According to the Changjiang Securities Research Report, ICBC's revenue for the first half of 2026 increased 9.1% year on year, and net profit to mother increased 3.3% year on year, which is basically the same as the Q1 growth rate. Currently, the traditional business of major state-owned banks is in a cycle of bottoming up, which is reflected in a steady recovery in interest spreads, accelerated revenue growth, accelerated disposal of bad practices, and the opening of a second growth curve for integrated management subsidiaries. The scale of fiscal injections is expected to be manageable this year, compounded by an increase in profit growth and an increase in the mid-term dividend ratio by 1 pct to 31%. It is expected that capital injections will only dilute shareholder returns to a limited extent. Currently, the PB valuation of A-shares/H shares in 2026 is 0.70x/0.56x, with an expected dividend rate of 4.1%/5.1%. It is optimistic about the valuation repair space and dividend allocation value of leading state-owned banks. It focuses on long-term recommendations and maintains a “buy” rating.

According to the Changjiang Securities Research Report, ICBC's revenue for the first half of 2026 increased 9.1% year on year, and net profit to mother increased 3.3% year on year, which is basically the same as the Q1 growth rate. Currently, the traditional business of major state-owned banks is in a cycle of bottoming up, which is reflected in a steady recovery in interest spreads, accelerated revenue growth, accelerated disposal of bad practices, and the opening of a second growth curve for integrated management subsidiaries. The scale of fiscal injections is expected to be manageable this year, compounded by an increase in profit growth and an increase in the mid-term dividend ratio by 1 pct to 31%. It is expected that capital injections will only dilute shareholder returns to a limited extent. Currently, the PB valuation of A-shares/H shares in 2026 is 0.70x/0.56x, with an expected dividend rate of 4.1%/5.1%. It is optimistic about the valuation repair space and dividend allocation value of leading state-owned banks. It focuses on long-term recommendations and maintains a “buy” rating.