According to the research reports of Changjiang Securities, internal growth is the most significant core competitive advantage of CM Bank (600036.SH) compared to its peers, and its ROA has long been ranked first among listed banks. The advantage of high interest margin comes from the ultra-low-cost liability structure, with current deposits accounting for 55% at the end of 2023, which has been leading the industry for a long time. It is believed that CM Bank is an excellent dividend type bank stock with strong dividend ability and potential due to its high ROE, low capital consumption, and medium-to-slow asset expansion mode. Among large banks, it has the strongest capital adequacy ratio, the highest dividend payout ratio, and the strongest profitability, while maintaining stable growth and having clear long-term advantages. Currently, the dividend yield of A shares in 2023 is 5.80%, considering core competitive advantages and internal growth paths, it is believed that the dividend yield should converge to the range of 4.0%~4.5%. Based on the closing price on June 7, 2024, the PB of CM Bank's A shares and H shares in 2024 is 0.84X and 0.80X respectively. It is a long-term key recommendation and maintains a "buy" rating.