Core Points - China Postal Savings Bank successfully issued "2025 Technology Innovation Bonds (Phase I)" in the national interbank bond market, raising a total of RMB 5 billion to support loans in the technology innovation sector [1] - The bond issuance consists of two varieties: a 5-year fixed-rate bond and a 3-year floating-rate bond [2] Summary by Category Bond Structure - The total issuance scale is RMB 5 billion, with funds earmarked for technology innovation loans [1] - The first variety is a 5-year fixed-rate bond with an issuance amount of RMB 3 billion and a coupon rate of 1.82%, paid annually [2] - The second variety is a 3-year floating-rate bond with an issuance amount of RMB 2 billion and an initial coupon rate of 1.80%, with interest adjusted every three months and paid quarterly [2] Underwriting and Management - CITIC Securities Co., Ltd. acted as the lead underwriter and book manager for this bond issuance [1]

Core Viewpoint - The banking sector is experiencing a strong performance, with the bank ETF (512800) showing positive momentum and significant trading volume, indicating high investor sentiment [1][4]. Group 1: Market Performance - On August 20, the bank ETF (512800) opened strong and rose over 1% at one point, currently up 0.59%, aiming for a third consecutive daily gain, with a trading volume exceeding 500 million yuan within half a day [1]. - All 42 A-share bank stocks saw gains, with Jiangsu Bank, Hangzhou Bank, Jiangyin Bank, and Chongqing Rural Commercial Bank rising over 2%, while China Bank, Chengdu Bank, and Xiamen Bank increased by over 1% [2][3]. Group 2: Analyst Insights - JPMorgan's latest report is bullish on Chinese bank stocks, predicting further increases due to stable net interest margins and growth in fee income, with a potential upside of 15% for the A-share banking sector [3]. - Recent market adjustments since mid-July are attributed to strong prior gains, profit-taking strategies, and some shareholders reducing their stakes, but institutions remain optimistic about long-term valuation recovery [4]. Group 3: ETF Details - As of the end of July, the bank ETF (512800) had a fund size exceeding 14.4 billion yuan, with an average daily trading volume of over 600 million yuan, making it the largest and most liquid among 10 bank ETFs in A-shares [4]. - The bank ETF (512800) passively tracks the CSI Bank Index, which includes 42 listed banks in A-shares, serving as an efficient investment tool for tracking the overall banking sector [4].

Core Viewpoint - The A-share market has seen a broad increase in bank stocks, with notable gains from several banks, including Jiangsu Bank and Postal Savings Bank reaching a historical high [1] Group 1: Stock Performance - Jiangsu Bank increased by 2.61%, with a total market value of 209.2 billion and a year-to-date increase of 21.94% [2] - Hangzhou Bank rose by 2.32%, with a market capitalization of 118.5 billion and a year-to-date increase of 13.76% [2] - Jiangyin Bank saw a 2.04% increase, with a market value of 12.3 billion and a year-to-date increase of 20.15% [2] - Chongqing Rural Commercial Bank increased by 2.00%, with a market capitalization of 75.2 billion and a year-to-date increase of 14.69% [2] - China Bank rose by 1.98%, with a total market value of 1,826.9 billion and a year-to-date increase of 7.50% [2] - Chengdu Bank increased by 1.88%, with a market value of 78.3 billion and a year-to-date increase of 13.12% [2] - Xiamen Bank saw a 1.49% increase, with a market capitalization of 18 billion and a year-to-date increase of 23.97% [2] - Qingnong Commercial Bank increased by 1.45%, with a market value of 19.4 billion and a year-to-date increase of 18.81% [2] - Xi'an Bank rose by 1.30%, with a market capitalization of 17.3 billion and a year-to-date increase of 10.36% [2] - Changsha Bank increased by 1.22%, with a market value of 39.9 billion and a year-to-date increase of 16.42% [2] - Chongqing Bank saw a 1.11% increase, with a market capitalization of 34.7 billion and a year-to-date increase of 12.10% [2] - Changshu Bank increased by 1.06%, with a market value of 25.4 billion and a year-to-date increase of 14.67% [2]

Core Insights - The A-share market saw a broad increase in bank stocks, with notable gains from Jiangsu Bank, Hangzhou Bank, Jiangyin Bank, and Chongqing Rural Commercial Bank, all rising over 2%. Postal Savings Bank reached a historic high [1] Summary by Category Stock Performance - Jiangsu Bank increased by 2.61%, with a total market capitalization of 209.2 billion and a year-to-date increase of 21.94% [2] - Hangzhou Bank rose by 2.32%, with a market cap of 118.5 billion and a year-to-date increase of 13.76% [2] - Jiangyin Bank saw a 2.04% increase, with a market cap of 12.3 billion and a year-to-date increase of 20.15% [2] - Chongqing Rural Commercial Bank grew by 2.00%, with a market cap of 75.2 billion and a year-to-date increase of 14.69% [2] - China Bank increased by 1.98%, with a market cap of 1,826.9 billion and a year-to-date increase of 7.50% [2] - Chengdu Bank rose by 1.88%, with a market cap of 78.3 billion and a year-to-date increase of 13.12% [2] - Other banks such as Xiamen Bank, Qingnong Commercial Bank, and Xi'an Bank also showed positive performance, with increases ranging from 1.30% to 1.49% [2]

Core Points - Postal Savings Bank of China (PSBC) has launched the "Huitongban" mini-program in collaboration with the Jixian County government to provide convenient financial services for individuals with entrepreneurial intentions and employment needs [1] - The mini-program allows applicants to submit re-employment guarantee loan applications online, streamlining the process and reducing the need for in-person visits [1] - The loan limit has been increased to 300,000 yuan, and interest rates are adjusted in line with the People's Bank of China's Loan Prime Rate (LPR) to alleviate repayment burdens for applicants [1] Summary by Sections Financial Services Innovation - The "Huitongban" mini-program enables online submission of loan applications, avoiding repeated document submissions and enhancing efficiency [1] - The initiative aims to bridge the service gap for the community, ensuring that financial services are accessible without the need for physical visits [1] Loan Policy Enhancements - The maximum loan amount for re-employment guarantee loans has been raised to 300,000 yuan, addressing the funding pressures faced by entrepreneurs [1] - Interest rates for these loans are now aligned with the LPR adjustments, providing tangible benefits to applicants [1] Promotion and Outreach - PSBC has engaged in multi-channel promotional activities in partnership with the county government to raise awareness about the mini-program and loan policies [1] - Efforts include utilizing government websites, social media, and direct outreach to communities and entrepreneurial zones to educate potential applicants [1] Impact and Results - Since the launch of the "Huitongban" mini-program, over 4.4 million yuan in loans have been disbursed, supporting more than 30 entrepreneurs [2]

Core Viewpoint - China Ping An has significantly increased its holdings in Agricultural Bank and China Life H shares, spending approximately HKD 465 million in total [2][3]. Group 1: Investment Activities - On August 13, Ping An Life purchased 26.515 million shares of Agricultural Bank H shares at an average price of HKD 5.5041 per share, totaling about HKD 146 million, raising its stake from 13.99% to 14.08% [4]. - On the same day, Ping An Life also acquired 14.067 million shares of China Life H shares at an average price of HKD 22.7439 per share, costing approximately HKD 319 million, increasing its holding from 4.99% to 5.18% [4]. - On August 18, Ping An Life disclosed its previous acquisition of China Pacific Insurance H shares on August 11, raising its stake from 4.97% to 5.1% [4]. - Throughout 2023, Ping An has actively increased its stakes in various banks and insurance companies, including Postal Savings Bank, China Merchants Bank, and others [5]. Group 2: Market Trends - The insurance capital has shown a high-frequency trend in acquiring H shares of banks and insurance companies, with over 30 instances of acquisitions this year, focusing on undervalued, high-dividend, and stable performance sectors [8]. - As of the end of Q2, the total balance of insurance funds reached CNY 36.23 trillion, a 3.73% increase from Q1, with stock investments rising to CNY 3.07 trillion, an 8.9% increase from CNY 2.81 trillion in Q1 [8].

Core Insights - Postal Savings Bank's Zhangshu Branch has effectively integrated inclusive financial services into local economic development, significantly supporting small and micro enterprises [1][2] - The bank's inclusive loans for small and micro enterprises have reached a balance of 1.056 billion yuan, with an additional 87.57 million yuan disbursed this year, providing strong financial support to local businesses [1] - The bank recognizes small and micro enterprises as vital to economic stability and market vitality, implementing tailored financial solutions to meet specific business needs [1] Company Actions - The bank has provided credit support to over 1,200 inclusive small and micro enterprises, with funds primarily allocated for raw material procurement, equipment upgrades, and capacity expansion [2] - The bank plans to increase the volume of loans for small and micro enterprises, optimize service processes, and enhance the accessibility and convenience of financial services for these businesses [2]

格隆汇8月19日丨邮储银行(01658.HK)公布，公司将于2025年8月29日召开董事会会议，以（其中包括） 审议及通过集团截至2025年6月30日止六个月的中期业绩及其发布，以及宣派中期股息（如有）。 ...

1658 董事會會議通告 中國郵政儲蓄銀行股份有限公司（「本行」）董事會（「董事會」）謹此宣佈，董事 會會議將於2025年8月29日（星期五）舉行，藉以（其中包括）審議及批准本行及 其附屬公司截至2025年6月30日止六個月的中期業績及其發佈，以及考慮派發 中期股息（如有）。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 POSTAL SAVINGS BANK OF CHINA CO., LTD. 聯席公司秘書 中國，北京 2025年8月19日 於本公告日期，本行董事會包括董事長及非執行董事鄭國雨先生；執行董事劉建軍先生及 姚紅女士；非執行董事韓文博先生、劉新安先生、張宣波先生、劉瑞鋼先生、胡宇霆先 生、丁向明先生及余明雄先生；獨立非執行董事溫鐵軍先生、鍾瑞明先生、潘英麗女士、 唐志宏先生、洪小源先生及楊勇先生。 * 中國郵政儲蓄銀行股份有限公司並非一家根據銀行業條例（香港法例第155章）之認可 機構，並不受限於香港金融管理局的監督，亦不獲授權在香 ...

Core Viewpoint - Postal Savings Bank of China (PSBC) shows a stable performance with a recent stock price increase and consistent dividend yields, indicating potential investment attractiveness in the context of state-owned enterprise reforms [1][2]. Financial Performance - PSBC's stock price increased by 1.65% on August 19, with a trading volume of 1.005 billion yuan and a market capitalization of 738.585 billion yuan [1]. - The bank's dividend yields over the past three years were 5.58%, 6.00%, and 4.61% respectively, reflecting a commitment to returning value to shareholders [2]. Shareholder and Market Activity - As of March 31, PSBC had 182,900 shareholders, an increase of 18.57% from the previous period, with an average of 371,749 shares held per shareholder, down by 15.87% [7]. - The bank has distributed a total of 137.796 billion yuan in dividends since its A-share listing, with 77.395 billion yuan distributed over the last three years [8]. Ownership Structure - PSBC is a state-owned enterprise, ultimately controlled by China Post Group [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 882 million shares, a decrease of 25.7096 million shares from the previous period [8][9]. Business Operations - PSBC's main business segments include personal banking (69.57% of revenue), corporate banking (19.70%), and funding operations (10.65%) [6]. - The bank provides a range of financial services, including loans, deposits, and investment banking, catering to both individual and corporate clients [6]. Technical Analysis - The average trading cost of PSBC shares is 4.98 yuan, with recent accumulation activity noted, although the strength of this accumulation is weak [5]. - The current stock price is approaching a resistance level of 6.18 yuan, suggesting potential for a price correction if this level is not breached [5].