Core Viewpoint - Postal Savings Bank of China has received approval from the National Financial Regulatory Administration to establish China Post Financial Asset Investment Co., Ltd, aiming to enhance comprehensive service capabilities and support technological innovation and private enterprises [1] Group 1 - The registered capital of China Post Investment is set at 10 billion yuan [1] - China Post Investment will be managed as a wholly-owned first-level subsidiary of Postal Savings Bank [1] - The establishment of China Post Investment is intended to promote high-quality development and support the development of new productive forces through market-oriented debt-to-equity swaps and equity investment pilots [1]

这份迫切需求能被迅速捕捉，源于邮储银行南充市分行早已搭建的"金融+商会+企业"融资对接长 效机制，通过与南充市工商联签署战略合作协议，约定在资源共享、融资服务、企业培育等领域开展全 方位合作。因此，邮储银行南充市分行通过常态化走访、动态化摸排，得知马回电力的困境后，分行迅 速组建专项服务团队，深入企业生产一线，不仅详细核查经营状况、技术改造规划，更结合电力行业资 金周转特点，精准测算资金需求额度与使用周期，为定制化方案奠定基础。 "我们始终认为，优质的金融服务始于对企业需求的深刻理解。"邮储银行南充市分行相关负责人表 示，对民生保障型企业的服务不能停留在被动响应，而要通过长效联络机制实现"提前预判、主动对 接"，让金融服务与企业发展同频共振。 方案定制："抵押+信用"破解融资痛点 电力企业虽经营稳定、现金流可靠，但传统信贷中对抵押物的单一要求，往往使其陷入"有信用无 抵押、有需求难融资"的困境。针对这一痛点，邮储银行南充市分行创新推出"抵押+信用"组合贷款方 案，从额度、期限、担保、利率等多维度实现精准适配。 在南充市经济高质量发展的版图上，四川马回电力股份公司这样的老牌民生保障企业，既是区域运 行的"稳定器 ...

Group 1 - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China was held from October 20 to 23 in Beijing, where the "15th Five-Year Plan" for national economic and social development was approved, outlining China's development blueprint for the next five years [1] - The session emphasized the importance of focusing on the real economy, enhancing the vitality of various business entities, and improving people's livelihoods to promote common prosperity [1] - Financial institutions expressed their commitment to support key areas such as technological innovation, green and low-carbon initiatives, and rural revitalization, aligning their services with the goals of the "15th Five-Year Plan" [1][2] Group 2 - The Bank of China in Guangdong plans to leverage regional advantages to enhance resource allocation and innovate service models in areas like financial connectivity and modern industrial construction [2] - The session highlighted the need for a strong domestic market and a new development pattern, focusing on expanding domestic demand and promoting effective investment [3] - Agricultural modernization and rural revitalization were identified as key components for supporting economic recovery and high-quality development [3][4] Group 3 - Financial institutions are encouraged to transform traditional services into value-creating platforms that integrate digital empowerment and community services [3] - The Agricultural Development Bank of China aims to support food security and urban-rural integration as part of its commitment to the agricultural strong nation goal [3] - The importance of financial support for rural revitalization and the development of new agricultural productivity was emphasized by various banking representatives [4]

截至6月30日，邮储银行股东户数16.41万，较上期减少10.31%；人均流通股415086股，较上期增加 11.66%。2025年1月-6月，邮储银行实现营业收入0.00元；归母净利润492.28亿元，同比增长0.85%。 分红方面，邮储银行A股上市后累计派现1377.96亿元。近三年，累计派现773.95亿元。 机构持仓方面，截止2025年6月30日，邮储银行十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股9.42亿股，相比上期增加6082.63万股。华夏上证50ETF（510050）位居第六大流通股东， 持股2.16亿股，相比上期增加1291.59万股。华泰柏瑞沪深300ETF（510300）位居第七大流通股东，持 股1.97亿股，相比上期增加1590.72万股。易方达沪深300ETF（510310）位居第九大流通股东，持股 1.40亿股，相比上期增加1321.26万股。 邮储银行今年以来股价涨8.34%，近5个交易日涨3.35%，近20日跌2.81%，近60日涨4.82%。 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4 ...

Core Viewpoint - The A-share listed banks are expected to show overall revenue and net profit growth in the third quarter of 2025, with improvements in asset quality and a narrowing decline in net interest margins [1][2][3]. Group 1: Financial Performance - Huaxia Bank reported operating income of 64.881 billion yuan, a year-on-year decrease of 8.79%, and net profit attributable to shareholders of 17.982 billion yuan, down 2.86%, with a narrowing decline of 5.09 percentage points compared to the first half of the year [1]. - Chongqing Bank achieved operating income of 11.740 billion yuan, a year-on-year increase of 10.40%, and net profit of 5.196 billion yuan, up 10.42% [2]. - Ping An Bank reported operating income of 100.668 billion yuan, a year-on-year decrease of 9.8%, and net profit of 38.339 billion yuan, down 3.5%, with a narrowing decline compared to the first half of the year [2]. Group 2: Market Trends - Ten banks have seen shareholding increases from shareholders and executives this year, indicating a positive outlook for the banking sector amid macroeconomic stabilization and easing monetary policy [3]. - Analysts expect cumulative revenue and net profit for listed banks in the first three quarters of 2025 to grow by 0.4% and 1.1% year-on-year, respectively, driven by a narrowing decline in net interest margins and reduced credit costs [3]. Group 3: Interest Margin Outlook - Zhongtai Securities suggests that the net interest margin for banks may stabilize in the third quarter due to reduced re-pricing pressure on assets and a greater decline in deposit rates compared to the Loan Prime Rate (LPR) [4]. - The projected increase in net interest margin for the third and fourth quarters is 0.7 basis points and 0.3 basis points, respectively, indicating stability in the banking sector [4]. Group 4: Related Stocks - Goldman Sachs reported that the A-shares and H-shares of major banks have recorded absolute returns of 12% and 21% year-to-date, driven by improvements in asset quality and narrowing declines in net interest margins [5]. - Ping An Insurance increased its stake in Postal Savings Bank, acquiring 6.416 million shares at an average price of 5.3638 HKD per share [6].

Core Insights - The article emphasizes the abundance of bank wealth management products with similar names and vague characteristics, urging investors to carefully select and differentiate among them [1] - The South Finance Wealth Management team aims to reduce investors' selection costs by focusing weekly on the performance of wealth management products available through various distribution channels [1] Summary by Category Performance Rankings - The current focus is on the performance of public offering products with a minimum holding period in RMB, categorized by holding periods of 7 days, 14 days, 30 days, and 60 days, with annualized returns as the performance metric [1] - The ranking includes 28 distribution institutions such as Industrial and Commercial Bank of China, Bank of China, Agricultural Bank of China, and others [1] Product Availability - The list of products is based on their "on-sale" status, which is determined by their investment cycle; however, actual availability may vary due to factors like sold-out quotas or differences in product listings for different customers [1] - Investors are advised to refer to the actual display on the distribution bank's app for the most accurate information [1] Weekly Updates - The article provides a weekly update on the performance of wealth management products, with specific attention to the lowest holding period products for the week of October 27 to November 2 [5][8][11]

上门服务，为农户送去"及时雨" 收获的季节，抚顺市新宾满族自治县响水河子乡的田间地头，处处洋溢着喜悦。参农老姜望着晾晒 中的高丽参笑容满面："现在行情好，一斤能卖到34元，我这40亩地预计收入能有180万元。" 新宾县是我省重要的中药材种植与交易集散地。中药材是当地农民增收致富的"金钥匙"。邮储银行 抚顺市分行紧扣县域特色，将金融服务深入乡村肌理，通过资源倾斜、产品创新和服务下沉，积极探索 金融赋能产业、带动村强民富新路径。 老姜与邮储银行的缘分始于7年前的一笔15万元贷款。从最初的试水，到如今稳定种植40亩高丽 参，邮储银行见证并支持着他的每一步发展。"今年年初，邮储银行又给我发放了200万元的产业贷，用 于购买参苗、搭建遮光棚，还有生长期间的人工开支。"老姜说，"他们的贷款灵活又方便，有了资金保 障，我底气足了。这两年，我不仅种药材，还开始研究收购、售卖，路子越走越宽。"7年间，他在村里 盖起了新楼，开上了新车，日子越过越红火，身份也从单纯的种植户转变为收购药材的"小老板"。 延伸链条，让"原字号"逐步精品化 乡村全面振兴，需要产业链的延伸和价值链的提升。邮储银行的金融扶持不仅投向种植端，更延伸 至加工、 ...

Core Viewpoint - In the context of sustained pressure on net interest margins, many small and medium-sized banks are initiating a new round of interest rate cuts, actively lowering the upper limit of deposit rates to create space for profit growth [1][5]. Group 1: Deposit Rate Adjustments - Some banks have quietly started aggressive deposit collection efforts as the year-end approaches, combining this with refined and tiered customer management to stabilize general deposits while effectively controlling liability costs [1][2]. - Since early October, several small and medium-sized banks have held fourth-quarter operational meetings, emphasizing the importance of achieving a successful year-end while preparing for a strong start in the first quarter of the following year [2][3]. - The recent adjustment of deposit rates has led to most market deposit products entering the "1" range, with major state-owned banks' two-year, three-year, and five-year fixed deposit rates set at 1.05%, 1.25%, and 1.3% respectively [3][4]. Group 2: Competitive Strategies - Some banks are offering cash rewards for customers who meet core asset thresholds, with activities designed to encourage customers to keep their deposits [2][3]. - The actual execution rates for certain term deposits have seen some upward adjustments compared to the listed rates, indicating a competitive landscape among banks [4][6]. - Banks are increasingly adopting differentiated deposit strategies targeting specific customer segments, particularly offering higher rates and lower minimum deposit thresholds for older customers [7]. Group 3: Market Trends and Challenges - The continuous narrowing of net interest margins is a common challenge faced by the banking industry, prompting a focus on managing liability costs more effectively [4][5]. - The People's Bank of China has emphasized the need to lower overall bank liability costs to alleviate pressure on net interest margins, which has led to recent adjustments in deposit rates [5][6]. - The phenomenon of interest rate inversion, where shorter-term deposits offer higher rates than longer-term ones, is emerging as banks anticipate future cost pressures on long-term liabilities [6][7].

丨证券研究报告丨 行业研究丨行业周报丨银行 [Table_Title] 房地产贷款三季度增速转负 ——银行业周度追踪 2025 年第 42 周 报告要点 [Table_Summary] 本周 A 股风险偏好短期重新回升，银行指数相对收益落后，H 股大行涨幅领先，银行股中期分 红陆续启动，近期南下持股比例重新上升，由于 H 股大行具备低估值高股息特征，预计长期维 度南下持股比例仍将持续提升。个股层面，本周农业银行 H 以 7.9%领涨，今年以来农业银行 A/H 涨幅已达到 56.4%/43.6%，邮储银行 H 股、中信银行 H 股也涨幅领先。上周涨幅较大的 重庆银行、渝农商行本周小幅调整。 分析师及联系人 [Table_Author] 马祥云 盛悦菲 SAC：S0490521120002 SAC：S0490524070002 SFC：BUT916 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 房地产贷款三季度增速转负 2] ——银行业周度追踪 2025 年第 42 周 [Table_Summary2] 央行三季度贷款投向：房地产贷款增速 ...

中国共产党第二十届中央委员会第四次全体会议，于2025年10月20日至23日在北京举行。全会审议通过 了《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（以下简称《建议（讨论 稿）》），擘画了中国未来五年的发展蓝图，提出了"十五五"时期经济社会发展的主要目标，宣示了乘 势而上、接续推进中国式现代化的坚定决心。 10月24日，工商银行（601398）、农业银行（601288）、中国银行（601988）、建设银行（601939）、 交通银行（601328）、邮储银行（601658）等六家国有大行分别召开了党委（扩大）会议，专题传达学 习党的二十届四中全会精神，贯彻金融系统学习贯彻党的二十届四中全会精神会议要求，研究部署全行 学习宣传贯彻工作。 工商银行：积极支持稳住经济基本盘 工商银行党委在召开扩大会议时表示，要统筹国内国际两个大局，统筹发展和安全，全方位对接《建议 （讨论稿）》重大任务、重大项目，积极服务高质量发展，主动融入新发展格局，全力支持共同富裕。 发挥好金砖国家工商理事会等国际平台作用，助力高水平对外开放。按照"防风险、强监管、促高质量 发展"工作主线，突出主责主业，做精做深"五篇大文章"， ...