Core Viewpoint - Postal Savings Bank of China has received approval from the National Financial Regulatory Administration to establish China Post Financial Asset Investment Co., Ltd, aiming to enhance comprehensive service capabilities and support technological innovation and private enterprises [1] Group 1 - The registered capital of China Post Investment is set at 10 billion yuan [1] - China Post Investment will be managed as a wholly-owned first-level subsidiary of Postal Savings Bank [1] - The establishment of China Post Investment is intended to promote high-quality development and support the development of new productive forces through market-oriented debt-to-equity swaps and equity investment pilots [1]

这份迫切需求能被迅速捕捉，源于邮储银行南充市分行早已搭建的"金融+商会+企业"融资对接长 效机制，通过与南充市工商联签署战略合作协议，约定在资源共享、融资服务、企业培育等领域开展全 方位合作。因此，邮储银行南充市分行通过常态化走访、动态化摸排，得知马回电力的困境后，分行迅 速组建专项服务团队，深入企业生产一线，不仅详细核查经营状况、技术改造规划，更结合电力行业资 金周转特点，精准测算资金需求额度与使用周期，为定制化方案奠定基础。 "我们始终认为，优质的金融服务始于对企业需求的深刻理解。"邮储银行南充市分行相关负责人表 示，对民生保障型企业的服务不能停留在被动响应，而要通过长效联络机制实现"提前预判、主动对 接"，让金融服务与企业发展同频共振。 方案定制："抵押+信用"破解融资痛点 电力企业虽经营稳定、现金流可靠，但传统信贷中对抵押物的单一要求，往往使其陷入"有信用无 抵押、有需求难融资"的困境。针对这一痛点，邮储银行南充市分行创新推出"抵押+信用"组合贷款方 案，从额度、期限、担保、利率等多维度实现精准适配。 在南充市经济高质量发展的版图上，四川马回电力股份公司这样的老牌民生保障企业，既是区域运 行的"稳定器 ...

Group 1 - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China was held from October 20 to 23 in Beijing, where the "15th Five-Year Plan" for national economic and social development was approved, outlining China's development blueprint for the next five years [1] - The session emphasized the importance of focusing on the real economy, enhancing the vitality of various business entities, and improving people's livelihoods to promote common prosperity [1] - Financial institutions expressed their commitment to support key areas such as technological innovation, green and low-carbon initiatives, and rural revitalization, aligning their services with the goals of the "15th Five-Year Plan" [1][2] Group 2 - The Bank of China in Guangdong plans to leverage regional advantages to enhance resource allocation and innovate service models in areas like financial connectivity and modern industrial construction [2] - The session highlighted the need for a strong domestic market and a new development pattern, focusing on expanding domestic demand and promoting effective investment [3] - Agricultural modernization and rural revitalization were identified as key components for supporting economic recovery and high-quality development [3][4] Group 3 - Financial institutions are encouraged to transform traditional services into value-creating platforms that integrate digital empowerment and community services [3] - The Agricultural Development Bank of China aims to support food security and urban-rural integration as part of its commitment to the agricultural strong nation goal [3] - The importance of financial support for rural revitalization and the development of new agricultural productivity was emphasized by various banking representatives [4]

Core Viewpoint - Postal Savings Bank of China (PSBC) has experienced fluctuations in its stock price, with a year-to-date increase of 8.34% and a recent decline in trading activity, indicating mixed investor sentiment [1][2]. Company Overview - PSBC, established on March 6, 2007, and listed on December 10, 2019, is headquartered in Beijing and provides a range of banking and financial services in China [2]. - The bank's main business segments include personal banking (65.15% of revenue), corporate banking (22.71%), and funding operations (12.10%) [2]. - The bank operates in the categories of state-owned large banks and is associated with concepts such as low price-to-earnings ratio and net asset value [2]. Financial Performance - As of June 30, 2025, PSBC reported a net profit of 49.228 billion yuan, reflecting a year-on-year growth of 0.85% [3]. - The bank has distributed a total of 137.796 billion yuan in dividends since its A-share listing, with 77.395 billion yuan distributed over the past three years [4]. Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 10.31% to 164,100, while the average number of circulating shares per person increased by 11.66% to 415,086 shares [3]. - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with significant increases in their holdings compared to previous periods [4].

Core Viewpoint - The A-share listed banks are expected to show overall revenue and net profit growth in the third quarter of 2025, with improvements in asset quality and a narrowing decline in net interest margins [1][2][3]. Group 1: Financial Performance - Huaxia Bank reported operating income of 64.881 billion yuan, a year-on-year decrease of 8.79%, and net profit attributable to shareholders of 17.982 billion yuan, down 2.86%, with a narrowing decline of 5.09 percentage points compared to the first half of the year [1]. - Chongqing Bank achieved operating income of 11.740 billion yuan, a year-on-year increase of 10.40%, and net profit of 5.196 billion yuan, up 10.42% [2]. - Ping An Bank reported operating income of 100.668 billion yuan, a year-on-year decrease of 9.8%, and net profit of 38.339 billion yuan, down 3.5%, with a narrowing decline compared to the first half of the year [2]. Group 2: Market Trends - Ten banks have seen shareholding increases from shareholders and executives this year, indicating a positive outlook for the banking sector amid macroeconomic stabilization and easing monetary policy [3]. - Analysts expect cumulative revenue and net profit for listed banks in the first three quarters of 2025 to grow by 0.4% and 1.1% year-on-year, respectively, driven by a narrowing decline in net interest margins and reduced credit costs [3]. Group 3: Interest Margin Outlook - Zhongtai Securities suggests that the net interest margin for banks may stabilize in the third quarter due to reduced re-pricing pressure on assets and a greater decline in deposit rates compared to the Loan Prime Rate (LPR) [4]. - The projected increase in net interest margin for the third and fourth quarters is 0.7 basis points and 0.3 basis points, respectively, indicating stability in the banking sector [4]. Group 4: Related Stocks - Goldman Sachs reported that the A-shares and H-shares of major banks have recorded absolute returns of 12% and 21% year-to-date, driven by improvements in asset quality and narrowing declines in net interest margins [5]. - Ping An Insurance increased its stake in Postal Savings Bank, acquiring 6.416 million shares at an average price of 5.3638 HKD per share [6].

Core Insights - The article emphasizes the abundance of bank wealth management products with similar names and vague characteristics, urging investors to carefully select and differentiate among them [1] - The South Finance Wealth Management team aims to reduce investors' selection costs by focusing weekly on the performance of wealth management products available through various distribution channels [1] Summary by Category Performance Rankings - The current focus is on the performance of public offering products with a minimum holding period in RMB, categorized by holding periods of 7 days, 14 days, 30 days, and 60 days, with annualized returns as the performance metric [1] - The ranking includes 28 distribution institutions such as Industrial and Commercial Bank of China, Bank of China, Agricultural Bank of China, and others [1] Product Availability - The list of products is based on their "on-sale" status, which is determined by their investment cycle; however, actual availability may vary due to factors like sold-out quotas or differences in product listings for different customers [1] - Investors are advised to refer to the actual display on the distribution bank's app for the most accurate information [1] Weekly Updates - The article provides a weekly update on the performance of wealth management products, with specific attention to the lowest holding period products for the week of October 27 to November 2 [5][8][11]

Core Insights - The article highlights the positive impact of financial services on local farmers in Xinbin Manchu Autonomous County, particularly in the ginseng cultivation sector, where prices have reached 34 yuan per kilogram, leading to significant income potential for farmers [1] - Postal Savings Bank of China (PSBC) is actively providing tailored financial solutions to support the local agricultural industry, focusing on the cultivation, processing, and sales of traditional Chinese medicine [4] Group 1: Financial Support Initiatives - PSBC has implemented a green loan channel to facilitate quick access to funds for farmers, with loans being processed and disbursed within half an hour during the ginseng harvest season [2] - The bank promotes flexible loan models such as "borrow and repay as needed" and offers no-repayment extension services for farmers with long cultivation cycles, effectively alleviating their financial pressure [2] Group 2: Long-term Partnerships - The relationship between farmers and PSBC is characterized by long-term support, as exemplified by a farmer who has transitioned from a simple cultivator to a small business owner through consistent financial backing over seven years [3] - The bank's financial assistance has enabled farmers to expand their operations, invest in infrastructure, and diversify their business activities, contributing to their overall economic growth [3] Group 3: Industry Development and Value Chain Enhancement - PSBC's financial support extends beyond cultivation to include processing and sales, thereby enhancing the entire value chain of the traditional Chinese medicine industry [4] - The cumulative financial loans provided by PSBC in the current year amount to 2.69 billion yuan, significantly contributing to the development of the local medicinal herb industry and supporting rural revitalization efforts [4]

Core Viewpoint - In the context of sustained pressure on net interest margins, many small and medium-sized banks are initiating a new round of interest rate cuts, actively lowering the upper limit of deposit rates to create space for profit growth [1][5]. Group 1: Deposit Rate Adjustments - Some banks have quietly started aggressive deposit collection efforts as the year-end approaches, combining this with refined and tiered customer management to stabilize general deposits while effectively controlling liability costs [1][2]. - Since early October, several small and medium-sized banks have held fourth-quarter operational meetings, emphasizing the importance of achieving a successful year-end while preparing for a strong start in the first quarter of the following year [2][3]. - The recent adjustment of deposit rates has led to most market deposit products entering the "1" range, with major state-owned banks' two-year, three-year, and five-year fixed deposit rates set at 1.05%, 1.25%, and 1.3% respectively [3][4]. Group 2: Competitive Strategies - Some banks are offering cash rewards for customers who meet core asset thresholds, with activities designed to encourage customers to keep their deposits [2][3]. - The actual execution rates for certain term deposits have seen some upward adjustments compared to the listed rates, indicating a competitive landscape among banks [4][6]. - Banks are increasingly adopting differentiated deposit strategies targeting specific customer segments, particularly offering higher rates and lower minimum deposit thresholds for older customers [7]. Group 3: Market Trends and Challenges - The continuous narrowing of net interest margins is a common challenge faced by the banking industry, prompting a focus on managing liability costs more effectively [4][5]. - The People's Bank of China has emphasized the need to lower overall bank liability costs to alleviate pressure on net interest margins, which has led to recent adjustments in deposit rates [5][6]. - The phenomenon of interest rate inversion, where shorter-term deposits offer higher rates than longer-term ones, is emerging as banks anticipate future cost pressures on long-term liabilities [6][7].

Investment Rating - The investment rating for the banking industry is "Positive" and is maintained [10] Core Insights - The A-share risk appetite has temporarily rebounded, with the banking index lagging behind, while H-shares of major banks have outperformed. The proportion of southbound holdings has increased, indicating a sustained interest in H-shares due to their undervaluation and high dividend characteristics [2][9] - The central bank's report for Q3 2025 indicates a negative growth rate for real estate loans, with a year-on-year decline of 0.1%. This marks the first negative growth in real estate development loans since Q2 2022, primarily driven by weak sales [6][7][39] - The performance of banks that have disclosed their Q3 results shows an upward trend in profit growth, with interest income rebounding. Chongqing Bank reported a surprising growth of over 10% in the first three quarters [8][49] Summary by Sections Banking Index Performance - The banking index rose by 1.3% this week, underperforming compared to the CSI 300 and ChiNext indices, which saw excess returns of -1.9% and -6.7% respectively. Agricultural Bank of China H-shares led the gains with a 7.9% increase, while the A/H share growth for Agricultural Bank reached 56.4% and 43.6% respectively [2][9][18] Loan Trends - The central bank's Q3 report shows that the proportion of corporate loans has increased, while industrial medium- and long-term loan growth has declined to 9.7%, down 1.5 percentage points from the previous quarter. Real estate loans have turned negative, with development loans down 1.3% year-on-year, reflecting weak sales [6][38][39] - Personal housing loans also saw a year-on-year decline of 0.3%, with a net decrease of 292.1 billion yuan in Q3, indicating ongoing weakness in the housing market [7][39] Bank Earnings Reports - As of October 24, banks such as Huaxia Bank, Ping An Bank, and Chongqing Bank have reported their Q3 earnings. Chongqing Bank's performance exceeded expectations with over 10% growth, while Huaxia and Ping An faced challenges due to non-interest income declines [8][49][51] Market Dynamics - The market dynamics indicate a recovery in trading volumes and turnover rates for bank stocks, with a notable increase in the turnover rate for joint-stock banks. The overall trading environment for bank stocks is expected to improve as previous funding pressures ease [29][30]

Group 1: Core Points of the Meeting - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China was held from October 20 to 23, 2025, in Beijing, where the "15th Five-Year Plan" was discussed, outlining China's development blueprint for the next five years [1] - Major state-owned banks held meetings to convey the spirit of the plenary session and to plan the implementation of the "15th Five-Year Plan" [1] Group 2: Industrial Bank Responses - Industrial and Commercial Bank of China emphasized supporting economic stability and high-quality development, integrating major tasks from the "15th Five-Year Plan" [2] - Agricultural Bank of China focused on enhancing financial services for rural areas and supporting agricultural modernization, while also promoting domestic demand and effective investment [3] - Bank of China aimed to improve global competitiveness and support the internationalization of the RMB, while enhancing financial services for the Belt and Road Initiative [4] - China Construction Bank highlighted its role in supporting advanced manufacturing and infrastructure development, while also enhancing risk management [5] - Bank of Communications stressed the importance of public engagement in planning and maintaining economic recovery momentum [7] - Postal Savings Bank of China committed to high-quality development and effective financial services, aligning with national strategic goals [8]