Asia Pacific Equity Research 16 August 2026 Takeaways from the PBOC and NFRA 2Q26 data are net positive. The data suggest better-than-expected earnings for SOE banks, although divergence with JSBs widened. Sector profit growth rebounded to 3% y/y in 2Q26 from -4% in 1Q26, with large banks delivering 5% growth, implying upside risk to JPMe (Table 2). This was likely supported by a 3bps q/q rebound in SOE banks' NIMs. By contrast, NFRA data show that JSBs' profits contracted 8% y/y in 2Q26. As SPDB and PAB re ...