On August 30, Guosen Securities released a report stating that the Bank of China's performance in the first half of the year met expectations, with income and profit growth rate rebounding and credit structure improving. The net interest spread for the first half of the year was recorded at 1.44%, unchanged from the previous quarter but down 15 basis points compared to the previous year. The Bank announced that its Tier 1 core capital adequacy ratio for the first half of the year was 12.03%, up 1 basis point from the previous quarter, and the capital level remained stable. The interim dividend was 0.1208 yuan, with a dividend payout ratio of about 30%, and the dividend yield of the Hong Kong stock was 7%, indicating continued investment value. Guosen Securities maintains its profit forecast for the Bank of China unchanged, with a target price of HKD 3.9 (equivalent to a forecast market-to-book ratio of 0.7 times and 0.6 times for the next two years) and a "outperform" rating in the industry.