Broker Name: OCBC Investment Research
Date of Report: 29 September 2025

Excerpt from OCBC Investment Research report.

Report Summary

• China CITIC Bank (CNCB) receives a BUY rating as it continues to improve asset quality, manage legacy bad debts, and maintain sound financial health despite recent share price weakness.
• The bank’s fair value estimate is raised to CNY 10.25 due to improved ESG metrics, strong consumer financial protection, and a steady dividend yield, although risks remain from competition, regulatory tightening, and economic conditions.

Above is an excerpt from a report by OCBC Investment Research. Clients of OCBC Investment Research can be the first to access the full report from the OCBC website : https://www.ocbc.com/private-banking/investment-research