.9, leading to a rating of Overweight.
Goldman Sachs
Goldman Sachs
maintain
2025-11-17
Reason
The analyst rating from Goldman Sachs is based on the 3Q25 results of the six major SOE Chinese banks, which met expectations and showed positive growth in PPOP and NPAT, exceeding Goldman Sachs' forecasts. The narrowing decline in Net Interest Margin (NIM) and cost savings in funding were highlighted as key factors that positioned the banks favorably to maintain stable NIMs. Despite an anticipated slowdown in loan growth in the short term, the overall performance led Goldman Sachs to raise their PPOP/NPAT forecasts for 2025-27 by an average of 1%, while keeping the ratings unchanged and slightly increasing target prices for most banks.
Goldman Sachs
Price Target
2025-11-17
maintain
The analyst rating from Goldman Sachs is based on the 3Q25 results of the six major SOE Chinese banks, which met expectations and showed positive growth in PPOP and NPAT, exceeding Goldman Sachs' forecasts. The narrowing decline in Net Interest Margin (NIM) and cost savings in funding were highlighted as key factors that positioned the banks favorably to maintain stable NIMs. Despite an anticipated slowdown in loan growth in the short term, the overall performance led Goldman Sachs to raise their PPOP/NPAT forecasts for 2025-27 by an average of 1%, while keeping the ratings unchanged and slightly increasing target prices for most banks.
Goldman Sachs
Goldman Sachs
Buy
maintain
$8.39
2025-11-14
Reason
Goldman Sachs maintained a Buy rating on CCB (00939.HK) due to several factors. Despite the bank's net interest margin (NIM) facing downside pressure through 2026 primarily from loan repricing, the report indicates that this decline is expected to narrow as loan pricing stabilizes and cost-saving benefits from deposits materialize. Additionally, CCB is projected to see steady growth in fee income in 2026, supported by consumption stimulus policies, and plans to counterbalance the impact of lower mutual fund fee income by increasing sales volume. Furthermore, while asset quality is anticipated to remain stable, the non-performing loan ratio in the retail segment is on the rise, with improvements contingent on the broader macroeconomic environment. Overall, these factors contribute to Goldman Sachs' positive outlook and target price of HKD8.39 for CCB.
Goldman Sachs
Buy
Price Target
$8.39
2025-11-14
maintain
Goldman Sachs maintained a Buy rating on CCB (00939.HK) due to several factors. Despite the bank's net interest margin (NIM) facing downside pressure through 2026 primarily from loan repricing, the report indicates that this decline is expected to narrow as loan pricing stabilizes and cost-saving benefits from deposits materialize. Additionally, CCB is projected to see steady growth in fee income in 2026, supported by consumption stimulus policies, and plans to counterbalance the impact of lower mutual fund fee income by increasing sales volume. Furthermore, while asset quality is anticipated to remain stable, the non-performing loan ratio in the retail segment is on the rise, with improvements contingent on the broader macroeconomic environment. Overall, these factors contribute to Goldman Sachs' positive outlook and target price of HKD8.39 for CCB.
BOCI
Buy
downgrade
2025-11-03
Reason
The analyst rating for CCB (00939.HK) is maintained at "Buy" due to several positive factors. The company recorded a year-on-year attributable net profit growth of 4.2% in 3Q25, reversing a previous negative growth trend. The broker anticipates that CCB will continue to report positive earnings growth in 4Q25, as the decline in net interest margin is expected to slow down and solid asset quality will be maintained. Additionally, the valuation is considered attractive, leading to an increase in the target price from $8.95 to $10.44 based on an estimated price-to-book (PB) ratio of approximately 0.7x for 2025.
BOCI
Buy
Price Target
2025-11-03
downgrade
The analyst rating for CCB (00939.HK) is maintained at "Buy" due to several positive factors. The company recorded a year-on-year attributable net profit growth of 4.2% in 3Q25, reversing a previous negative growth trend. The broker anticipates that CCB will continue to report positive earnings growth in 4Q25, as the decline in net interest margin is expected to slow down and solid asset quality will be maintained. Additionally, the valuation is considered attractive, leading to an increase in the target price from $8.95 to $10.44 based on an estimated price-to-book (PB) ratio of approximately 0.7x for 2025.
BofA Securities
BofA Securities
Buy
to
Neutral
downgrade
$8.17
2025-11-03
Reason
BofA Securities downgraded CCB's H-shares from Buy to Neutral due to a slight drop in EPS and a slowdown in core earnings growth, despite a small increase in net profit. The downgrade reflects concerns over the bank's performance metrics, including a decline in annualized ROE and the impact of equity dilution. However, the broker maintained its earnings forecast unchanged and kept a Buy rating for CCB's A-shares, citing a relatively higher dividend yield among A-share peers.
BofA Securities
Buy
to
Neutral
Price Target
$8.17
2025-11-03
downgrade
BofA Securities downgraded CCB's H-shares from Buy to Neutral due to a slight drop in EPS and a slowdown in core earnings growth, despite a small increase in net profit. The downgrade reflects concerns over the bank's performance metrics, including a decline in annualized ROE and the impact of equity dilution. However, the broker maintained its earnings forecast unchanged and kept a Buy rating for CCB's A-shares, citing a relatively higher dividend yield among A-share peers.
Goldman Sachs
Goldman Sachs
Buy
maintain
$8.55
2025-10-31
Reason
The analyst rating from Goldman Sachs for CCB (00939.HK) is maintained at "Buy" with a target price of $8.55. The reasoning behind this rating is based on the expectation that investors will focus on several key factors: the trend in CCB's net interest margin, the outlook for non-net interest income, the asset quality trend following a significant provision release due to a decline in the non-performing loan formation rate, and guidance on cost control. Despite a 6% lower-than-expected profit before provisions in 3Q25, Goldman Sachs believes these factors will positively influence investor sentiment.
Goldman Sachs
Buy
Price Target
$8.55
2025-10-31
maintain
The analyst rating from Goldman Sachs for CCB (00939.HK) is maintained at "Buy" with a target price of $8.55. The reasoning behind this rating is based on the expectation that investors will focus on several key factors: the trend in CCB's net interest margin, the outlook for non-net interest income, the asset quality trend following a significant provision release due to a decline in the non-performing loan formation rate, and guidance on cost control. Despite a 6% lower-than-expected profit before provisions in 3Q25, Goldman Sachs believes these factors will positively influence investor sentiment.
Citi
maintain
$9.88
2025-10-31
Reason
The analyst rating for CCB (00939.HK) is a "Buy" with a target price of HKD9.88. The reasoning behind this rating includes the following points:
1. Earnings Performance: CCB's pre-provision profit grew by 1% year-over-year, and its post-tax net profit increased by 0.6%, achieving 77% of the market's full-year forecast.
2. 3Q25 Results: Although there was a decline in pre-provision profit by 4.7% year-over-year due to pressures on net interest margin (NIM), weak trading income, and a higher cost-to-income ratio, the post-tax net profit grew by 4.2% year-over-year in 3Q25, aided by lower credit costs and tax rates.
3. Market Expectations: Despite the improvement in earnings, Citi noted that a negative market reaction is expected due to ongoing significant pressure on NIM and CCB's vulnerability in trading income compared to peers.
Overall, while there are challenges, the analyst sees potential for growth, justifying a "Buy" rating.
Citi
Price Target
$9.88
2025-10-31
maintain
The analyst rating for CCB (00939.HK) is a "Buy" with a target price of HKD9.88. The reasoning behind this rating includes the following points:
1. Earnings Performance: CCB's pre-provision profit grew by 1% year-over-year, and its post-tax net profit increased by 0.6%, achieving 77% of the market's full-year forecast.
2. 3Q25 Results: Although there was a decline in pre-provision profit by 4.7% year-over-year due to pressures on net interest margin (NIM), weak trading income, and a higher cost-to-income ratio, the post-tax net profit grew by 4.2% year-over-year in 3Q25, aided by lower credit costs and tax rates.
3. Market Expectations: Despite the improvement in earnings, Citi noted that a negative market reaction is expected due to ongoing significant pressure on NIM and CCB's vulnerability in trading income compared to peers.
Overall, while there are challenges, the analyst sees potential for growth, justifying a "Buy" rating.
UBS
maintain
$10.2
2025-10-31
Reason
The analyst rating for CCB (00939.HK) is a "Buy" despite a slightly negative market reaction expected to its 3Q25 results. This rating is based on the bank's net profit growth of 4.2% YoY in 3Q25, which aligns with the average growth rate among the four major banks, and a slight YoY increase in net profit for the first three quarters of 2025. However, the decline in revenue and net interest income, along with a decrease in net interest margin, are noted as concerns. UBS has set a target price of $10.2 for CCB, indicating a positive long-term outlook despite short-term challenges.
UBS
Price Target
$10.2
2025-10-31
maintain
The analyst rating for CCB (00939.HK) is a "Buy" despite a slightly negative market reaction expected to its 3Q25 results. This rating is based on the bank's net profit growth of 4.2% YoY in 3Q25, which aligns with the average growth rate among the four major banks, and a slight YoY increase in net profit for the first three quarters of 2025. However, the decline in revenue and net interest income, along with a decrease in net interest margin, are noted as concerns. UBS has set a target price of $10.2 for CCB, indicating a positive long-term outlook despite short-term challenges.
Valuation Metrics
Forward PE
N/A
5Y Average PE
0.36
Current PE
5.30
Overvalued PE
1.71
Undervalued PE
-0.98
Forward EV/EBITDA
N/A
5Y Average EV/EBITDA
0.00
Current EV/EBITDA
0.00
Overvalued EV/EBITDA
0.00
Undervalued EV/EBITDA
0.00
Forward PS
5Y Average PS
1.77
Current PS
2.50
Overvalued PS
2.23
Undervalued PS
1.30
Financials
Al Analysis
Annual
Quarterly
Trading Trends
Daily
Monthly
No data
Short Selling
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