Core Insights - The central economic work meeting in late 2025 emphasizes the importance of "domestic demand as the main driver, building a strong domestic market" for economic work in 2026 [1] - The People's Bank of China (PBOC) plans to enhance financial support for consumption through targeted monetary policies, particularly focusing on service consumption and elderly care loans [1][2] - Experts predict that the consumption market in China will continue to show stable growth and quality improvement in 2026, driven by macro policy support and internal development momentum [1][6] Group 1: Policy and Financial Support - In May 2025, the PBOC established a 500 billion yuan service consumption and elderly care re-loan program to boost service consumption supply and demand [2] - By the end of November 2025, consumer loans (excluding personal housing loans) reached 21.2 trillion yuan, indicating a significant increase in financial support for service consumption [2] - The re-loan policy aims to direct financial resources into key areas of livelihood and consumption upgrade, with a focus on long-term economic sustainability [2][4] Group 2: Growth Areas in Service Consumption - Health and elderly care are emerging as new growth points for service consumption credit, with banks actively providing loans for various projects in these sectors [3][4] - The service consumption market is expanding, with a notable increase in demand for health, education, and leisure services, although there are still structural deficiencies in supply [4][6] - Experts highlight the need for improved consumer confidence and infrastructure to further enhance service consumption, particularly in rural areas [4][6] Group 3: Banking Sector Strategies - Banks are encouraged to innovate credit products tailored to the characteristics of service consumption businesses, such as using intellectual property and future revenue rights as collateral [7] - There is a call for banks to collaborate with local governments and enterprises to create platforms that facilitate financial services for small and micro businesses in the service sector [7] - The integration of financial technology into consumption scenarios is seen as a way to provide comprehensive financial solutions, enhancing the overall service experience for consumers [7]

Core Viewpoint - The successful election of Mr. Lu Wei as the executive director of China Postal Savings Bank marks a significant step in enhancing the bank's corporate governance structure and strengthening the board's capabilities, which will inject new momentum into the bank's future strategic development and management decisions [1] Group 1: Meeting Details - The first extraordinary general meeting of 2026 was held on January 19, 2026, to elect a new executive director [1] - The meeting was attended by 2,476 shareholders and proxies, representing approximately 108.518 billion shares with voting rights, which accounts for 90.48% of the total voting shares [1] - The voting process combined both on-site and online participation, demonstrating high shareholder engagement in corporate governance matters [1] Group 2: Election Outcome - The proposal to elect Mr. Lu Wei as the executive director was formally approved during the meeting [1] - The legal opinion confirmed that the meeting's convening, procedures, attendance qualifications, and voting results were all lawful and valid [1] - The election of the executive director is seen as a crucial advancement for the bank's governance and strategic direction [1]

Core Viewpoint - Postal Savings Bank of China announced the election of Mr. Lu Wei as an executive director during its first extraordinary shareholders' meeting of 2026 [1] Group 1 - The extraordinary shareholders' meeting took place on January 19, 2026 [1] - The proposal for Mr. Lu Wei's election was approved by the shareholders [1]

Core Insights - The average cost of personal deposits is a key indicator of banks' liability costs, with lower rates indicating stronger competitiveness in attracting deposits [1][7]. Group 1: Ranking of Banks by Deposit Cost - The banks with the lowest average cost of personal deposits are primarily state-owned large banks and some retail-focused joint-stock banks, with China Merchants Bank leading at 1.18% for the 2025 mid-year report [2][8]. - Following China Merchants Bank are China Postal Savings Bank at 1.23% and Agricultural Bank of China at 1.38%, benefiting from extensive branch networks and strong customer bases [2][8]. - The top six banks all have costs below 2%, indicating strong deposit cost control capabilities [2][8]. Group 2: Cost Trends and Observations - A notable trend is the general decline in average deposit costs across most banks when comparing 2024 annual reports to 2025 mid-year reports, with China Merchants Bank decreasing from 1.44% to 1.18% [6][12]. - This decline reflects a reduction in liability cost pressures for the banking industry, positively impacting net interest margins and profitability [6][12]. - However, lower deposit costs must align with asset yield and risk management capabilities, as a healthy bank seeks to balance these factors [12]. Group 3: Challenges for Joint-Stock and Regional Banks - Joint-stock banks and regional commercial banks generally face higher average deposit costs, often exceeding 2%, which can challenge their net interest margin management [5][11]. - National joint-stock banks like Industrial Bank and Minsheng Bank have costs ranging from 2.11% to 2.18%, while some regional banks experience even greater cost pressures [5][11].

Group 1 - Postal Savings Bank of China held its first extraordinary shareholders' meeting of 2026, where the election of Mr. Lu Wei as an executive director was approved [1] - The bank's board of directors also approved the adjustment of the composition of its specialized committees, electing Lu Wei as the chairman and member of the Social Responsibility and Consumer Rights Protection Committee, a member of the Strategic Planning Committee, and a member of the Nomination and Remuneration Committee [1] - Lu Wei's committee positions will take effect upon the approval of his directorship qualification by the National Financial Regulatory Administration [1]

Core Viewpoint - Postal Savings Bank of China announced the election of Lu Wei as the chairman of the Board's Social Responsibility and Consumer Rights Protection Committee, as well as a member of the Strategic Planning Committee and the Nomination and Compensation Committee. His roles will take effect upon approval of his directorship by the National Financial Supervision Administration [1][5]. Group 1 - The Board of Directors of Postal Savings Bank held a meeting on January 19, 2026, where 16 directors were present, and the meeting complied with relevant laws and regulations [2][6]. - The meeting was chaired by Chairman Zheng Guoyu, and the proposal to adjust the composition of the Board's specialized committees was approved unanimously with 16 votes in favor [2][6]. - Lu Wei's election to the specialized committee positions will commence once his directorship is approved by the National Financial Supervision Administration [1][3].

Core Viewpoint - The international gold price has reached a historic high, exceeding $4,690 per ounce, leading to a surge in demand for gold and other precious metals, while the availability of bank safety deposit boxes has become critically low, especially in major cities like Beijing, Shanghai, Guangzhou, and Shenzhen [1][7]. Group 1: Gold Price and Demand - The spot gold price increased by approximately 70% in 2025, driving a significant rise in consumer investment demand for gold bars and other precious metals [2][8]. - As demand for gold rises, the difficulty in renting safety deposit boxes has become more pronounced, with reports of waiting times extending up to five to six years for certain banks [1][8]. Group 2: Supply Constraints of Safety Deposit Boxes - The supply of safety deposit boxes is characterized by static growth, as banks primarily view this service as a means to maintain high-net-worth clients rather than a profit center, leading to limited resource allocation [2][5]. - High renewal rates and slow turnover of safety deposit boxes exacerbate the supply shortage, creating a rigid gap in availability [3][9]. Group 3: Bank Strategies and Challenges - Banks face challenges in increasing the supply of safety deposit boxes due to low profitability, high operational costs, and the expensive nature of building new secure storage facilities [5][11]. - Current strategies include optimizing existing resources and implementing technology upgrades to improve space utilization, but these measures are gradual and unlikely to resolve the supply-demand imbalance in the short term [6][12].

Core Viewpoint - Postal Savings Bank of China (01658.HK) announced the election of Lu Wei as the chairman of the Board's Social Responsibility and Consumer Rights Protection Committee, as well as a member of the Board's Strategic Planning Committee and Nomination and Remuneration Committee [1] Group 1 - Lu Wei's committee positions will take effect upon the approval of his directorship qualifications by the National Financial Regulatory Administration [1] - Following Lu Wei's official appointment, Yao Hong will no longer serve as the acting chairman of the Social Responsibility and Consumer Rights Protection Committee [1]

Group 1 - Postal Savings Bank of China (601658) announced the election of Mr. Lu Wei as the chairman and member of the Board's Social Responsibility and Consumer Rights Protection Committee, as well as a member of the Board's Strategic Planning Committee and Nomination and Remuneration Committee [1] - Mr. Lu Wei's committee positions will take effect upon the approval of his directorship qualification by the National Financial Supervision Administration [1] - Following Mr. Lu Wei's official appointment, Ms. Yao Hong will no longer serve as the acting chairman of the Board's Social Responsibility and Consumer Rights Protection Committee [1]

Group 1 - Postal Savings Bank of China (01658) announced the election of Mr. Lu Wei as the chairman and member of the Board's Social Responsibility and Consumer Rights Protection Committee, as well as a member of the Board's Strategic Planning Committee and Nomination and Remuneration Committee, effective from the date of approval of his directorship qualification by the National Financial Supervision Administration [1] - Upon Mr. Lu Wei's official appointment, Ms. Yao Hong will no longer serve as the acting chairman of the Board's Social Responsibility and Consumer Rights Protection Committee [1]