JPMorgan released a research report indicating that China Construction Bank (00939) recorded an 11% year-on-year increase in revenue and a 4% rise in profit for the first quarter of 2026. These figures exceeded the bank's expectations by 9% and 2%, respectively. The strong performance was primarily driven by a net interest margin that expanded by 8 basis points quarter-on-quarter, the highest among major state-owned banks, which provided a significant positive surprise. Additionally, all revenue segments showed robust performance, with net interest income, fee income, and non-fee income all surpassing expectations. The bank views the quarterly results as positive and anticipates a favorable market reaction. It has maintained an "Overweight" rating on CCB with a target price of HK$9.8.