美银证券发布研报称，邮储银行（601658）(01658,601658.SH)上半年净利润同比增长0.8%，较该行预 期低0.9%。拨备前利润同比增长14.6%，高于首季的6.2%，较预期高出8.3%，主要得益于员工成本同比 下降7%。股东权益回报率(ROE)同比下跌1.5个百分点至9.5%。一级资本充足率按季升131个基点至 10.52%，因有注资支持。受股权稀释影响，中期股息同比跌16.7%至0.123元人民币。该行微调2025至27 年盈利预测，分别下调1%至上调4%;目标价上调4%，H股目标价升至4.86港元，维持"跑输大市"评级;A 股目标价升至5.86元人民币，维持"中性"评级。 ...

Core Viewpoint - Bank of America Securities reports that Postal Savings Bank's net profit for the first half of the year grew by 0.8% year-on-year, which is 0.9% lower than the bank's expectations [1] Financial Performance - Pre-provision profit increased by 14.6% year-on-year, surpassing the first quarter's growth of 6.2% and exceeding expectations by 8.3%, primarily due to a 7% year-on-year decrease in employee costs [1] - Return on equity (ROE) declined by 1.5 percentage points to 9.5% year-on-year [1] - The Tier 1 capital adequacy ratio increased by 131 basis points quarter-on-quarter to 10.52%, supported by capital injections [1] Dividend and Stock Price Adjustments - Due to equity dilution, the interim dividend decreased by 16.7% year-on-year to 0.123 yuan [1] - The bank has adjusted its earnings forecasts for 2025 to 2027, with a downward revision of 1% and an upward revision of 4% [1] - The target price for H-shares has been raised to 4.86 HKD, maintaining an "underperform" rating, while the target price for A-shares has been increased to 5.86 yuan, maintaining a "neutral" rating [1]

（来源：经济日报） 转自：经济日报 "今年上半年，邮储银行实现营业收入1795.25亿元，同比增长1.47%，归母净利润492.28亿元，同比增 长0.85%，双双实现正增长。"中国邮政储蓄银行行长刘建军8月29日在该行2025年中期业绩发布会上表 示，与此同时，该行总资产、总负债均站上新台阶，分别突破18万亿元、17万亿元。 "成绩背后，是我们转型发展呈现出的韧性与活力，通过持续精耕细作，整体上实现了结构优化、均衡 稳健、风险可控、资本充足的高质量发展。"刘建军说。 具体来看，一是收入结构持续优化。在利息净收入方面，面对LPR（贷款市场报价利率）、存量房贷利 率下调的持续影响，邮储银行通过信贷规模增长和结构优化，以及负债成本管控，改善了利息净收入表 现，其中，公司贷款利息收入实现逆势正增，上半年同比增速达2.08%。在中间收入方面，该行夯实零 售中收的压舱石地位，发挥公司、资金板块中收的强补位作用，在"报行合一"后重回两位数增长，同比 增速达11.59%，在营收中的占比提高0.85个百分点。"特别值得一提的是，我们持续推进能力建设，银 团贷款、财务顾问、债券承销等方面均取得了突破式发展，公司板块中收同比增速 ...

Core Insights - Postal Savings Bank of China reported total assets of 18.19 trillion yuan as of June 30, 2025, a year-on-year increase of 6.47% [1] - Total liabilities reached 17.05 trillion yuan, up 6.21% from the end of the previous year [1] - Operating income was 179.446 billion yuan, reflecting a 1.50% year-on-year growth [1] - Net profit stood at 49.415 billion yuan, an increase of 1.08% compared to the previous year [1] Financial Performance - The bank's net interest margin was 1.70%, maintaining a leading position in the industry [1] - Total customer loans amounted to 9.54 trillion yuan, a growth of 6.99% year-on-year [1] - Customer deposits reached 16.11 trillion yuan, increasing by 5.37% from the previous year [1] Revenue Breakdown - Interest income contributed 139.058 billion yuan to the total operating income [1] - Non-interest income showed significant growth, with intermediary business income at 16.918 billion yuan, up 11.59% [1] - Other non-interest income was 23.470 billion yuan, reflecting a 25.16% increase [1] - The proportion of intermediary and other non-interest income in total operating income increased by 0.85 and 2.47 percentage points, respectively [1] Capital and Risk Management - Capital adequacy ratio was 14.57%, and core tier 1 capital adequacy ratio was 10.52%, both showing improvements from the previous year [2] - Non-performing loan ratio remained low at 0.92%, indicating strong asset quality [2] - Provision coverage ratio was 260.35%, demonstrating sufficient risk mitigation capacity [2]

格隆汇9月1日丨根据联交所最新权益披露资料显示，2025年8月27日，邮储银行(01658.HK)获中国平安保险（集团）股份有限公司在场内以每股均价5.4895 港元增持1433.6万股，涉资约7869.75万港元。 | 股份代號: | 01658 | | --- | --- | | 上市法國名稱: | 中國郵政儲蓄銀行股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 01/08/2025 - 01/09/2025 | | 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 費出或涉及的 每股的平均價 | | | 持有權益的股份數目 佔已發行的 有關事件的日期相關 | | --- | --- | --- | --- | --- | | | 原因 | 股份數目 | 描、炭上配的照。 | 有投票權股(日 / 月 / 年) 權 | | | | | | 份自分比 | | | | | | 96 1 | | CS20250829E00069 | 中国平安保险(集团)股份有 1101(L) 14,336,000(L) | | HKD 5.4895 | 3,189,150,000(L) 16. ...

Core Viewpoint - The mid-term profit distribution plans of listed banks in A-shares for 2025 are gradually being revealed, with a total mid-term dividend amount reaching 237.54 billion yuan, indicating a clear differentiation in the dividend distribution landscape among banks [1][3][4]. Group 1: Dividend Distribution Overview - Among 42 listed banks, 17 have announced their mid-term dividend plans for 2025, with state-owned banks leading the distribution [3][4]. - The six major state-owned banks have a combined dividend amount of 204.66 billion yuan, accounting for 86% of the total mid-term dividends announced by the 17 banks [3][4]. - Industrial and Commercial Bank of China leads with a dividend of 50.40 billion yuan, followed by China Construction Bank and Agricultural Bank of China with 48.61 billion yuan and 41.82 billion yuan respectively [3][4]. Group 2: Factors Influencing Dividend Decisions - The ability of state-owned banks to distribute dividends is supported by their strong capital strength, stable profitability, and ample cash flow, allowing them to actively pursue dividend plans [4][9]. - The dividend decisions of banks are influenced by a combination of capital adequacy ratios, business expansion needs, regulatory requirements, and shareholder return expectations [1][8]. - Some banks, such as China Merchants Bank and Nanjing Bank, are in the process of finalizing their mid-term dividend plans, while others like Shanghai Pudong Development Bank and Zhengzhou Bank have explicitly stated they will not distribute dividends for the first half of 2025 [6][7]. Group 3: Emerging Trends and Future Outlook - The new "National Nine Articles" policy encourages listed companies to increase dividend distributions, leading to a noticeable rise in mid-term and quarterly dividends among listed banks [3][4]. - Smaller banks are showing a clear divide in their dividend policies, with some opting not to distribute dividends due to performance pressures and urgent capital replenishment needs [7][8]. - The balance between short-term investor returns and long-term operational stability is crucial for banks when deciding on dividend distributions, with a focus on maintaining adequate capital for future growth [9].

Core Viewpoint - The performance of major state-owned banks in China has shown signs of improvement in the first half of the year, with a notable increase in investment income and non-interest income, despite ongoing pressure on net interest margins [1][2]. Group 1: Financial Performance - The six major banks reported a total operating income of 1.83 trillion yuan, a slight increase from approximately 1.8 trillion yuan in the same period last year [1]. - The net profit attributable to shareholders reached 682.52 billion yuan, compared to about 683.39 billion yuan in the previous year, indicating mixed results with three banks showing positive growth and three negative [1][2]. - The operating income of all six banks experienced year-on-year growth, with China Bank leading at 3.76%, followed by Construction Bank at 2.15% and Industrial and Commercial Bank at 1.57% [2][3]. Group 2: Interest Income and Net Interest Margin - The net interest income for the six banks totaled 1.32 trillion yuan, reflecting a decline of approximately 2% compared to the previous year [3][4]. - The decline in interest income is primarily attributed to a decrease in loan yields, which outweighed the positive impact of lower deposit interest rates [4]. - The net interest margin continued to decline, with five banks experiencing a drop of over 10 basis points compared to the previous year, although the rate of decline has shown signs of slowing [12][13]. Group 3: Provisioning and Impairment Losses - The total provision for impairment losses across the six banks was approximately 422.7 billion yuan, an increase of about 22 billion yuan year-on-year [5][6]. - Notably, Construction Bank and Postal Savings Bank increased their provisioning efforts significantly, with year-on-year increases of 22.85% and 34.62%, respectively [5][7]. Group 4: Investment Income and Non-Interest Income - Investment income has become a key support factor for bank performance, with significant growth in bond investment income, although this was partially offset by declining bond market yields [8][10]. - Non-interest income, particularly from investment gains, saw substantial increases, with some banks reporting growth rates exceeding 50% [9][10]. - The recovery in fee and commission income was also notable, with four banks reporting positive year-on-year growth, particularly Postal Savings Bank and Agricultural Bank, which both exceeded 10% [11]. Group 5: Outlook on Net Interest Margin - Management from various banks expressed optimism regarding the stabilization of net interest margins in the second half of the year, despite ongoing downward pressures from market conditions [12][14]. - Factors such as the adjustment of loan pricing and the gradual impact of deposit rate reductions are expected to contribute to a narrowing of the decline in net interest margins [15].

Core Viewpoint - Postal Savings Bank of China (PSBC) is focusing on maintaining a balanced approach to credit issuance while enhancing its profitability and risk management strategies, alongside a commitment to stable dividend policies and innovative financial services [1][2][3][4][5][6]. Group 1: Financial Performance - In the first half of the year, PSBC's deposits exceeded 16 trillion yuan, reaching 16.11 trillion yuan, a growth of 5.37%, with corporate deposits increasing by 229.62 billion yuan, or 13.86% [3]. - The bank's net interest margin stood at 1.70%, maintaining a leading position in the industry [3]. - PSBC's credit growth rate was 10.1%, outperforming the industry average of 7.1%, attributed to enhanced service capabilities and targeted marketing strategies [3]. Group 2: Risk Management and Credit Strategy - The bank emphasizes a balanced approach to credit issuance, focusing on both quantity and quality, while addressing challenges in retail loans through improved risk control standards [4]. - PSBC has halted high-interest auto loan products, prioritizing risk-adjusted returns on capital (RAROC) for various loan types [4]. - The bank is leveraging its strengths in county markets to support local industries and agricultural enterprises [3]. Group 3: Dividend Policy - PSBC has maintained a stable dividend payout ratio of 30% since 2018, with total dividends exceeding 170 billion yuan since its H-share listing [5]. - For the current year, the bank plans to distribute a mid-year dividend of 14.772 billion yuan (including tax), with a commitment to a sustainable dividend policy [5]. Group 4: Consumer Loan Services - The introduction of a fiscal subsidy policy for personal consumption loans is expected to positively impact the bank's consumer loan business, reducing credit costs for residents [6]. - PSBC is enhancing its operational capabilities to provide rapid loan approvals, aiming to meet real housing loan demands and expand its consumer loan offerings [7]. - The bank plans to focus on high-potential urban areas and quality channels for housing loans while improving customer acquisition for non-housing consumer loans [7].

Investment Rating - The investment rating for Postal Savings Bank is "Buy-A" with a target price of 7.03 CNY for the next six months [7]. Core Views - The report highlights that the bank's performance in the first half of 2025 showed a revenue growth of 1.50% year-on-year, with a pre-provision profit growth of 14.62% and a net profit growth of 0.85%. The growth was supported by cost reduction and expansion of interest-earning assets, although tax increases and narrowing net interest margins posed challenges [2][14]. - The bank's total assets grew by 10.83% year-on-year, with a significant increase in loans, particularly in corporate lending, which grew by 17.74% year-on-year. Retail lending showed resilience, primarily driven by small personal loans [3][4][12]. - The bank's net non-interest income increased by 23.83% year-on-year, driven by a significant rise in fees and commissions, as well as investment income [13]. Summary by Sections Financial Performance - In the first half of 2025, the bank's total assets increased by 10.83% year-on-year, with a net increase of 501.1 billion CNY in total assets [2]. - The bank's net interest margin for the first half of 2025 was 1.70%, showing a decline of 21 basis points year-on-year, but remained competitive within the industry [12]. - The bank's non-performing loan ratio was 0.92% at the end of the first half of 2025, indicating stable asset quality [14]. Loan and Deposit Growth - Corporate loans increased by 17.74% year-on-year, with significant contributions from general corporate loans and infrastructure projects [3]. - Retail loans grew by 3.69% year-on-year, with a focus on rural revitalization and support for small businesses [3][4]. - Total liabilities grew by 10.66% year-on-year, with deposits increasing by 8.37% [4]. Cost and Income Structure - The cost-to-income ratio improved to 52.76%, a decrease of 7.79 percentage points year-on-year, reflecting better operational efficiency [13]. - The bank's interest-earning asset yield was 2.95%, with a slight decline, but showed resilience due to effective credit management [12]. Capital and Future Outlook - The bank successfully completed a 130 billion CNY capital increase, alleviating capital constraints and allowing for further asset expansion [13]. - The report forecasts a revenue growth of 1.43% and a net profit growth of 2.65% for 2025, supported by strategic lending and cost management initiatives [14].

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of Postal Savings Bank, with current prices at 6.04 CNY and 5.41 HKD respectively [1]. Core Insights - The report highlights an increase in non-interest income contribution, with total revenue and net profit growth observed in the first half of 2025. Total revenue reached 179.4 billion CNY, a year-on-year increase of 1.5%, while net profit attributable to shareholders was 49.2 billion CNY, up 0.9% year-on-year [3][4]. Revenue and Profitability - Revenue growth improved sequentially, with non-interest income's share rising to 22.5%. The year-on-year growth rates for revenue, pre-provision operating profit (PPOP), and net profit attributable to shareholders were 1.5%, 14.6%, and 0.9% respectively, showing improvements from the first quarter [4]. - Interest income decreased by 2.7% year-on-year, while non-interest income grew by 19.1%, indicating a shift towards more diversified income sources [4][9]. Loan and Asset Management - As of the end of Q2, the bank's interest-earning assets and loans grew by 10.7% and 10.1% year-on-year, respectively, with a notable increase in loan issuance [5]. - The loan structure showed significant growth in corporate loans, particularly in sectors like water conservancy and public facilities, which accounted for 19.1% of the total increase [6]. Liability and Deposit Management - The growth rate of interest-bearing liabilities increased to 10.6%, with total deposits growing by 8.4% year-on-year. The bank has optimized its deposit management strategy to enhance low-cost funding [7]. Interest Margin and Cost Management - The net interest margin slightly narrowed to 1.7%, with asset yields declining due to lower interest rates on new loans and existing loan repricing [8]. - The bank's proactive cost management strategies have led to a reduction in funding costs, benefiting from lower deposit rates [8]. Non-Interest Income Growth - Non-interest income saw a substantial increase of 19.1% year-on-year, driven by growth in fees and commissions as well as other non-interest income sources [9]. Asset Quality - The non-performing loan (NPL) ratio remained low at 0.92%, with a slight increase from the previous quarter. The bank's asset quality indicators, including the NPL generation rate, showed stability [10][29]. Capital Adequacy - The bank successfully completed a 130 billion CNY A-share placement, enhancing its capital base. As of Q2, the core Tier 1 capital adequacy ratio improved to 10.52% [11]. Earnings Forecast and Valuation - The report maintains earnings per share (EPS) forecasts for 2025-2027 at 0.74, 0.75, and 0.78 CNY, with corresponding price-to-book (PB) ratios for A-shares at 0.79, 0.74, and 0.70 [12][33].