＜Research＞Citi Opens 30D Upside Catalyst Watch on CQRC BANK, Downside Watch on BANKCOMM & CM BANK

　　Citi Research stated in a report that Chinese bank stocks, which are under the theme of dividend yield play, have been the best-performing sector in the A-share market so far this year, up 21% year-to-date, compared with the CSI 300's 2.3% gain. Regional banks that have issued convertible bonds (CBs) have performed particularly well, as management has incentives to release earnings to convert CBs or replenish capital, leading to faster earnings growth than peers.

　　Citi opened a 30-day positive catalyst watch on CQRC BANK (03618.HK) -0.100 (-2.494%) Short selling $1.70M; Ratio 6.654% and opened negative catalyst watches on BANKCOMM (03328.HK) -0.170 (-2.926%) Short selling $46.30M; Ratio 38.661% and CM BANK (03968.HK) -1.450 (-4.348%) Short selling $180.37M; Ratio 32.208% . The broker noted that Mainland bank stocks are still under pressure in the second quarter, while individual companies may deliver positive surprises. Citi added that there is still considerable room for upsides at the CB conversion theme, and preferred banks with incentives to announce earnings.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-24 16:25.)

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