Gelonghui September 5th | Donghai Securities Research Report pointed out that Industrial and Commercial Bank of China (601398.SH) has experienced a significant slowdown in general loan issuance due to weak demand and a diminishing focus on scale. As of the end of Q2, ICBC's total assets increased by 7.89% year-on-year to 47.12 trillion yuan, with a significant slowdown in growth compared to the end of Q1, and a significant convergence in relative industry-leading advantages. Based on past experience, the company's annual deposit collection is mainly concentrated in Q1 and Q2. Although the intensity of deposit collection in Q2 has slowed down, it is still expected to achieve growth compared to the previous quarter. Since Q3, the impact of liquidity tightening has been largely eliminated, and it is expected that the company's deposit growth rate will gradually recover. Due to ICBC's good customer base, diversified and decentralized business, it is expected to achieve stable operation in a challenging business environment. The current valuation is at a historically low level, and the "shareholding" rating is maintained.