截至10月30日晚间，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）等六家国有大行均已公布2025年前三季度经营 业绩。 工商银行前三季度实现营业收入6400.28亿元，同比增长2.17%；实现归母净利润2699.08亿元，同比增 长0.33%。截至报告期末，工商银行总资产528134.21亿元，较上年末增加39916.75亿元，增长8.18%； 不良贷款率1.33%，较上年末下降0.01个百分点；拨备覆盖率217.21%，较上年末上升2.30个百分点。 建设银行前三季度实现营业收入5737.02亿元，同比增长0.82%；实现归母净利润2573.60亿元，同比增 长0.62%。截至报告期末，建设银行总资产453690.94亿元，较上年末增加47979.45亿元，增长11.83%； 不良贷款率1.32%，较上年末下降0.02个百分点；拨备覆盖率为235.05%，较上年末上升1.45个百分点。 交通银行前三季度实现营业收入1996.45亿元，同比增长1.80%；实现归母净利润699.94亿元，同比增长 1 ...

Core Viewpoint - Postal Savings Bank of China (PSBC) experienced a decline of 2.71% in stock price on October 31, with a trading volume of 1.361 billion yuan and a market capitalization of 690.547 billion yuan [1] Financial Performance - PSBC's dividend yields over the past three years were 5.58%, 6.00%, and 4.61% respectively, indicating a consistent high dividend payout [2] - For the period from January to September 2025, PSBC reported a net profit of 76.562 billion yuan, reflecting a year-on-year growth of 0.98% [7] Shareholder and Market Activity - As of September 30, 2025, the number of PSBC shareholders was 142,600, a decrease of 13.09% from the previous period [7] - The average trading cost of PSBC shares is 5.13 yuan, with the stock price nearing a resistance level of 5.86 yuan, suggesting potential for upward movement if this level is surpassed [5] Institutional Holdings - The top ten circulating shareholders of PSBC include Hong Kong Central Clearing Limited, which holds 520 million shares, a decrease of 422 million shares from the previous period [8] - Other notable shareholders include Huaxia SSE 50 ETF and Huatai-PineBridge CSI 300 ETF, both of which have also reduced their holdings [9] Business Overview - PSBC primarily operates in personal banking (65.15% of revenue), corporate banking (22.71%), and funding operations (12.10%) [6] - The bank is classified under the category of state-owned large banks, with its ultimate controller being China Post Group [2][6]

Core Insights - Postal Savings Bank of China reported a net profit of 76.562 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 0.98% [1] - The bank's operating income reached 265.08 billion yuan, an increase of 1.82% year-on-year, driven by stable interest margins and growth in non-interest income [1] - The total assets of the bank amounted to 18.61 trillion yuan, reflecting an increase of 1.52 trillion yuan or 8.90% compared to the end of the previous year [1] Financial Performance - Net interest income was 210.505 billion yuan, a decrease of 4.442 billion yuan or 2.07% year-on-year, with the decline narrowing by 0.60 percentage points compared to the mid-year report [1] - Non-interest income reached 31.481 billion yuan, an increase of 6.794 billion yuan or 27.52% year-on-year, attributed to enhanced market analysis and increased trading activities in bonds and bills [1] - The bank's total liabilities were 17.44 trillion yuan, up by 1.39 trillion yuan or 8.64% from the end of the previous year [1] Loan and Deposit Growth - Customer loans totaled 9.66 trillion yuan, an increase of 742.689 billion yuan or 8.33% compared to the end of the previous year, with a year-on-year increase of 112.209 billion yuan [1] - Customer deposits reached 16.22 trillion yuan, reflecting an increase of 928.903 billion yuan or 6.08% from the end of the previous year [1] Asset Quality and Capital Management - The non-performing loan ratio stood at 0.94%, maintaining a low level over the years [2] - The core tier one capital adequacy ratio improved to 10.65%, an increase of 1.09 percentage points compared to the end of the previous year [2]

来源：新浪基金∞工作室 10月31日，邮储银行跌2.71%，截至发稿，报5.75元/股，成交13.61亿元，换手率0.35%，总市值6905.47 亿元。邮储银行股价已经连续3天下跌，区间累计跌幅5.27%。 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40楼，成立日期2007年3月6日，上市日期2019年12月10日，公司主营业务涉及中国 邮政储蓄银行股份有限公司在中国提供银行及相关金融服务。该银行主要通过个人银行、企业银行及资 金业务运营。个人银行业务向个人客户提供多种产品及服务,包括人民币及外汇存储、贷款、银行卡及 中间业务产品及服务。企业银行业务为企业客户提供多样化金融产品及服务,包括企业贷款、贴现票 据、企业存款及中间业务产品及服务,如:结算、票据管理、现金管理、投资银行、托管及公司理财。资 金业务主要包括金融市场业务,如:市场交易、投资、同业融资及票据贴现。资金业务还包括资产管理。 主营业务收入构成为：个人银行业务65.15%，公司银行业务22.71%，资金运营业务12.10%，其他业务 0.04%。 从基金十大重仓股角度 东方红 ...

Investment Rating - The investment rating for Postal Savings Bank is "Buy-A" with a target price of 7.03 CNY over the next six months [5]. Core Views - The report highlights that the bank's performance has shown improvement in growth rates compared to the mid-year report, driven primarily by the expansion of interest-earning assets and a notable increase in non-interest income [1][10]. - The bank's credit growth is robust, particularly in corporate loans, while retail lending remains resilient despite industry pressures [2][11]. - The bank's asset quality is maintained at a high level, with a non-performing loan ratio of 0.94% and a sufficient provision coverage ratio of 240.21% [10][11]. Summary by Sections Financial Performance - For the first three quarters of 2025, Postal Savings Bank reported a revenue growth of 1.82% year-on-year, with a pre-provision profit increase of 8.16% and a net profit growth of 0.98% [1]. - The bank's total assets grew by 11.10% year-on-year, with a net increase of 415.1 billion CNY in the third quarter alone [1][2]. Loan and Deposit Growth - Corporate loans increased by 19.87% year-on-year, reflecting a strong performance in the corporate lending sector [2]. - Retail loans grew by 2.92% year-on-year, outperforming the industry average, with a focus on high-quality borrowers and core urban areas [2]. Interest Margin and Cost Management - The net interest margin for the first three quarters of 2025 was 1.68%, showing a slight decline but remaining competitive within the industry [4][9]. - The bank has successfully reduced its cost of interest-bearing liabilities, contributing to a stable interest margin [9]. Non-Interest Income and Investment Performance - Non-interest income increased by 23.48% year-on-year, with significant contributions from investment gains and fees [10]. - The bank's investment strategy has proven effective, particularly in volatile market conditions, leading to improved investment returns [10]. Future Outlook - The bank is expected to continue supporting key sectors such as small and micro enterprises while optimizing its loan portfolio [11]. - Revenue growth is projected at 1.43% for 2025, with net profit growth anticipated at 2.65% [11].

Core Insights - The company achieved a revenue of 265.1 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 1.8%, with an increase of 0.3 percentage points compared to the first half of the year [1] - The net profit attributable to shareholders reached 76.6 billion yuan, growing by 1.0% year-on-year, with a 0.2 percentage point increase from the first half of the year [1] - The annualized weighted average ROE was 10.7%, a decrease of 1.1 percentage points year-on-year [1] Financial Performance - Total assets grew by 11.1% year-on-year to 18.6 trillion yuan, an increase of 8.9% from the beginning of the year [1] - Customer deposits increased by 6.1% year-to-date to 16.2 trillion yuan, while total loans rose by 8.3% to 9.7 trillion yuan [1] - Corporate loans surged by 17.9% year-to-date, driven by increased credit allocation to advanced manufacturing, green finance, technology finance, and inclusive finance [1] - Personal loans grew by 1.9% year-to-date, while bill discounting slightly decreased [1] Capital and Asset Quality - The company completed capital replenishment, with a core Tier 1 capital adequacy ratio of 10.65% at the end of Q3, up by 1.09 percentage points from the beginning of the year [1] - The average net interest margin for the first three quarters was 1.68%, down by 21 basis points year-on-year, with net interest income decreasing by 2.1% [1] - The non-interest income from fees grew by 11.5% year-on-year to 23.1 billion yuan, supported by rapid development in investment banking, transaction banking, custody, and wealth management [2] - Other non-interest income increased by 27.5% year-on-year to 31.5 billion yuan, mainly due to gains from bond and bill trading [2] - The annualized non-performing loan generation rate was 0.93%, up by 0.14 percentage points year-on-year, with a non-performing loan ratio of 0.94% at the end of Q3, an increase from the beginning of the year [2] - The coverage ratio for provisions was 240%, down by 46 percentage points from the beginning of the year [2] Investment Outlook - The company maintained its profit forecast, expecting net profits attributable to shareholders of 86.6 billion yuan, 87.2 billion yuan, and 88.3 billion yuan for 2025-2027, with year-on-year growth rates of 0.2%, 0.7%, and 1.2% respectively [2] - The diluted EPS is projected to be 0.67, 0.67, and 0.68 yuan for the same period, with current stock prices corresponding to PE ratios of 8.9, 8.8, and 8.7 times, and PB ratios of 0.72, 0.68, and 0.65 times [2]

证 券 研 究 报 告 邮储银行（601658）2025 年三季报点评 推荐（维持） 非息支撑营收提速，对公零售均衡发展 事项： ❖ 10 月 30 日晚，邮储银行披露 2025 年三季报，1-9 月实现营业收入 2,650.80 亿 元，同比增长 1.82%（上半年+1.50%）；归母净利润 765.62 亿元，同比增长 0.98%（上半年+0.85%）。不良率 0.94%，环比上升 2bp；拨备覆盖率 240.21%， 环比下降 20.2pct。 评论： 公司研究 国有大型银行Ⅲ 2025 年 10 月 31 日 目标价：8.10 元/7.72 港元 当前价：5.91 元/5.73 港元 华创证券研究所 证券分析师：贾靖 邮箱：jiajing@hcyjs.com 执业编号：S0360523040004 证券分析师：徐康 电话：021-20572556 邮箱：xukang@hcyjs.com 执业编号：S0360518060005 证券分析师：林宛慧 邮箱：linwanhui@hcyjs.com 执业编号：S0360524110001 公司基本数据 | 总股本(万股) | 12,009,505.35 | | ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][8] Core Views - The company has shown positive growth in revenue and profit, with a revenue of 265.1 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 1.8% [1] - The net profit attributable to shareholders for the same period was 76.6 billion yuan, also reflecting a year-on-year growth of 1.0% [1] - The company's total assets increased by 11.1% year-on-year to 18.6 trillion yuan, with corporate loans growing significantly by 17.9% [1] - The net interest margin has decreased to 1.68%, down 21 basis points year-on-year, while non-interest income has seen a robust growth of 11.5% [2] - Asset quality pressures have increased, with a non-performing loan ratio of 0.94% at the end of the third quarter [2] Financial Performance Summary - For 2025, the company is projected to achieve a net profit of 86.6 billion yuan, with a slight growth rate of 0.2% [3][4] - The diluted EPS is expected to remain stable at 0.67 yuan for 2025, with a PE ratio of 8.9x [3][4] - The core Tier 1 capital adequacy ratio improved to 10.65%, up 1.09 percentage points from the beginning of the year [1] - The company’s total assets are forecasted to reach 18.79 trillion yuan by 2025, with a year-on-year growth of 10.0% [6]

Core Viewpoint - Postal Savings Bank of China (PSBC) has reported a steady growth in revenue and net profit for the first three quarters of 2025, emphasizing its commitment to strategic upgrades, innovation, and risk management while aiming to become a leading large retail bank with a focus on inclusivity and stability [2][3]. Financial Performance - For the first three quarters of 2025, PSBC achieved operating income of CNY 265.08 billion, a year-on-year increase of 1.82% [3] - Net profit reached CNY 76.794 billion, reflecting a growth of 1.07% year-on-year [3] - The net interest margin stood at 1.68%, maintaining an excellent industry level, with net interest income showing quarterly improvement [3] - Non-interest income grew by 11.48%, with other non-interest income increasing by 27.52% [3] Risk Management - As of September 2025, the non-performing loan (NPL) ratio was 0.94%, continuing a long-standing low trend [4] - The core Tier 1 capital adequacy ratio improved to 10.65%, up by 1.09 percentage points from the previous year [4][5] Asset and Liability Management - PSBC's loans increased by CNY 742.689 billion, with corporate loans rising by 17.91% [6] - Deposits grew by CNY 928.903 billion, a 6.08% increase, with corporate deposits up by 12.19% [6] - The average interest rate on interest-bearing liabilities decreased to 1.22%, down by 25 basis points from the previous year [6] Strategic Initiatives - PSBC is enhancing its service model to support rural finance, small and micro enterprises, and green finance, with significant loan balances in these areas [7][8] - The bank has established technology finance departments in six major cities to support innovation in the tech sector, with technology loans exceeding CNY 940 billion [8] - PSBC is actively promoting consumption through targeted loan policies, resulting in a significant increase in non-housing consumer loans [10] Organizational Development - The bank is implementing "Five Major Actions" and "Seven Major Reforms" to optimize its operational structure and enhance competitiveness [11][13] - Focus areas include improving service efficiency in urban and rural areas, enhancing digital banking capabilities, and fostering a collaborative environment for corporate clients [12][13] Future Outlook - PSBC aims to align its strategies with national economic goals and enhance its role in supporting the real economy while contributing to financial stability [13]

Core Insights - The six major state-owned banks in China reported a year-on-year increase in both operating income and net profit for the first three quarters of 2025, with operating income reaching approximately 2.73 trillion yuan and net profit around 1.72 trillion yuan, reflecting growth rates of 1.87% and 1.22% respectively [1][2] Financial Performance - All six banks achieved positive year-on-year growth in revenue and net profit, with Bank of China and Industrial and Commercial Bank of China leading in revenue growth rates of 2.69% and 2.17% respectively [2] - Agricultural Bank of China reported a net profit growth rate exceeding 3%, specifically at 3.03%, while other banks like Bank of Communications and Bank of China also showed net profit growth above 1% [2] - The absolute profit figures for the banks were significant, with Industrial and Commercial Bank of China earning approximately 269.9 billion yuan, followed by China Construction Bank at 257.4 billion yuan and Agricultural Bank of China at 220.9 billion yuan [2] Net Interest Margin - The net interest margin (NIM) for most banks continued to decline, with only Bank of Communications showing a year-on-year increase in net interest income of 1.46% [3] - The decline in NIM was less severe compared to the first half of the year, with quarterly declines ranging from 0.01 to 0.04 percentage points [3] Asset Quality and Growth - By the end of the third quarter, total assets of the six banks approached 218 trillion yuan, marking a growth of approximately 1.85% since mid-year [1][4] - The total loan amount exceeded 127 trillion yuan, with a growth of around 9 trillion yuan compared to the end of the previous year, particularly driven by Bank of China, Postal Savings Bank, and Agricultural Bank of China, all showing growth rates above 8% [4] Provision Coverage - The overall asset quality showed improvement, with five banks reporting a decrease in non-performing loan ratios compared to the end of the previous year, while Postal Savings Bank experienced a slight increase [4] - The provision coverage ratio for Agricultural Bank of China remained the highest among the banks, although it decreased from approximately 299.61% to 295.08% [5] Market Capitalization - As of October 30, Agricultural Bank of China led in market capitalization at approximately 2.74 trillion yuan, followed by Industrial and Commercial Bank of China at about 2.59 trillion yuan [5] - Agricultural Bank of China was noted as the only major state-owned bank with a price-to-book (PB) ratio recovering to above 1 [5]