Core Viewpoint - The article highlights the crucial role of small and micro foreign trade enterprises in driving economic growth and stabilizing employment, emphasizing the innovative financial support provided by Postal Savings Bank to help these enterprises expand into international markets [1][2]. Group 1: Financial Support and Services - Postal Savings Bank of Suining City has actively responded to national policies aimed at stabilizing foreign trade by innovating financial service models to provide targeted financial support to local small and micro foreign trade enterprises [1]. - The bank has tailored a 50 million yuan mortgage loan for Suining Ruijie Technology Co., Ltd., which specializes in the production and sales of various circuit boards, after assessing the company's operational status and financing needs through on-site research and financial analysis [1][2]. - The loan approval process was expedited through a green channel, allowing the company to receive the loan amount within just five working days, along with preferential interest rates to reduce financing costs [1][2]. Group 2: Impact on Business Operations - With timely funding, the company was able to complete raw material procurement and upgrade production equipment, ensuring timely delivery of existing orders and providing capacity assurance for new orders [2]. - The company's management expressed that the rapid response and professional service from Postal Savings Bank have strengthened their competitive position in the international market [2]. Group 3: Commitment to Local Economy - In recent years, Postal Savings Bank has increased its support for the real economy by innovating financial products and service models, including a range of comprehensive financial services such as foreign exchange settlement and sales, corporate foreign exchange deposits, and forward foreign exchange settlement [2]. - As of now, the bank has granted over 100 million yuan in credit to local small and micro foreign trade enterprises, actively contributing to the high-quality development of the local foreign trade economy [2].

Fund Overview - The fund is named "PICC Zhongzheng Interbank Certificate of Deposit AAA Index 7-Day Holding Period Securities Investment Fund" and is a contract-based open-end fixed income (mixed) securities investment fund [16][18] - The fund is managed by PICC Asset Management Co., Ltd. and the custodian is China Postal Savings Bank Co., Ltd. [1][44] Fund Offering Details - The fund will be publicly offered from June 3, 2025, to June 13, 2025, with a maximum fundraising limit of 5 billion RMB [4][22] - Single investor daily subscription amount is capped at 10 million RMB, with the possibility of adjustments by the fund manager [19][26] - The fund has a minimum subscription amount of 1 RMB through other sales institutions and 10,000 RMB through direct sales [3][26] Subscription and Account Opening - Investors must open a fund account with the registration institution to purchase the fund, and only one fund account is allowed per investor [6][28] - The fund's subscription process includes multiple steps, such as providing identification and completing necessary forms [29][34] Fund Management and Operation - The fund has a minimum holding period of 7 days, during which investors cannot redeem or transfer their shares [18] - The fund's initial share value is set at 1.00 RMB [18] Fund Registration and Verification - The fund must meet specific conditions, including a minimum of 200 investors and a total fundraising amount of at least 200 million RMB, to proceed with registration [22][42] - If the fundraising conditions are not met by the end of the fundraising period, the fund will be deemed unsuccessful, and investors will be refunded [43]

【深圳商报讯】（首席记者谢惠茜）就在今年首次LPR下调当天，六大国有银行也集体宣布下调存款利 率，这是国有大行今年首轮存款降息。其中，各家国有银行活期存款利率下调至0.05%，1年期整存整 取定期存款利率均跌破"1字头"，下调至0.95%。随后，多家股份行也纷纷"跟进"。 5月21日，截至记者发稿时，已有9家股份制银行跟进下调了存款挂牌利率。除了招商银行已于5月20日 下调之外，平安银行、中信银行、兴业银行、光大银行、浦发银行、民生银行、广发银行、华夏银行共 8家股份制银行均已于5月21日开始执行新的存款挂牌利率。 具体来看，上述8家股份制银行将1年、2年定期利率均调降了15个基点。其中，1年定期存款利率均下调 至1.15%；2年定期存款利率普遍下调至1.20%，民生银行下调至1.15%。3年、5年定期存款利率均下调 了25个基点，分别下调至1.30%、1.35%。 苏商银行特约研究员武泽伟接受记者采访时表示，此次国有大行和股份行集中下调存款利率是政策引导 与市场联动的结果。一方面，央行通过下调LPR，释放适度宽松的政策信号，要求通过利率自律机制引 导商业银行跟进；另一方面，银行主动调整负债成本以缓解净息差压 ...

Core Viewpoint - A new round of interest rate cuts for large-denomination certificates of deposit (CDs) has begun, with some products' rates falling below 1% for the first time in recent years, indicating a significant shift in the banking sector's approach to deposit rates [1][9]. Summary by Category Interest Rate Changes - Major banks, including state-owned banks, have reduced the annualized interest rates for 1-month and 3-month large-denomination CDs to 0.9%, marking a historic low [1][3]. - The latest issuance by Bank of China shows a reduction of 25 basis points for 1-month, 3-month, 6-month, and 1-year products, while the 3-year product saw a reduction of 35 basis points [3][10]. - Other banks, such as Industrial and Agricultural Banks, have also lowered their rates to 0.9% for similar products [3][6]. Implications for the Banking Sector - The reduction in deposit rates is seen as a strategy to alleviate pressure on net interest margins, which have been declining [10][11]. - Analysts suggest that lowering deposit rates will help banks stabilize their net interest margins and reduce financing costs for the real economy [10][11]. Investor Guidance - Investors are advised to adjust their expectations regarding investment returns and consider a diversified asset allocation strategy in light of the declining interest rates [1][8][11]. - The trend of decreasing deposit rates is expected to continue, prompting investors to seek alternative investment options such as cash management products, money market funds, and government bonds [11].

一般来说，银行存款利率下调更多取决于存款市场供求状况，各类型、各家银行会基于自身资产负债、净息差与经营等方面情况也会 进行差异化定价。根据以往的调整惯例，国有大行领衔、股份制银行迅速跟进、地方银行陆续追随的调整节奏已经形成，并且，在实 际业务中，挂牌利率与执行利率也会存在差异，储户可结合考虑自身的实际情况，货比三家，进行合理的储蓄配置。 北京商报讯（记者宋亦桐）继六家国有银行及招商银行、光大银行集体降低存款利率后，5月21日，广发银行、平安银行、中信银 行、华夏银行、兴业银行、浦发银行、民生银行七家股份制银行也跟进调整人民币存款挂牌利率，下调幅度为5—25个基点。 调整后，广发银行、平安银行、中信银行、华夏银行、兴业银行、浦发银行六家股份制银行人民币活期、整存整取定期利率均保持一 致。其中，活期存款利率为0.05%，较此前下调5个基点；定期整存整取三个月期、半年期、一年期、二年期利率分别为0.7%、 0.95%、1.15%、1.20%；三年期和五年期利率分别为1.30%和1.35%。 5月20日，国有六大行、招商银行、光大银行在内的8家银行宣布下调存款挂牌利率，下调幅度为5—25个基点。工商银行、农业银 行、 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [4] Core Views - The company reported a slight decline in Q1 revenue and net profit, with operating income at CNY 89.36 billion (-0.07% YoY) and net profit attributable to shareholders at CNY 25.25 billion (-2.62% YoY) [4] - Total assets reached CNY 17.69 trillion, reflecting an 8.31% increase YoY, while the non-performing loan (NPL) ratio stood at 0.91% [4] - The company has seen a decrease in net interest margin (NIM) to 1.71%, down 21 basis points YoY, influenced by recent LPR cuts [4] - The report highlights strong growth in corporate credit and a slight slowdown in financial investment growth, with a notable increase in corporate loans [4] - Fee and commission income grew by 8.76% YoY, outperforming peers, driven by strong performance in corporate services [4] - The company is expected to benefit from a recent capital increase plan, which will enhance its core tier 1 capital ratio significantly [7] Summary by Sections Financial Performance - Q1 operating income was CNY 89.36 billion, and net profit was CNY 25.25 billion, with total assets at CNY 17.69 trillion [4] - The NPL ratio increased slightly to 0.91%, while the NPL coverage ratio decreased to 266.13% [4] Interest Margin and Rates - The net interest margin decreased to 1.71%, with a significant impact from the recent LPR cuts [4] - The company adjusted deposit rates downward, which is expected to alleviate pressure on interest margins [4] Loan and Deposit Growth - Corporate loan growth was strong, with new corporate loans reaching a record high, while personal loans remained weak [4] - Deposit growth slowed slightly, consistent with industry trends [4] Non-Interest Income - Fee and commission income increased by 8.76% YoY, indicating strong performance in corporate services [4] - Investment income grew by 18.81% YoY, driven by strong investment scale and strategies [4] Capital and Future Outlook - The company plans to raise CNY 130 billion through a private placement to enhance its capital base [7] - Future earnings are expected to recover as interest margin pressures ease, with revised revenue forecasts for 2025-2027 [7]

Core Viewpoint - Postal Savings Bank of China Shanghai Branch is actively enhancing public awareness and prevention capabilities against telecom and online fraud, fulfilling its social responsibility as a financial institution to safeguard the financial security and legal rights of the public [1][7]. Group 1: Community Engagement and Education - The Shanghai Branch utilizes its network resources to integrate anti-fraud education into daily services, employing methods such as video displays and distributing educational materials to create a strong public awareness atmosphere [1]. - The bank has implemented differentiated promotional strategies targeting various customer demographics, focusing on common scams relevant to elderly clients and new types of fraud for younger clients [1]. - Community branches are collaborating with local volunteers to conduct anti-fraud campaigns, providing residents with insights into fraud techniques and enhancing their awareness through interactive activities [2]. Group 2: Targeted Initiatives for Vulnerable Groups - Specific initiatives have been launched to educate elderly clients about common scams and fraud prevention, utilizing presentations and discussions to improve their ability to recognize fraud [4]. - Activities aimed at school students have been organized to raise awareness about fraud, particularly focusing on online gaming scams and gambling-related fraud [5]. Group 3: Business Outreach and Safety Measures - The bank's branches are conducting face-to-face anti-fraud education sessions with local businesses, emphasizing the importance of using legitimate financial channels and being cautious of unsolicited communications [6]. Group 4: Future Plans and Innovations - The Shanghai Branch plans to continue its anti-fraud efforts by innovating promotional methods, including online lectures and community outreach, to enhance public financial knowledge and risk awareness [7].

Core Viewpoint - The recent reduction in deposit rates by major banks in China is a response to macroeconomic pressures and aims to lower the banks' funding costs, thereby supporting the economy and enhancing financial stability [1][3]. Group 1: Deposit Rate Adjustments - Six major state-owned banks and some national joint-stock banks have lowered their deposit rates, with the maximum reduction reaching 25 basis points [1][2]. - After the adjustments, the interest rates for various deposit products are as follows: - Demand deposit rate is now 0.05% - 3-month, 6-month, 1-year, and 2-year fixed deposit rates are 0.65%, 0.85%, 0.95%, and 1.05% respectively - 3-year and 5-year fixed deposit rates are 1.25% and 1.3% respectively [2]. Group 2: Impact on Banking Sector - The coordinated reduction in deposit rates and LPR (Loan Prime Rate) is seen as a significant measure to support the real economy and alleviate the pressure on banks' net interest margins [4]. - The net interest margin for commercial banks has narrowed to 1.43% in Q1, down 9 basis points from the previous quarter, indicating ongoing challenges for banks [4]. Group 3: Strategic Recommendations for Banks - Banks are encouraged to optimize their deposit product structures and dynamically adjust the scale of different types of deposits to reduce high-cost deposits [5][6]. - There is a call for banks to enhance their market analysis capabilities and implement differentiated pricing strategies for various customer segments and deposit terms [6]. - Emphasizing regional operations and adapting to local market characteristics can help banks develop flexible deposit pricing strategies [6].

Core Insights - The article highlights the significant role of financial support from Postal Savings Bank in boosting the local economy in Yichun, particularly in the forest economy sector [1][2] - The collaboration between the bank and local businesses, such as Yichun Zhongzhi Dashan Wang Winery, has led to substantial growth in production capacity and brand recognition [1][2] Group 1: Financial Support and Impact - Postal Savings Bank has provided a total of 95 million yuan in loans to Yichun Zhongzhi Dashan Wang Winery since establishing a credit relationship in 2012, facilitating the company's growth in various aspects [1] - The financial assistance has resulted in an 80% year-on-year increase in the company's revenue, demonstrating the effectiveness of the bank's support [2] - The bank's quick loan processing, exemplified by a 150,000 yuan loan approved within 10 days, has been crucial for businesses needing immediate financial relief [2] Group 2: Future Outlook - Postal Savings Bank plans to continue its commitment to supporting local economic development by innovating financial products and services tailored to the needs of the forest economy [2]

Group 1 - The financial support from Postal Savings Bank has significantly alleviated the cash flow issues for local businesses in the agarwood industry, enabling them to expand their operations [2][3] - The "Agarwood Loan" program specifically targets small businesses and individual operators in the agarwood sector, providing them with higher loan limits and extended repayment periods to support their growth [3] - The agarwood industry in Maoming, Guangdong, has seen substantial growth, with approximately 120,000 acres of agarwood planted, over 2,800 processing and sales enterprises, and an annual output value exceeding 4 billion yuan [4] Group 2 - The Postal Savings Bank's Guangdong branch has innovatively supported the agricultural sector and small enterprises, with a total loan balance exceeding 660 billion yuan, including over 130 billion yuan in agricultural loans as of March 2025 [4]