According to Shen Wan Hongyuan's research, ICBC is stable at the top of the dividend rates of major Hong Kong stock banks, and the low-wave dividend attributes are even more prominent. Looking back, ICBC has generally maintained steady profit performance over the past five years, with net profit CAGR of 3.2%). The background shows that on the basis of a relatively stable “chassis” of asset quality, steadily improving credit costs support the ROE to maintain a central level of 11.5%. Based on the core premise of stable profit, we see that ICBC's 25-year dividend rate is about 5.6%, the highest among major Hong Kong stock banks, and is expected to continue to attract medium- to long-term capital inflows represented by insurance capital. The “dumbbell” pattern in the banking industry is becoming increasingly clear. As a ballast stone for financial stability, “becoming better and stronger” is a clear direction; at the same time, with long-term and patient capital entering the market, weighted individual stocks are also expected to directly benefit, take the lead in enjoying valuation repairs, and are covered for the first time with a “buy” rating.

According to Shen Wan Hongyuan's research, ICBC is stable at the top of the dividend rates of major Hong Kong stock banks, and the low-wave dividend attributes are even more prominent. Looking back, ICBC has generally maintained steady profit performance over the past five years, with net profit CAGR of 3.2%). The background shows that on the basis of a relatively stable “chassis” of asset quality, steadily improving credit costs support the ROE to maintain a central level of 11.5%. Based on the core premise of stable profit, we see that ICBC's 25-year dividend rate is about 5.6%, the highest among major Hong Kong stock banks, and is expected to continue to attract medium- to long-term capital inflows represented by insurance capital. The “dumbbell” pattern in the banking industry is becoming increasingly clear. As a ballast stone for financial stability, “becoming better and stronger” is a clear direction; at the same time, with long-term and patient capital entering the market, weighted individual stocks are also expected to directly benefit, take the lead in enjoying valuation repairs, and are covered for the first time with a “buy” rating.