CICC International: Suggest focusing on high dividend stocks, optimistic about China Ping An, China Taiping, and China Pacific Insurance.

Industrial International has released a report predicting that the support factors for the high dividend strategy of Chinese financial stocks will further strengthen, and they recommend focusing on the high dividend theme. The bank believes that the core factors supporting the high dividend strategy are still in place, and the tariff policy of the Trump administration and its high uncertainty have exacerbated economic and capital market volatility, highlighting the attractiveness of high dividend assets even more. In the insurance industry, Industrial International points out that there is differentiation between asset and liability performance, and current valuation levels are defensive and resilient, recommending China Ping An, China Taiping, and China Property Insurance. In the banking sector, Industrial International indicates that the contribution of provisions to profits is showing differentiation, and the driving factors of the high dividend strategy are further strengthening. They suggest continuing to focus on targets with potential for further release of provisions, and continue to focus on state-owned banks and China Merchants Bank. In the securities industry, Industrial International forecasts a positive profit trend by 2025, with valuations at relatively low levels, recommending leading securities firms with a balanced business structure, maintaining a "buy" rating on Citic Securities and Huatai Securities.