Guohai Securities: It is clear that China Construction Bank's performance is improving, and we maintain a "buy" rating.

Guohai Securities research report pointed out that in the second quarter of 2025, China Construction Bank achieved a year-on-year growth of 10.36% in operating income, with a significant increase in growth rate of 15.76 percentage points compared to the first quarter; the year-on-year growth of attributable net profit was 1.57%, with a growth rate of 5.56 percentage points higher than the first quarter, showing a significant acceleration in performance growth. In terms of income structure, the decrease in net interest income narrowed, with a year-on-year decrease of 1.05% in the second quarter, narrowing by 4.16 percentage points compared to the first quarter. At the same time, non-interest net income performed well, with fee and commission net income growing by 18.53% year-on-year in the second quarter, an increase of 23.16 percentage points compared to the first quarter. In the first half of 2025, asset management, advisory, and consulting fees and other business achieved double-digit growth. China Construction Bank's operating income and attributable net profit in the second quarter of 2025 achieved a significant acceleration, with a clear trend of performance recovery. Non-interest income has become the core driving force of revenue growth, with a steady expansion of asset-liability scale, a narrowing of the sequential decrease in net interest margin, and maintaining a "buy" rating.