The Zheshang Securities Research Report pointed out that the 26H1 Industrial and Commercial Bank's high revenue growth and profit were limited, interest spreads continued to stabilize, asset quality was actively cleared, and capital injections strengthened the logical chain. 26H1 revenue and net profit to mother were +9.1% and 3.3% year-on-year respectively. The revenue growth rate increased by 0.8 pc compared to 26Q1, and the growth rate remained the same. Looking ahead to the whole year, it is expected that revenue momentum will be maintained, active accounting will gradually decline, and profit flexibility will be released. Interest spreads are expected to remain basically stable, and the bottom has been firmly formed; judging that asset quality is steady and improving, the non-performing rate is expected to continue to decline. Looking forward, the implementation of capital injections will consolidate the capital safety cushion, support table expansion and dividend returns, and support valuation restoration. ICBC's net profit growth rate for 2026-2028 is expected to be 4.16%/5.79%/6.63%, and the corresponding BPS is 11.69/12.47/13.30 yuan. The target price is 9.23 yuan/share, corresponding to the target valuation of 0.80xPb in 2026.

The Zheshang Securities Research Report pointed out that the 26H1 Industrial and Commercial Bank's high revenue growth and profit were limited, interest spreads continued to stabilize, asset quality was actively cleared, and capital injections strengthened the logical chain. 26H1 revenue and net profit to mother were +9.1% and 3.3% year-on-year respectively. The revenue growth rate increased by 0.8 pc compared to 26Q1, and the growth rate remained the same. Looking ahead to the whole year, it is expected that revenue momentum will be maintained, active accounting will gradually decline, and profit flexibility will be released. Interest spreads are expected to remain basically stable, and the bottom has been firmly formed; judging that asset quality is steady and improving, the non-performing rate is expected to continue to decline. Looking forward, the implementation of capital injections will consolidate the capital safety cushion, support table expansion and dividend returns, and support valuation restoration. ICBC's net profit growth rate for 2026-2028 is expected to be 4.16%/5.79%/6.63%, and the corresponding BPS is 11.69/12.47/13.30 yuan. The target price is 9.23 yuan/share, corresponding to the target valuation of 0.80xPb in 2026.