According to the Haitong Securities Research Report, China Merchants Bank (600036.SH)'s revenue in 2023 decreased by 1.64% year on year, and net profit to mother increased 6.22% year on year. The company's bad balance and non-performing rate on public real estate declined, and the asset quality of the retail sector was slightly disturbed. The company's dividend ratio increased from 33% to 35%, and judging from the degree of capital accumulation, it is expected to maintain a high dividend ratio. CMB's core Tier 1 capital adequacy ratio increased by 5 bps to 13.73% compared to '22, and is expected to continue to be at the top of listed banks. The bank believes that the company is expected to maintain a high dividend ratio and maintain a “superior to the market” rating.