Guotou Securities research report pointed out that Industrial Bank (601166.SH) second quarter net income attributable to parent company increased by 6.54% year-on-year. Specifically, performance growth was driven by provision release, scale growth, and cost reduction; while factors such as increased taxes, decreased non-interest income, and narrowed net interest margin dragged down performance. As the work of reducing liabilities continues to progress, the interest rate of Industrial Bank will still decrease, and it is expected that the narrowing of the interest rate spread for the whole year will alleviate performance pressure. On the asset side, Industrial Bank continues to optimize its asset structure, increase investment in green, technology, and inclusive finance, and rely on stable scale growth. It is expected that Industrial Bank's revenue will increase by 0.25% year-on-year in 2024, and the profit growth rate will be 1.04%. It is recommended to buy with an investment rating of A-, and the target price for the next six months is 20.53 yuan, equivalent to a PB of 0.55X in 2024.