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Investment Rating - The report maintains a "Buy" rating for the company [26] Core Insights - The company has a significant advantage in its liability structure, with a high proportion of stable demand deposits, leading to a low cost of liabilities and a favorable balance between risk and return [5][64] - Recent negative factors affecting the company are gradually weakening, including concerns over wealth management fee reductions and real estate risks, with the company positioned to benefit from economic resilience in key regions [6][111] - The company is focusing on transforming its business model to balance heavy and light capital operations, emphasizing retail banking and wealth management [20][140] Summary by Sections 1. Development Strategy - The company has undergone three strategic transformations, focusing on retail banking, light banking, and financial technology [19][37] - The current strategy emphasizes a balance between heavy and light capital operations, aiming to strengthen its retail banking position [20][45] 2. Business Characteristics - The company leads in asset scale among joint-stock banks, with a stable asset structure [22][77] - Retail banking contributes significantly to profits, with a strong performance in wealth management [49][79] - The company has a high proportion of demand deposits, resulting in a low cost of liabilities [64][93] 3. Profitability - The company has maintained a high return on equity (ROE) and return on assets (ROA), outperforming peers [67][97] - The net interest margin remains strong, indicating effective management of interest income [99][125] 4. Asset Quality - The company has a low non-performing loan (NPL) ratio, indicating strong asset quality [126][128] - The provision coverage ratio is significantly higher than peers, reflecting robust risk management [128] 5. Recent Negative Factors - Concerns over fee reductions in wealth management are manageable due to the company's strong market position and diversified income sources [6][105] - The company is well-positioned to navigate real estate risks, with a focus on high-quality clients in major urban areas [111][138] 6. Investment Analysis - Revenue growth is projected to be slightly negative in 2023, followed by modest growth in subsequent years, with a stable profit outlook [30][114] - The current stock price is considered undervalued based on projected price-to-earnings (P/E) and price-to-book (P/B) ratios [30][114]