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]

Core Insights - Postal Savings Bank of China (PSBC) has seen its stock price increase 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 as of September 2 [1] - The bank's stock has risen for four consecutive days, indicating a strong upward trend [1] Company Overview - PSBC was established on March 6, 2007, and listed on December 10, 2019, providing banking and related financial services in China [1] - The bank operates through three main segments: personal banking (69.57% of revenue), corporate banking (19.70%), and funding business (10.65%) [1] Fund Holdings - The Taixin Internet+ Theme Mixed Fund (001978) holds a significant position in PSBC, having reduced its holdings by 14,920 shares in Q2, now owning 283,700 shares, which constitutes 3.63% of the fund's net value [2] - The fund has realized a floating profit of approximately 34,000 CNY today and 1.7618 million CNY during the four-day stock price increase [2] Fund Manager Performance - The fund manager, Chen Ying, has been in charge for 3 years and 230 days, with the fund's total assets amounting to 564 million CNY [3] - Under Chen Ying's management, the fund has achieved a best return of 52.79% and a worst return of -0.48% [3]

从基金十大重仓股角度 数据显示，国投瑞银基金旗下2只基金重仓邮储银行股票，合计持有邮储银行35.2万股，按前一日收盘 6.09元，今日截止发稿股价6.21元计算，日浮盈4.22万元。连续4天上涨期间浮盈赚取218.59万元。 基金名称基金代码基金经理持股数量(股)占流通股比例(%)占基金净值比(%)持股数量变动(股)国投瑞银 磐睿量化选股混合A021826殷瑞飞3170000.00042.7新进国投瑞银新增长混合A001499殷瑞飞、敬夏玺 35000--0.37新进 来源：新浪基金∞工作室 9月2日，邮储银行涨1.97%，截至发稿，报6.21元/股，成交12.79亿元，换手率0.31%，总市值7457.90亿 元。邮储银行股价已经连续4天上涨，区间累计涨幅+Inf%。 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 ...

Core Viewpoint - Postal Savings Bank of China has experienced a significant stock price increase, reflecting positive market sentiment and potential investment opportunities [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: Stock Performance - As of September 2, the stock price rose 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] - The stock has seen a continuous increase over four days, with a cumulative increase of +Inf% [1] Group 3: Fund Holdings - Morgan Fund has a significant position in Postal Savings Bank, with its Morgan Dividend Select Stock A fund holding 114.62 thousand shares, representing 4.25% of the fund's net value [2] - The fund has realized a floating profit of approximately 137.5 thousand CNY today and 7.1179 million CNY during the four-day increase [2] Group 4: Fund Manager Performance - The fund managers of Morgan Dividend Select Stock A have varying tenures and performance metrics, with the best returns ranging from 32.93% to 56.29% during their respective tenures [3]

Group 1 - The overall revenue and profit growth of state-owned banks improved in 1H25, mainly driven by a significant increase in other non-interest income and cost release. Additionally, market interest rates and deposit rates declined, stabilizing the interest margin, leading to a marginal increase in net interest income growth [2][3]. - The asset quality of state-owned banks is relatively strong, with non-performing loan (NPL) ratios and attention rates remaining low and either stable or decreasing. The provision coverage ratio increased, enhancing the safety margin, and the capital adequacy ratio also improved, strengthening the risk resistance capability of these banks [2][4]. - Investment recommendations suggest a shift in the operating model and investment logic of bank stocks from "pro-cyclical" to "weak cycle." During periods of economic stagnation, high dividend yields from bank stocks will remain attractive, and the report continues to favor the stability and sustainability of bank stocks [2][5]. Group 2 - In terms of revenue, the year-on-year growth for 1H25 was +1.5%, with a turnaround from negative to positive growth compared to 1Q25. The net profit saw a slight decline of -0.1% year-on-year, but the decline narrowed compared to the previous quarter. The increase in revenue was largely attributed to the growth in non-interest income, particularly from the stock market [3][7]. - The asset quality analysis indicates that the overall NPL ratio remained stable at 1.27% in 1H25, with a slight decrease in the attention loan ratio. The overdue loan ratio increased slightly but remains low, and the provision coverage ratio rose to 237.50%, further enhancing the safety margin [4][9]. - The report highlights that the cost-to-income ratio for 1H25 was 29.3%, showing a year-on-year decrease, while the core Tier 1 capital adequacy ratio improved to 12.67%, maintaining a high level of capital strength [4][10].

下半年多家银行将增加重点领域信贷投放 央视网消息：截至八月底，上市银行半年报已经披露完毕，记者梳理42家上市银行业绩发现，上半年各家银行在自身稳健发展的同时，对 实体经济的支持稳步提升。 半年报数据显示，42家A股上市银行上半年共实现营业收入超2.9万亿元，同比增长超过1%；实现归母净利润1.1万亿元，同比增长0.8%。 其中工行、建行、农行、中行上半年净利润均超过千亿元，六大商业银行的不良贷款率都保持在低位。， 银行的信贷投向对下半年经济增长有着重要的推动作用。那么，上半年各大银行重点支持了哪些领域呢？中国银行行长张辉表示，全力支 持实体经济高质量发展。6月末，投向制造业的贷款比上年末增长12.99%，战略性新兴产业贷款增长22.92%。消费品"以旧换新"贷款较上年全 年增长近3倍，科技金融融资增幅跑赢同业。 记者梳理发现，今年以来，与新质生产力相关的科技领域成为多家银行的重点支持方向，投放力度显著提升。截至6月末，工商银行科技 贷款余额6万亿元，较年初增长超1万亿元；建设银行科技贷款余额5.15万亿元，较上年末增长16.81%；农业银行科技贷款余额4.7万亿元，上 半年新增超过8000亿元，增速超20%。 ...

Core Insights - The six major state-owned banks in China reported mixed performance in their mid-year results for 2025, with total assets exceeding 200 trillion yuan and a combined net profit of 693.9 billion yuan, averaging a daily profit of 3.8 billion yuan [1][4]. Financial Performance - All six banks achieved revenue growth year-on-year, with China Bank leading at 3.76% and Construction Bank following at 2.15%, while net profit showed a "three up, three down" trend [2][3]. - Agricultural Bank recorded the highest net profit growth at 2.53%, while Industrial and Commercial Bank, Construction Bank, and China Bank experienced declines in net profit ranging from -1% to -2% [2][3]. Asset Quality and Risk Management - By the end of June 2025, the non-performing loan (NPL) ratio for the six banks decreased, with Postal Savings Bank being the only bank to see an increase, maintaining the lowest NPL ratio at 0.92% [9][10]. - The provision coverage ratio for non-performing loans varied, with China Bank's ratio falling below 200%, while Agricultural Bank maintained the highest at 295% [11][12]. Capital Adequacy and Dividends - The core Tier 1 capital adequacy ratio showed mixed results, with three banks increasing their ratios and three decreasing, while all banks maintained a ratio above 10% [12][13]. - The six banks proposed a total interim dividend of 204.66 billion yuan, with each bank distributing 30% of their net profit as cash dividends [12][14]. Interest Margin and Fee Income - The net interest margin continued to decline across the banks, with Postal Savings Bank having the highest margin at 1.7%, despite a year-on-year decrease [5][6]. - Fee and commission income showed growth for four banks, with Postal Savings Bank leading at an increase of 11.59%, while Industrial and Commercial Bank and Construction Bank saw declines [7].