On September 3rd, Zhongtai Securities research report pointed out that Agricultural Bank of China (601288.SH) had a year-on-year revenue growth of +0.2% in the first half of the year (1Q24 was -1.9%), and the growth rate has returned to normal; net income increased by 2.0% compared to the same period last year (1Q24 was -1.6%), and the growth rate has marginally increased. In terms of structure, manufacturing, infrastructure, and personal business loans accounted for the main sources of credit growth in the first half of the year. On the liability side: the growth rate of deposits has decreased significantly under the background of prohibiting manual interest rate adjustments. 1. Deposits: in the second quarter, deposits decreased by 5.3% compared to the previous quarter, with a decrease of 1.6 trillion yuan in a single quarter, and a decrease of 2.2 trillion yuan compared to the same period last year; the proportion of deposits to interest-bearing liabilities decreased by 3.6 percentage points to 76.6% compared to the end of the first quarter. The overall fundamentals of Agricultural Bank of China are stable, with low valuation, high dividend yield, excellent asset-liability level, stable profit-making ability, continuous clearance of existing risks, stable and improving asset quality. It is recommended to pay active attention. Maintain a "shareholding" rating.