[Jeffrey: Raise the target price of BOC Hong Kong to HK$51 and maintain a "hold" rating] On August 31, Jefferies issued a research report stating that BOC Hong Kong's net profit in the first half of this year increased by 7.1% year-on-year to HK$23.7 billion, broadly in line with the bank's expectations. Net interest income increased by 1% month-on-month, benefiting from a stable net interest margin (1.48%, a month-on-month increase of 1 basis point) and steady loan growth (a month-on-month increase of 5.9%). Net fee income fell 6% year-on-year, mainly driven by insurance (bancassurance commissions fell 41% year-on-year) and trust custody services (year-on-year fall 22%), but credit card services (year-on-year increase 12%) and fund distribution (year-on-year increase 55%) performed strongly. The bank maintained a "hold" rating and raised its target price from HK$48 to HK$51.