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Table of Content:
Executive summary ........................................................................... 3
Overview of China’s city commercial banks ................................... 6
City commercial banks are better positioned for policy
headwinds........................................................................................ 20
City commercial banks are a growth story; profitability is highly
correlated to economic cycle ......................................................... 23
Location key to bank profitability .................................................. 36
Proprietary analysis on top 20 city commercial banks................. 44
Top pick: BOBJ with most self-sustainable business model....... 50
Valuation .......................................................................................... 57
Risks.................................................................................................. 60
Bank of Beijing ................................................................................. 62
Bank of Nanjing ............................................................................... 66
Bank of Ningbo ................................................................................ 70
Appendix A....................................................................................... 73