Asia Pacific Equity Research 11 July 2026 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. Industrial and Commercial Bank of China - A Overweight (852) 2800-8552 601398.SS, 601398 CH Price (10 Jul 26): Rmb7.33 ▲ Price Target (Dec-27): Rmb9.50 Prior (Dec-26): ...