摩根大通在报告中指出，工商银行与农业银行的限制期结束后，将其评级由"未评级"上调至"增持"。报告预计，未来2-3个季度国企银行将实现稳健的收入增长和具韧性的利润增长，且在避险交易下资金持续流入，国企银行到年底前将继续跑赢股份行及指数。国企银行偏好排序为工行>建行>中行>农行>交行>邮储，工行H股为首选，因其近三个月跑输H股国企银行8个百分点且利润增速趋势有望改善。三季度预览显示，预计国企银行收入同比增长9%、利润增长5%，优于股份行的5%和-2%；其中农行收入增长12%、利润增长7%，为国企同业最高；邮储因收入增长偏弱（6%）及去年三季度拨备基数较低，利润增长压力较大。股份行中建议关注盈利稳定、股息率具竞争力的招商银行、中信银行和浦发银行，浦发预计为股份行中利润增速最高者。
After a period of restriction on both ICBC and ABC, we moved ICBC and ABC to OW ratings from Not Rated designations. In general, we expect SOE banks to report robust revenue growth and resilient profit growth in the coming 2-3 quarters. In addition, as there is ongoing fund flow support amid risk-off trade, we expect SOE banks to continue to outperform the JSBs cohort and the index by year-end. Among SOE banks, our pecking order is ICBC > CCB > BOC > ABC > BoCom > PSBC. ICBC-H is our top pick as it has underperformed H-share SOE banks by 8ppt in the past three months, and we expect ongoing improvement in its profit growth trajectory. We expect ABC to deliver the strongest profit growth among SOE banks, but this is likely within market expectations. Outside of the SOE banks cohort, we believe opportunity is emerging for JSBs with stable EPS growth and relatively competitive dividend yields, such as CMB, Citic and SPDB. We expect SOE banks to report 9% y/y revenue growth and 5% y/y profi