日本大型银行（瑞穗、三菱日联金融集团、三井住友金融集团），中国银行（重庆农村商业银行评级下调），日本消费金融，亚洲信贷会议（调查）

Specialist SalesAPAC Specialist Sales10 June 2025JPMORGANJapan Megabanks (Mizuho>MUFG>SMFG), China Banks (CRCB downgrade), Japan Consumer Finance, Asia Credit Conference (Survey)Ayano Tsunoda+81 3 6736 7628ayano.tsunoda@jpmorgan.com4 key highlights today: •Mitsubishi UFJ (8306 JP, N): Takahiro Yano completes model updates (minor tweaks in MUFG), Pecking order: Mizuho (OW) > MUFG (N) > SMFG (N), Mizuho is the only one w/ 11%+ ROE forecast (BoJ Preview: Ayako Fujita continues to forecast Oct rate hike and continuing QT at current pace beyond 2Q26 as her base case) •Japan Consumer Finance: Revolving credit card interest rates by major players already reaching 18% regulatory ceiling, Unsecured loan hike now starting, Demand remains resilient despite fee hikes amid stubborn inflation•China Banks: Haomin Chen downgrades Chongqing Rural Commercial Bank (601077 CH) to Neutral, Dividend yield no longer attractive CSI300 Index inclusion catalyst over (5/30 announcement, effective 6/13 post-close