Group 1 - Postal Savings Bank of China (PSBC) has announced a capital increase exceeding 100 billion yuan, marking its first large-scale state injection, with the Ministry of Finance becoming the third-largest shareholder [1] - The raised funds will be used entirely to supplement core Tier 1 capital, supporting future business development [1] - In the context of the government's plan to issue 500 billion yuan in special bonds to support state-owned commercial banks' capital replenishment, four major banks, including PSBC, collectively announced a fundraising plan of 520 billion yuan [1] Group 2 - The strategic significance of this capital reinforcement is not only for short-term capital supplementation but also for deeper financial supply-side reforms and mitigating debt risks [2] - Research indicates that banks with higher capital adequacy ratios can increase credit growth by 15% to 20% after capital replenishment [2] - The capital increase is expected to enhance the stability of long-term dividends, despite a slight short-term decline in dividend yield [2]

Group 1: Stock Performance - Postal Savings Bank of China saw a stock price increase of 1.09% on June 20, reaching 5.58 CNY per share with a trading volume of 652 million CNY and a turnover rate of 0.18%, resulting in a total market capitalization of 553.32 billion CNY [1] - Year-to-date, the stock price has risen by 3.10%, with a 5-day increase of 5.08%, a 20-day increase of 3.53%, and a 60-day increase of 6.96% [1] Group 2: Financial Overview - As of March 31, the number of shareholders increased to 182,900, up by 18.57%, while the average circulating shares per person decreased by 15.87% to 371,749 shares [3] - For the first quarter of 2025, the bank reported zero operating income and a net profit attributable to shareholders of 25.25 billion CNY, a year-on-year decrease of 2.62% [3] Group 3: Business Segmentation - The main business segments of Postal Savings Bank include personal banking (69.57% of revenue), corporate banking (19.70%), and funding operations (10.65%), with other businesses contributing 0.07% [2] Group 4: Dividend and Shareholding - Since its A-share listing, Postal Savings Bank has distributed a total of 137.80 billion CNY in dividends, with 100.25 billion CNY distributed over the past three years [4] - As of March 31, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited, holding 882 million shares, and various ETFs, all of which have seen a decrease in holdings compared to the previous period [4]

Core Viewpoint - Postal Savings Bank of China (PSBC) has successfully completed a significant capital increase through a private placement, marking the first large-scale state investment in the bank, with the Ministry of Finance becoming its third-largest shareholder [3][4][5]. Group 1: Capital Increase Details - PSBC raised 130 billion yuan through a private placement, with the Ministry of Finance contributing 117.58 billion yuan, China Mobile Group 7.854 billion yuan, and China Shipbuilding Group 4.566 billion yuan [3][4]. - The capital raised will be used to enhance the bank's core tier one capital, expected to increase the capital adequacy ratio by 1.5 percentage points [5]. - The final issuance price was set at 6.21 yuan per share, representing a premium of approximately 14.36% over the closing price prior to the announcement [5][6]. Group 2: Broader Banking Sector Context - The issuance of perpetual bonds (二永债) has accelerated in the banking sector, with total issuance nearing 800 billion yuan this year, close to last year's figures [8][9]. - Major banks are expected to face a contraction in the supply of perpetual bonds due to the completion of capital injections and the issuance of TLAC bonds, while smaller banks will continue to experience pressure to issue [9][10]. - The average dividend yield for PSBC is approximately 4.74%, which is higher than that of other major banks, indicating a relatively strong return for investors [6][10].

Group 1 - Postal Savings Bank of China (PSBC) has completed a targeted issuance of 130 billion yuan, marking its first large-scale state capital injection, with the Ministry of Finance becoming the third-largest shareholder at 15.77% [2][3] - The issuance involved approximately 20.93 billion shares, with the Ministry of Finance contributing 117.58 billion yuan, China Mobile Group 7.85 billion yuan, and China Shipbuilding Group 4.57 billion yuan [2] - The capital raised will be used to supplement core Tier 1 capital, expected to increase PSBC's capital adequacy ratio by 1.5 percentage points, enhancing its capital strength and risk resistance [3][4] Group 2 - The issuance of perpetual bonds (二永债) has accelerated, with banks issuing nearly 800 billion yuan this year, approaching last year's total of 785.6 billion yuan [5][6] - Agricultural Bank of China issued 60 billion yuan in perpetual bonds, with a 10-year fixed rate bond at 1.93% and a 15-year bond at 2.10% [5] - The overall issuance of perpetual bonds in the banking sector is expected to be driven by smaller banks, as larger banks' capital pressures ease following state capital injections [6][7] Group 3 - The Ministry of Finance's recent issuance of special government bonds totaling 500 billion yuan aims to support state-owned commercial banks in capital replenishment [3][4] - The average dividend yield for PSBC is approximately 4.74%, higher than the median yield of 4.2% for 42 listed banks [4] - The trend of early redemption of perpetual bonds is expected to continue, driven by lower issuance costs and the need for banks to maintain refinancing capabilities [7]

Core Viewpoint - The China Postal Savings Bank's Mohe branch is transforming its service model to create a unique "Aurora-themed warm station" for tourists, enhancing their experience during the peak travel season around the summer solstice in 2025 [1][2]. Group 1: Service Innovations - The Mohe branch has established a free tea break area offering local specialties like wild blueberry dried fruit and pine nuts, catering to tourists' needs for rest and energy replenishment during their travels [1]. - The branch provides essential services such as multiple charging stations for electronic devices and continuous access to hot water and ginger tea, ensuring a comfortable environment for visitors [1]. Group 2: Customer Engagement - The "Wish Wall for Light Chasers" at the station captures tourists' emotions and expectations, showcasing their admiration for the natural wonders and appreciation for the station's attentive service [2]. - The staff at the station offers a unique luggage protection service with specially designed covers featuring vibrant Northeast floral patterns, enhancing the travel experience and providing a memorable touch to tourists' journeys [2]. Group 3: Brand Positioning - The Mohe branch is redefining traditional banking services by integrating rest, supply, cultural experiences, and emergency assistance into a comprehensive "warm station" concept, thereby strengthening its role in promoting Mohe's tourism brand [2].

Group 1 - The core viewpoint of the articles highlights the performance and valuation of Postal Savings Bank, noting its recent stock price increase and low PE ratio compared to industry averages [1][2] - As of June 18, Postal Savings Bank's closing stock price was 5.51 yuan, with a PE ratio of 6.37, marking a 106-day low and a total market capitalization of 546.378 billion yuan [1] - The bank's PE ratio is below the industry average of 6.91 and the median of 6.61, ranking 16th among its peers [1][2] Group 2 - As of March 31, 2025, Postal Savings Bank had 180,558 shareholders, an increase of 28,654 from the previous count, with an average holding value of 352,800 yuan and an average shareholding of 27,600 shares [1] - The bank's main business includes providing banking and related financial services, focusing on personal banking, corporate banking, and funding services [1] - In the first quarter of 2025, the bank reported operating revenue of 89.363 billion yuan, a slight decrease of 0.07% year-on-year, and a net profit of 25.246 billion yuan, down 2.62% year-on-year [1]

股票简称：邮储银行 股票代码：601658 中国邮政储蓄银行股份有限公司 向特定对象发行 A 股股票发行情况报告书 联席保荐人（联席主承销商） 联席主承销商 二〇二五年六月 中国邮政储蓄银行股份有限公司向特定对象发行 A 股股票 发行情况报告书 发行人全体董事、监事、高级管理人员声明 本行全体董事、监事及高级管理人员承诺本发行情况报告书不存在虚假记 载、误导性陈述或重大遗漏，并对其真实性、准确性、完整性承担相应的法律责 1 任。 董事签名： 郑国雨 中国邮政储蓄银行股份有限公司 年 月 日 中国邮政储蓄银行股份有限公司向特定对象发行 A 股股票 发行情况报告书 本行全体董事、监事及高级管理人员承诺本发行情况报告书不存在虚假记 载、误导性陈述或重大遗漏，并对其真实性、准确性、完整性承担相应的法律责 2 任。 董事签名： 刘建军 中国邮政储蓄银行股份有限公司 年 月 日 中国邮政储蓄银行股份有限公司向特定对象发行 A 股股票 发行情况报告书 发行人全体董事、监事、高级管理人员声明 发行人全体董事、监事、高级管理人员声明 本行全体董事、监事及高级管理人员承诺本发行情况报告书不存在虚假记 载、误导性陈述或重大遗漏，并 ...

特此公告。 证券代码：601658 证券简称：邮储银行 公告编号：临 2025-039 中国邮政储蓄银行股份有限公司董事会 中国邮政储蓄银行股份有限公司 关于向特定对象发行 A 股股票发行情况的 提示性公告 二〇二五年六月十七日 中国邮政储蓄银行股份有限公司董事会及全体董事保证本公告内容不存在 任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整 性承担法律责任。 中国邮政储蓄银行股份有限公司（以下简称本行）向特定对象发 行 A 股股票发行总结及相关文件已在上海证券交易所备案通过。本行 将依据相关规定尽快办理本次发行新增股份的登记托管事宜。 《中国邮政储蓄银行股份有限公司向特定对象发行 A 股股票发行 情况报告书》及相关发行文件已于同日在上海证券交易所网站 （www.sse.com.cn）披露，敬请广大投资者查阅。 ...

向特定对象发行 A 股股票 验资报告 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 验资报告 中国邮政储蓄银行股份有限公司 同时我们注意到，贵公司本次增资前的注册资本为人民币 99,161,076,038.00 元，累计实 收资本为人民币 99,161,076,038.00 元，已经北京华辰会计师事务所、北京中财华审会计师事 务所有限公司、普华永道中天会计师事务所（特殊普通合伙）北京分所、普华永道中天会计师 事务所（特殊普通合伙）和德勤华永会计师事务所（特殊普通合伙）审验，分别出具了华辰验 字(2007)第 1017号、华辰验字(2007)第 1099号、华辰验字(2008)第 1092号、华辰验字(2009) 第 1066 号、华辰验字(2010)第 1042 号、中财验字(2011)第 1201 号、普华永道中天北京验字 (2013)第 061 号、普华永道中天北京验字(2014)第 036 号、普华永道中天北京验 ...

北京市嘉源律师事务所 关于中国邮政储蓄银行股份有限公司 向特定对象发行 A 股股票发行过程和发行对象 合规性的法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 二〇二五年六月 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONG KONG·广州 GUANGZHOU·西安 XI'AN 致：中国邮政储蓄银行股份有限公司 北京市嘉源律师事务所 关于中国邮政储蓄银行股份有限公司 向特定对象发行 A 股股票发行过程和发行对象合规性的 法律意见书 嘉源（2025）-01-266 敬启者： 北京市嘉源律师事务所（以下简称"本所"）接受中国邮政储蓄银行股份 有限公司（以下简称"邮储银行"、"发行人"或"公司"）的委托，担任邮储 银行向特定对象发行 A 股股票（以下简称"本次发行"）的专项法律顾问，并获 授权为本次发行的发行过程及发行对象合规性进行核查并出具中国法律意见。 本所根据《中华人民共和国公司法》《中华人民共和国证券法》（以下简 称"《证券法》"）、《上市公司证券发行注册管理办法》（以下简称"《管理 办法》"）等中华人民共和国境内（以下简称"中国"，仅为出具本法律意 ...