与其他主要银行系的证券和保险等金融板块是由银行管理的不同，中邮系统的证券公司和保险 公司隶属于中国邮政集团而与邮储银行为并列单位。 附邮储银行总行组织架构和内设部门图如下： 文章来源：投资风险官；作者：望星者 END 免责声明： 本文纯属个人观点，仅供学习交流。 中国邮政储蓄银行（简称：邮储银行）总行部门分为六大板块，分别是 个人金融板块、公司金 融板块、资金资管板块、风险管理板块、信息科技板块和综合支撑板块 。 截至2023年末，邮储银行总行共有39个部门（含董事会办公室、监事会办公室和审计局）。 截至2023年末，邮储银行全行在境内拥有36家一级分行，324个二级分行，2221个一级支行和 5422个二级支行，并共有 近4万个营业网点。但在 境外尚无分支机构。 此外，邮储银行在境内还控股 3家子公司 ，分别是中邮消费金融有限公司、中邮理财有限责任 公司和中邮邮惠万家银行有限责任公司。 欢迎关注 请 关注 上方公众号 ，欢迎" 分享 "" 收藏 "" 点赞 " 往期回顾 工商银行总行组织架构情况 建设银行总行组织架构情况 农业银行总行组织架构情况 中国银行总行组织架构情况 交通银行总行组织架构情况 ...

作 者丨张欣 编 辑丨肖嘉 图 源丨AI 以本地部署为主自行搭建大模型 3月8日，工商银行宣布率先在同业完成De e pSe e k最新开源大模型的私有化部署，并将其接入 行内"工银智涌"大模型矩阵体系，推动金融业务场景的智能化升级。 工商银行称，将以"企业级AI普惠赋能+AI专业突破"双轮驱动，推动AI技术在行内的规模化 应用，目前已实现大模型对行内2 0多个主要业务领域的赋能，落地场景2 0 0余个，展现出AI技 术对金融行业高质量发展的强劲推动力。 3月8日，工商银行宣布在同业中率先完成De e pSe e k最新开源大模型的私有化部署，并将其接 入行内"工银智涌"大模型矩阵体系，有力推动金融业务场景的智能化升级。 据2 1世纪经济报道记者不完全统计， 目前已有超2 0家银行部署应用De epSe ek 大模型，在六 大国有银行里，邮储银行、建设银行、工商银行均已开启布局。 记 者 注 意 到 ， 在 数 据 隐 私 和 安 全 的 考 量 下 ， 国 有 大 行 倾 向 于 自 行 搭 建 大 模 型 技 术 体 系 。 当下，银行对D e e p S e e k的探索主要集中在智能客服升级、业务流程 ...

近日，中国平安旗下平安人寿披露，平安资管受托该公司资金，投资于农业银行 H股股票，于2月17日 达到农业银行H股股本的5%，根据香港市场规则，触发举牌。 这是平安人寿2025年以来投资达到举牌线的第三家大行。截至目前，平安人寿持有的农行H股、邮储银 行H股、招行H股数量占三家银行H股股本均突破5%。另据港交所披露的数据显示，2月14日，平安集团 买入1.33亿工商银行H股后，持股比例升至18.08%。 险资举牌大型银行、股份制商业银行的H股，是当 前险资布局高股息资产的重要信号。 险资举牌的意义 文/《清华金融评论》 王茅 平安人寿举牌三大银行H股，本质上是险资在"资产荒"背景下追求稳健收 益的必然选择，既响应政策号召，也通过银保协同提升自身竞争力。对市 场而言，此举为银行板块注入流动性，并强化价值投资逻辑，但需关注后 续资金持续性与宏观环境变化。 二是平滑财务报表的波动。 新会计准则（IFRS9）下，险资可将银行股计入FVOCI科目（公允价值变动 计入其他综合收益），避免股价波动直接影响当期利润，增强财务稳定性。 三是政策响应与业务协同。 相关监管部门鼓励险资入市支持实体经济，银行股作为经济核心板块符合 政 ...

去年四季度以来，以平安为代表的险资持续扫货银行股！ 港交所披露易最新信息显示，2月20日，平安集团通过旗下平安人寿分别增持3269.9万股农业银行H股、1308.4万股邮储银行H股、578.15万股招商银行H股。增持完 成后，平安集团持有的农行H股占该行H股总数突破8%，所持邮储银行H股、招行H股数量占两家银行H股总数突破7%。 此前，该集团所持前述三家银行H股占比已于去年底至今年1月初陆续突破5%。更早之前，平安集团对建设银行H股、工商银行H股的持股占比于去年12月中旬分别 突破5%、15%。其中，持有的工行H股占比已于2月14日加仓至18%以上。 据券商中国记者统计，去年12月18日至今年2月20日，平安集团通过旗下平安人寿、平安财险等平台持续增持工行、农行、建行、邮储、招行H股，合计耗资近170 亿港元，最新持仓市值超2000亿港元。 中信建投证券金融团队研报认为，在银行业实际经营和预期的底部进一步夯实情况下，以底线思维、高置信度、高胜率为核心诉求的配置型需求安全边际进一步提 升。 险资扫货不停 披露易信息显示，2月20日，平安集团在场内增持 3269.9万股农行H股 ，增持后以"你所控制的法团的权益" ...

Investment Rating - The report maintains a "Buy" rating for Postal Savings Bank of China (01658.HK) [5] Core Views - The bank's revenue for the first three quarters reached 260.3 billion yuan, a slight increase of 0.1% year-on-year, while net profit attributable to shareholders was 75.8 billion yuan, up 0.2% year-on-year, marking the first positive profit growth of the year [1] - The bank's asset quality remains stable, with a non-performing loan ratio of 0.86%, slightly up by 2 basis points from the previous quarter [2] - The bank's total assets reached 16.7 trillion yuan, growing by 6.5% year-to-date, with loans amounting to 8.8 trillion yuan, an increase of 7.7% year-to-date [3] Summary by Sections Performance - Net interest income increased by 1.5% year-on-year, with a net interest margin of 1.89%, slightly down by 2 basis points [1] - Fee and commission income decreased by 12.7% year-on-year due to the "reporting and operation integration" policy, impacting insurance agency income [1] - Other non-interest income rose by 0.5%, with total investment income and other gains amounting to 23.9 billion yuan, a year-on-year increase of 0.9% [1] - The cost-to-income ratio improved to 60.0%, up by approximately 0.8 percentage points year-on-year [1] Asset Quality - As of September, the non-performing loan ratio was 0.86%, with a slight increase in the attention ratio to 0.91% and overdue ratio to 1.11% [2] - The bank made provisions for impairment losses totaling 19 billion yuan, a decrease of 10.4% year-on-year [2] - The provision coverage ratio stands at 302%, down 24 percentage points from the previous quarter [2] Asset and Liability Management - Total assets reached 16.7 trillion yuan, with a loan balance of 8.8 trillion yuan, reflecting a steady growth [3] - Deposits amounted to 15 trillion yuan, up 7.5% year-to-date, with a significant increase in personal deposits contributing to the growth [3] Investment Recommendation - The report suggests that the bank's performance is showing signs of recovery, with expectations for stable growth throughout the year [3] - The bank is positioned as a "growth-oriented" state-owned bank with significant development potential, supported by a low loan-to-deposit ratio and strong asset quality [3]

Financial Performance - Net profit for the third quarter of 2024 was RMB 27,098 million, representing a 3.71% increase compared to the same period last year[5]. - The bank's net profit attributable to shareholders was RMB 75,818 million for the first nine months of 2024, showing a slight increase of 0.22% year-over-year[5]. - Basic and diluted earnings per share for the first nine months of 2024 were RMB 0.71, a decrease of 2.74% compared to the same period last year[5]. - The company achieved operating revenue of 260.57 billion yuan, a year-on-year increase of 0.07%, with net interest income growing by 1.46%[14]. - Net profit attributable to shareholders reached 75.82 billion yuan, reflecting a year-on-year growth of 0.22%[14]. - The bank's operating income for the first nine months of 2024 was RMB 260.567 billion, slightly higher than RMB 260.372 billion in the same period of 2023, showing a marginal increase of 0.1%[36]. - The bank's total comprehensive income for the first nine months of 2024 was RMB 77.452 billion, compared to RMB 75.572 billion in the same period of 2023, indicating an increase of 2.49%[37]. Assets and Liabilities - Total assets as of September 30, 2024, reached RMB 16,746,265 million, an increase of 6.48% compared to RMB 15,726,631 million at the end of 2023[4]. - Total liabilities increased to RMB 15,713,397 million, marking a 6.39% rise from RMB 14,770,015 million at the end of 2023[4]. - Shareholders' equity attributable to the bank's shareholders increased to RMB 1,030,960 million from RMB 954,873 million, representing a growth of about 7.9%[39]. - Total consolidated assets as of September 30, 2024, amounted to RMB 16,746,265 million[46]. Customer Loans and Deposits - Total customer loans amounted to RMB 8,779,373 million, reflecting a growth of 7.74% from RMB 8,148,893 million year-over-year[4]. - Customer deposits reached RMB 15,007,335 million, up 7.53% from RMB 13,955,963 million year-over-year[4]. - Retail loans increased by 5.69%, accounting for 40.31% of new loans, while corporate loans grew by 11.66%[14]. - Long-term loans to the manufacturing sector increased by 14.15% compared to the end of the previous year[15]. Cash Flow and Investments - The net cash flow from operating activities for the first nine months of 2024 was RMB 280,989 million, a significant improvement from a negative RMB 28,418 million in the same period last year[6]. - Cash flow from investment activities showed a net outflow of RMB 292,345 million, slightly higher than the RMB 287,877 million outflow in the previous year[41]. - Cash flow from financing activities resulted in a net outflow of RMB 68,224 million, contrasting with a net inflow of RMB 333,751 million in the same period last year[41]. Capital Adequacy and Risk Management - The core tier 1 capital adequacy ratio stood at 9.42% as of September 30, 2024, compared to 9.24% at the end of 2023[7]. - The capital adequacy ratio stood at 14.23% as of September 30, 2024, slightly up from 14.15% on June 30, 2024[42]. - The non-performing loan ratio remained at 0.86%, with a provision coverage ratio of 301.88% and a capital adequacy ratio of 14.23%[14]. - The bank's credit impairment losses for the first nine months of 2024 were RMB 18.934 billion, a decrease from RMB 21.149 billion in the same period of 2023, showing an improvement in asset quality[36]. Shareholder Information - The total number of ordinary shareholders as of the report date was 151,140, including 148,714 A-share shareholders and 2,426 H-share shareholders[8]. - China Postal Group holds 62,255,549,280 shares, representing 62.78% of total shares[9]. - Hong Kong Central Clearing (Agent) Limited holds 19,842,948,300 shares, accounting for 20.01% of total shares[9]. - The top ten shareholders do not participate in margin financing or securities lending, except for Hong Kong Central Clearing (Agent) Limited[11]. Strategic Focus and Development - The company emphasizes long-termism and sustainable development, focusing on high-quality development and differentiated competitive advantages[13]. - The company utilized "Look Ahead" technology to approve 11547 clients, a growth of 87.94%, with approved amounts reaching 1710.43 billion yuan, an increase of 257.99%[17].

Investment Rating - The investment rating for Postal Savings Bank is "Buy" [3][5]. Core Views - The adjustment of agency deposit rates is expected to significantly enhance profits by approximately 17%, with a projected reduction in agency fees by 13% to 100.6 billion yuan, resulting in a savings of 15.1 billion yuan [1][5]. - The new pricing scheme for agency fees will be linked to revenue growth, which is anticipated to stabilize the cost-to-income ratio in the long term and support steady profit growth [5][6]. - The bank's unique partnership with the postal system provides a strong deposit absorption capability, mitigating the impact of the fee reduction on deposit levels [5][6]. Summary by Sections Agency Fee Rate Adjustment - The agency fee rates for various deposit types have been significantly reduced, with the overall average rate dropping from 1.24% to 1.08%, a decrease of 16 basis points [1][8]. - Specific reductions include: - Demand deposits from 2.33% to 1.992% - Time deposits (1 year) from 1.10% to 0.999% - 2-year deposits from 0.35% to 0.149% - 3-year deposits from 0.10% to 0.020% [1][8]. Financial Projections - For 2023, the bank's total agency fees are projected to be 115.6 billion yuan, with a year-on-year increase of 10.4% despite a decrease in the average fee rate [2][6]. - The bank's net profit for 2024 is estimated at 88.8 billion yuan, reflecting a year-on-year growth of 2.9% [6][7]. Cost-to-Income Ratio - The cost-to-income ratio for 2023 is reported at 64.82%, with expectations for improvement following the fee adjustments [5][7]. - The bank aims to align the growth of agency fees with revenue growth, which is expected to enhance operational efficiency and profitability [5][6].

Financial Performance - Operating income for the first half of 2024 was RMB 176,919 million, a slight decrease of 0.13% compared to RMB 177,157 million in the same period of 2023[21]. - Net interest income increased to RMB 142,876 million, up 2.04% from RMB 140,305 million year-on-year[21]. - Net profit attributable to shareholders was RMB 48,815 million, a decrease of 1.51% from RMB 49,564 million in the first half of 2023[21]. - Total assets reached RMB 16,413,529 million, an increase of 4.37% from RMB 15,726,631 million at the end of 2023[22]. - Customer loans totaled RMB 8,658,762 million, up 6.25% from RMB 8,148,893 million at the end of 2023[22]. - The capital adequacy ratio decreased by 0.08 percentage points to 14.15% as of June 30, 2024, compared to 14.23% at the end of 2023[20]. - The average return on total assets for the first half of 2024 was 0.61%, down from 0.69% in the same period of 2023[23]. - The net interest margin decreased to 1.91% from 2.08% year-on-year[23]. - The cost-to-income ratio increased to 59.95% in the first half of 2024, compared to 57.36% in the same period of 2023[23]. - Cash and deposits with central banks amounted to RMB 1,308,757 million, a decrease from RMB 1,337,501 million at the end of 2023[22]. Risk Management - The bank actively manages various risks and has not identified any significant risks that could adversely affect its future development strategy[4]. - The non-performing loan ratio remained stable at 0.84%, with a provision coverage ratio of 325.61%, indicating strong risk mitigation capabilities[27]. - The bank's risk-weighted assets accounted for 52.48% of total assets, indicating a balanced asset quality management strategy[24]. - The bank's non-performing loan ratio remained stable, ensuring compliance with regulatory requirements and maintaining a strong risk management framework[84]. Technological Development - The bank is focusing on enhancing its technological capabilities and has initiated a series of actions to deepen the integration of business and technology[9]. - The new generation core business system has been fully launched, with self-developed systems accounting for 76.86%, an increase of 17 percentage points year-on-year[28]. - The bank's technology platform has delivered over 14,000 enterprise-level services across 932 business scenarios, driving continuous innovation in products and services[198]. - The bank has focused on IT talent development, establishing a multi-level training system to support the growth of technology professionals[199]. Customer Engagement and Services - The bank serves over 660 million personal customers through nearly 40,000 outlets, focusing on "three rural issues," urban and rural residents, and small and medium-sized enterprises[12]. - The bank's retail VIP customers increased to 25.5 million, a growth of 6.84% year-on-year, while high-net-worth clients rose by 13.34% to 5.62 million[30]. - The bank's debit card consumption reached CNY 3.89 trillion during the reporting period[101]. - The electronic payment transaction volume was CNY 3.57 trillion, reflecting the bank's focus on enhancing customer engagement through integrated marketing strategies[102]. Sustainable Finance and Social Responsibility - The bank is promoting inclusive finance through dedicated campaigns, emphasizing its commitment to social responsibility[9]. - The bank has issued its first "ESG Climate Finance Loan," exploring new models for local green finance[9]. - The balance of green loans reached RMB 693.099 billion, representing an 8.66% increase compared to the end of the previous year, continuing to outpace the average growth rate of various loans[175]. - The company is committed to supporting the United Nations' 2030 Sustainable Development Goals and the Paris Agreement, actively promoting sustainable finance and climate financing[175]. Financial Products and Innovations - The company launched a new personal pension service brand "U享未來" to promote long-term investment and value investment concepts[103]. - The company has launched the "Sci-Tech e-loan" product, focusing on new industries such as 5G, AI, and biotechnology, integrating financing services into procurement and sales scenarios[162]. - The company has established a multi-dimensional warning system for investment monitoring to support wealth managers in optimizing client portfolios[107]. - The company launched various green financial products, including small loans for photovoltaic equipment and small hydropower projects[177]. Subsidiary Performance - Postal Savings Bank's subsidiary Youhui Bank reported total assets of RMB 12.33 billion and net assets of RMB 4.38 billion, with a net profit of -RMB 192 million during the reporting period[167]. - Postal Savings Bank's subsidiary Zhongyou Wealth achieved total assets of RMB 13.59 billion and net assets of RMB 13.16 billion, with operating income of RMB 896 million, a year-on-year increase of 21.30%, and net profit of RMB 547 million, a year-on-year increase of 22.21%[169]. Market Position and Ratings - The bank has received ratings of A+ from Fitch, A1 from Moody's, and A from S&P Global, reflecting its strong market position and influence[13]. - In 2024, the bank ranked 12th in Tier 1 capital among the "Top 1000 World Banks" according to The Banker[13].

Investment Rating - The report assigns an "Accumulate" rating for Postal Savings Bank of China (1658) [2][4]. Core Views - The 2024 interim performance of Postal Savings Bank aligns with expectations, with revenue and net profit growth showing marginal decline. Loan and deposit growth outpaces peers, and asset quality remains stable, though future risk exposure should be monitored [4]. Summary by Sections Financial Performance - Revenue growth for Q2 2024 decreased by 3.1 percentage points compared to Q1, resulting in a year-on-year decline of 1.6%. Net interest income grew by 0.6%, but the growth rate declined by 2.6 percentage points from Q1 due to slower expansion and narrowing interest margins. Non-interest income also saw a decline of 8.1% year-on-year [4]. - The cost-to-income ratio increased by 2.6 percentage points year-on-year due to higher expenses from deposit acquisition through agency networks. Net profit growth for Q2 2024 fell by 0.6 percentage points to -1.7% compared to Q1, influenced by declining revenue growth and rising costs [4]. Loan and Deposit Growth - As of the end of Q2 2024, loans increased by 10.2% year-on-year, maintaining double-digit growth, which is faster than total asset growth. Corporate loans rose by 15%, while personal loans also showed steady growth. Deposits grew by 11.8% year-on-year, reflecting a solid increase [4]. Asset Quality - The non-performing loan (NPL) ratio stood at 0.84% as of June, unchanged from March, with a provision coverage ratio of 325.6%, slightly down by 1.3 percentage points. The core asset quality indicators remain superior to comparable peers [4].

Investment Rating - The investment rating for Postal Savings Bank is "Buy" [3] Core Views - The bank's performance in the first half of 2024 shows revenue pressure with a slight decline in both revenue and net profit, but net interest margin has stabilized. The bank's asset quality remains strong, with a continued improvement in non-performing loan generation [6][2]. Summary by Sections Performance Overview - Postal Savings Bank reported a revenue of 176.8 billion, a year-on-year decrease of 0.1%, and a net profit attributable to shareholders of 48.8 billion, down 1.5% year-on-year. The non-performing loan ratio stands at 0.84%, unchanged from the previous quarter [1]. - Net interest income increased by 1.8% year-on-year, with a net interest margin of 1.91%, showing a slight decrease of 1 basis point from the previous quarter. The decline in loan rates for both retail and corporate loans contributed to this trend [1][2]. Asset and Liability Management - Total assets reached 16.4 trillion, growing by 4% since the beginning of the year. Loans increased by 136.7 billion in the second quarter, with retail loans showing a significant increase of 464 billion [2]. - Deposits reached 14.9 trillion, a 7% increase since the beginning of the year, with time deposits growing significantly while demand deposits decreased [2]. Asset Quality - The non-performing loan ratio remains stable at 0.84%, with a slight increase in the attention ratio to 0.81%. The non-performing loan generation rate improved to 0.74%, indicating a positive trend in asset quality [2][6]. Financial Projections - The bank's financial projections indicate a slight decline in revenue growth for 2024, with expected revenue of 342.4 billion, reflecting a year-on-year decrease of 0.02%. The net profit is projected to be 86.85 billion, a modest increase of 0.67% [7][8].