格隆汇 November 4th | Galaxy Securities' research report pointed out that Industrial and Commercial Bank of China (601398.SH) achieved a year-on-year growth of 1.05% in revenue and 3.82% in net income attributable to shareholders in the third quarter, both returning to positive growth compared to the previous quarter. The company's other non-interest income increased significantly, providing major support for revenue; asset quality improved, with relatively small provision for impairment losses, contributing to profit growth. As of the end of September, the company's deposits increased by 3.2% compared to the end of the previous year, and the impact of halting manual interest payments in the first half of the year is expected to gradually weaken. As one of the state-owned major banks, the company leads the industry in scale and market share, with a diversified business structure and strong comprehensive operation resilience. Focusing on core responsibilities and main business, the crediting expansion is steadily growing, undergoing structural transformation and upgrade, while the "GBC+" reform is advancing, enhancing the ability for high-quality development. The asset quality is stable, risk resistance is increasing, and the level of capital adequacy is expected to further improve. The dividend yield remains relatively high, providing long-term sustainable returns to shareholders. Based on the company's fundamentals and stock price flexibility, the "recommendation" rating is maintained.