On October 31st, Htsc research reports pointed out that the bank of communications (601328.SH) third-quarter profits basically met our previous expectations, with revenue slightly higher than expected (24Q1-3E net income/revenue ranging from -1% to 0%/-4% to -3%), performance highlights include accelerated asset expansion, strong interest rate resilience, recovery in non-interest income, and robust asset quality. The Ministry of Finance recently announced plans to raise funds through issuing special national bonds and other channels to supplement the core Tier 1 capital of the six major banks. If the capital injection is implemented, it is expected to provide capital space for the major banks to strengthen their support for the real economy. The company's diversified operation demonstrates results and should enjoy a certain valuation premium, with a target PB ratio of 0.65/0.53 for A/H shares in 2025, and target prices of 9.16 yuan/8.12 Hong Kong dollars for A/H shares, maintaining a shareholding/buy rating for A/H shares.