China Merchants maintains the "overweight" rating on China Minsheng Banking Corp's A-shares. The research newspaper pointed out that China Minsheng Banking Corp's net interest margin decreased by 12BP compared with the previous year, and narrowed compared with the previous year's 31BP interest margin decline. The impact of the decline in the risk appetite of the bank's assets on the spread is basically reflected, with the gradual transmission of the reduction in deposit rates, the subsequent spread is expected to stabilize. In terms of asset quality, the bad disposal of the bank is strong, and the asset quality shows signs of improvement. In the first half of the year, the non-performing loan ratio was 1.57%, and the concerned loan rate was 2.68%, both of which were significantly lower than at the beginning of the year. In addition, the research report pointed out that China Minsheng Banking Corp has a good customer base. With the accelerated disposal of historical baggage, future operating results may improve, and the bank's performance is expected to improve in 2025.