Core Viewpoint - The six major state-owned banks in China reported strong performance in the first half of 2025, with increased credit issuance, rising operating income, and improved asset quality, as indicated by a collective decrease in non-performing loan ratios [1][4]. Group 1: Financial Performance - The six major banks achieved a total operating income exceeding 1.8 trillion yuan and a net profit attributable to shareholders of 682.5 billion yuan in the first half of 2025, averaging over 3.7 billion yuan in net profit per day [2]. - Industrial and Commercial Bank of China (ICBC) led with an operating income of 427.1 billion yuan, followed by China Construction Bank (CCB) and Agricultural Bank of China (ABC) with 394.3 billion yuan and 369.9 billion yuan, respectively [2]. - In terms of net profit, ICBC reported 168.1 billion yuan, CCB followed with 162.1 billion yuan, while ABC, Bank of China (BOC), Postal Savings Bank of China (PSBC), and Bank of Communications (BoCom) reported net profits of 139.5 billion yuan, 117.6 billion yuan, 49.2 billion yuan, and 46.0 billion yuan, respectively [2]. Group 2: Asset Quality - The asset quality of the six banks remained stable, with a collective decrease in non-performing loan ratios and a high provision coverage ratio, indicating strong risk mitigation capabilities [4]. - PSBC reported the lowest non-performing loan ratio at 0.92% among the six banks [4]. Group 3: Asset Scale - All six banks experienced steady growth in total assets, with ICBC's total assets surpassing 52 trillion yuan, reaching 52.32 trillion yuan, maintaining its leading position in the industry [3]. Group 4: Net Interest Margin - The banks faced pressure on net interest margins due to factors such as the reduction in loan market quotation rates (LPR) and changes in deposit structures, leading to a general contraction in interest income [5]. - Management from various banks indicated efforts to stabilize interest income through adapting to interest rate changes and diversifying non-interest income sources, with expectations for marginal stabilization in net interest margins in the second half of the year [5][6].

Core Insights - Mobile banking has evolved from a simple financial tool to a comprehensive service platform, emphasizing banks' overall service capabilities [1][3] - The competition for customer acquisition on mobile platforms is intensifying, with major state-owned banks leading in personal mobile banking user numbers [1][2] Group 1: Personal Mobile Banking Performance - As of June 2023, Industrial and Commercial Bank of China (ICBC) leads with 600 million personal mobile banking users, followed by Agricultural Bank of China (ABC) with 586 million, and China Construction Bank (CCB) with 432 million [1] - Postal Savings Bank of China (PSBC) has 386 million personal mobile banking customers, while Bank of China (BOC) has over 302 million signed customers [1] - Among joint-stock banks, Ping An Bank's mobile app has 17.8 million registered users, a 2% increase from the end of 2022 [1] Group 2: Corporate Mobile Banking Development - Corporate mobile banking is focusing on enhancing payment, cross-border finance, and foreign exchange services, with ICBC reporting 17.87 million corporate mobile banking clients and 7.59 million monthly active users [2] - Agricultural Bank of China's corporate mobile banking registered clients increased by 960,000 to 9.7 million [2] - BOC is promoting a multi-version service system for corporate mobile banking, enhancing features for cross-border finance [2] Group 3: Digital Transformation and Ecosystem Development - The trend in mobile banking development is characterized by "dual-core driving and ecological integration," with personal banking focusing on user scale and experience, while corporate banking emphasizes specialized services [3] - Banks are deepening AI applications and exploring various mobile banking scenarios to enhance online service quality [4] - The adaptation to the HarmonyOS system is becoming standard, with banks like PSBC and CCB launching features that improve user experience and operational efficiency [4][5] Group 4: User Experience and Future Directions - Banks are encouraged to build sustainable user experience management systems and enhance customer experience through AI-driven solutions [6] - The focus is on creating personalized financial solutions and improving service delivery through advanced technology [6]

Core Insights - Postal Savings Bank of China (PSBC) has shown remarkable growth in corporate banking, with a 14.83% increase in corporate loans and over 41.62% growth in corporate intermediary income in the first half of 2025, outperforming other major state-owned banks [1][3] - The bank's non-performing loan ratio for corporate loans stands at 0.49%, significantly lower than the industry average of 0.91% [1][5] - PSBC's total assets exceeded 18 trillion yuan, indicating a robust expansion strategy aimed at becoming a leading large retail bank [1][3] Corporate Banking Performance - As of June 2025, PSBC's corporate loans increased by 541.1 billion yuan, reaching a total of 4.19 trillion yuan, ranking sixth among domestic commercial banks [3][4] - The bank's corporate deposits grew by 229.6 billion yuan, with a 13.86% increase, totaling 1.89 trillion yuan [3][4] - Compared to other major banks, PSBC's corporate loan growth exceeded the average growth of 8.32% by 6.51 percentage points [3][4] Growth Metrics - PSBC's corporate customer financing total (FPA) reached 6.43 trillion yuan, reflecting a 15.72% increase from the beginning of the year, with a 65% growth over three years [4][5] - The bank's corporate loan and deposit net increases, as well as corporate intermediary income, have all more than doubled over the past three years [4][5] Strategic Focus - The bank's corporate banking strategy emphasizes a balanced business structure, with corporate finance being a key driver for achieving this balance [1][12] - PSBC's management has identified four strategic keywords for its corporate banking approach: integration, high efficiency, differentiation, and finance+ [8][9][10] Market Positioning - PSBC has strategically focused on underserved markets, targeting sectors such as technology finance and green finance, with significant loan balances in these areas [5][10] - The bank's corporate loan yield remains approximately 30 basis points higher than comparable peers, while its cost of liabilities is about 20 basis points lower [5][6] Future Growth Potential - The bank acknowledges a 20 percentage point gap in corporate income contribution compared to peers, indicating substantial growth potential [13] - PSBC is actively pursuing the establishment of a financial asset investment company (AIC) to enhance its comprehensive service capabilities in corporate finance [14] Digital Transformation - The bank is leveraging AI and big data to enhance its corporate banking operations, achieving a 261% year-on-year increase in approved amounts through advanced credit assessment technologies [14] - The implementation of a smart investment banking ecosystem has significantly reduced transaction times, showcasing the bank's commitment to digital innovation [14]

Core Viewpoint - Postal Savings Bank of China (PSBC) has demonstrated remarkable growth in its corporate banking sector, achieving a company loan growth of 14.83% and a corporate intermediary income growth of over 41.62% in the first half of 2025, significantly outperforming other major state-owned banks [1][2]. Group 1: Corporate Banking Performance - PSBC's corporate loans increased by 5410.98 billion yuan in the first half of 2025, reaching a total of 4.19 trillion yuan, ranking sixth among domestic commercial banks [2]. - The bank's corporate deposit growth was also notable, with an increase of 2296.23 billion yuan, marking a 13.86% rise to 1.89 trillion yuan [2]. - The bank's corporate loan non-performing ratio stands at 0.49%, which is 0.91 percentage points lower than the average of other state-owned banks [1][5]. Group 2: Growth Trajectory - Over the past five years, PSBC's corporate loans have grown by 115%, surpassing 4 trillion yuan, while corporate intermediary income has increased more than sixfold from 2020 to 2024 [1][3]. - The total financing amount for corporate clients reached 6.43 trillion yuan by the end of June 2025, reflecting a growth of 15.72% year-to-date [3]. - The bank's corporate customer base has expanded significantly, with a 65% increase over three years [3]. Group 3: Strategic Focus - PSBC has strategically targeted key national sectors, providing services to over 100,000 technology enterprises and achieving a technology loan balance exceeding 930 billion yuan [4]. - The bank's green finance loans reached 958.639 billion yuan, growing by 11.59% compared to the previous year, indicating a focus on sustainable finance [4]. - The proportion of loans to small and micro enterprises is among the highest among state-owned banks, with a balance of 1.72 trillion yuan [4]. Group 4: Revenue Composition - In the first half of 2025, PSBC's corporate loan interest income grew by 2.08%, while corporate intermediary income surged by 41.62%, with investment banking income increasing by 48% and transaction banking income by 34% [6]. - The contribution of corporate intermediary income has transformed from a weakness to a major revenue driver for the bank [6]. Group 5: Strategic Keywords - The bank's corporate strategy is encapsulated in four keywords: integration, high efficiency, differentiation, and finance+ [7][8][9]. - The integration strategy focuses on deepening relationships with key corporate clients and enhancing service offerings across various financial needs [7]. - High efficiency is achieved through streamlined processes and technology, improving customer response and approval times [8]. - Differentiation involves targeting niche markets with high potential but insufficient financial supply, while finance+ represents a shift towards providing comprehensive solutions that integrate financial services with industry needs [9]. Group 6: Future Growth Potential - PSBC's corporate banking sector is seen as a critical growth area, with management acknowledging a 20 percentage point gap in income contribution compared to peers, indicating significant growth potential [10]. - The establishment of a financial asset investment company (AIC) is expected to enhance the bank's service capabilities in the corporate sector [11][12]. - The integration of AI and big data into corporate banking operations is enhancing asset identification and operational efficiency, positioning PSBC for continued growth [12].

Group 1 - The core viewpoint of the report is that Wanlian Securities has given Postal Savings Bank (601658.SH, latest price: 6.21 yuan) an "overweight" rating due to strong credit growth and a decrease in the provision coverage ratio [1][1][1] Group 2 - The report highlights that credit growth remains at a high level, indicating robust lending activity within the bank [1] - It notes a decline in the provision coverage ratio on a month-on-month basis, which may suggest changes in risk management practices [1] - The report emphasizes that the banking industry is significantly influenced by macroeconomic conditions, monetary policy, and regulatory policies, which can impact the bank's operations, including net interest margin and asset quality expectations [1][1][1]

Investment Rating - The investment rating for Postal Savings Bank is maintained as "Add" [4] Core Views - The performance of Postal Savings Bank has shown a recovery with a 1H25 revenue growth of 1.5%, pre-provision profit growth of 14.9%, and net profit growth of 0.8%, all improving compared to 1Q25 [2] - The bank's net interest income decreased by 2.7% year-on-year, but the decline has narrowed compared to 1Q25. Net fee income increased by 11.6%, driven mainly by rapid growth in investment banking and wealth management [2] - Non-interest income grew by 25.2% year-on-year, primarily due to contributions from investment net income [2] - The adjustment of savings agency fee rates has led to a 5.2 percentage point decrease in business management fee rates [2] - Loan growth remains robust at 10.5% year-on-year, with total assets growing by 10.8% year-on-year [2] - The bank's core Tier 1 capital adequacy ratio improved to 10.52%, up 1.31 percentage points quarter-on-quarter, supporting future asset deployment [2] - The non-performing loan ratio stood at 0.92% at the end of 1H25, with a provision coverage ratio of 260%, down 5.8 percentage points quarter-on-quarter [3] - The forecast for net profit from 2025 to 2027 is adjusted to 882.47 billion, 905.1 billion, and 933 billion respectively, with year-on-year growth rates of 2.04%, 2.56%, and 3.08% [3][4] Summary by Sections Financial Performance - 1H25 operating revenue was 354.86 billion, with a growth rate of 1.74% expected for 2025 [4] - Net profit for 2025 is projected at 88.25 billion, with a growth rate of 2.04% [4] - The bank's net interest income for 2025 is estimated at 290.03 billion, with a slight decrease in interest income [4] Asset Quality - The non-performing loan generation rate increased slightly to 0.93%, with retail loan non-performing rates at 1.53% [3] - The bank's total loans are projected to reach 9,688.65 billion by the end of 2025 [4] Valuation Metrics - The price-to-book (PB) ratios for 2025, 2026, and 2027 are projected at 0.71, 0.66, and 0.62 respectively [3][4]

Core Viewpoint - Postal Savings Bank of China (PSBC) has successfully completed a large-scale capital injection of 130 billion yuan through a targeted A-share issuance, which is expected to enhance its business development and credit issuance capabilities [1][7] Group 1: Deposit Competitiveness - PSBC has maintained a stable, low-cost, and diversified deposit core competitiveness, with corporate deposits increasing by 14.53% year-on-year, surpassing the industry average by 11 percentage points [3] - The bank's corporate deposit interest rate has decreased to 1.18%, down 14 basis points from the beginning of the year, while retail deposit interest rate is at 1.23%, down 22 basis points [3] - The bank has focused on low-cost interbank demand deposits, achieving over 120 billion yuan growth in interbank deposits in the first half of the year, contributing to effective balance sheet expansion [3] Group 2: Net Interest Margin Management - Following the asymmetric interest rate cut in May, PSBC reported a 1.95% quarter-on-quarter increase in net interest income for Q2, indicating a relief from margin pressure [4] - The bank improved its net interest income through credit scale growth, structural optimization, and cost control, with corporate loan interest income increasing by 2.08% year-on-year [4][5] - The bank's net interest margin showed resilience, with only a 1 basis point decline in the first half compared to the first quarter, reflecting effective management strategies [5] Group 3: Non-Interest Income Growth - PSBC's non-interest income from intermediary services grew by 11.59% year-on-year, outperforming comparable peers, with its share in total revenue increasing by 0.85 percentage points [6] - The bank achieved significant growth in corporate segment income, with a year-on-year increase of 42%, contributing to overall revenue growth [6] - Other non-interest income rose by 24.72% year-on-year, enhancing profitability and becoming a key growth driver [6] Group 4: Capital Adequacy and Fee Adjustments - The successful capital injection has improved PSBC's core Tier 1 capital adequacy ratio to 10.52%, up 0.96 percentage points from the previous year, strengthening its ability to serve the real economy and manage risks [7] - The bank has proactively adjusted agency fee rates for the first time since its listing, resulting in a 9% decrease in agency fees to 55.4 billion yuan, reflecting the effectiveness of its adjustments [7]

Group 1 - Postal Savings Bank of China (PSBC) shares increased by 1.97% to 6.21 CNY per share, with a trading volume of 1.279 billion CNY and a market capitalization of 745.79 billion CNY [1] - PSBC has experienced a continuous increase in stock price for four consecutive days, with an unspecified cumulative increase percentage [1] - The bank was established on March 6, 2007, and listed on December 10, 2019, providing banking and related financial services in China [1] Group 2 - The main business revenue composition of PSBC includes personal banking (69.57%), corporate banking (19.70%), funding business (10.65%), and other services (0.07%) [1] - Jiutai Fund's Jiutai Jiusheng Quantitative Mixed A Fund (001897) holds 280,000 shares of PSBC, representing 5.46% of the fund's net value, making it the third-largest holding [2] - The fund has gained approximately 3.36 million CNY in floating profit today and 1.7388 million CNY during the four-day increase [2] Group 3 - The fund manager of Jiutai Jiusheng Quantitative Mixed A Fund is Yuan Duowu, who has been in the position for 5 years and 42 days [3] - The fund's total asset size is 11.8 million CNY, with the best return during the manager's tenure being 77.95% and the worst being -6.86% [3]

来源：新浪基金∞工作室 资料显示，中国邮政储蓄银行股份有限公司位于中国北京市西城区金融大街3号,香港湾仔皇后大道东 248号大新金融中心40楼，成立日期2007年3月6日，上市日期2019年12月10日，公司主营业务涉及中国 邮政储蓄银行股份有限公司在中国提供银行及相关金融服务。该银行主要通过个人银行、企业银行及资 金业务运营。个人银行业务向个人客户提供多种产品及服务,包括人民币及外汇存储、贷款、银行卡及 中间业务产品及服务。企业银行业务为企业客户提供多样化金融产品及服务,包括企业贷款、贴现票 据、企业存款及中间业务产品及服务,如:结算、票据管理、现金管理、投资银行、托管及公司理财。资 金业务主要包括金融市场业务,如:市场交易、投资、同业融资及票据贴现。资金业务还包括资产管理。 主营业务收入构成为：个人银行业务69.57%，公司银行业务19.70%，资金业务10.65%，其他业务 0.07%。 从基金十大重仓股角度 截至发稿，赵志华累计任职时间10年41天，现任基金资产总规模10.33亿元，任职期间最佳基金回报 48.14%， 任职期间最差基金回报-2.2%。 9月2日，邮储银行涨1.97%，截至发稿，报6. ...

Core Viewpoint - Postal Savings Bank of China has seen a significant stock price increase, with a 1.97% rise to 6.21 CNY per share, marking four consecutive days of growth and a total market capitalization of 745.79 billion CNY [1] Group 1: Company Overview - Postal Savings Bank of China, established on March 6, 2007, and listed on December 10, 2019, is headquartered in Beijing and provides a range of banking and financial services [1] - The bank's main business segments include personal banking (69.57% of revenue), corporate banking (19.70%), and funding operations (10.65%) [1] Group 2: Fund Holdings - Three funds under Guotai Fund have significant holdings in Postal Savings Bank, totaling 3.3241 million shares, with a floating profit of approximately 398,900 CNY based on the latest stock price [2] - The Guotai Heli 6-Month Holding Mixed Fund holds 2.509 million shares, representing 1.01% of its net value, and has gained about 301,100 CNY in floating profit today [2] - The Guotai Ju Li Value Regular Open Flexible Allocation Mixed Fund holds 603,300 shares, with a floating profit of around 72,400 CNY today [2]