$China Citic Bank Corporation Limited(601998)$ $China Citic Bank Corp., Ltd.(CHBJF)$ $China Citic Bank Corp., Ltd.(CHCJY)$ National Service back into focus! While CNCB posted the highest earnings growth in 1Q23 among its peers, we expect downward pressure on NIM to continue due to recent cuts in benchmark lending rates. Also, there have been discussions in the market about the possible launch of remortgage products. The softening of macro growth momentum & rising concerns about local government financing vehicles (LGFVs) will cap banks valuation from re-rating until more clarity on the developments in these two issues. Hence, the “national