FF301 本月底法定/註冊股本總額： RMB 120,095,053,492 | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601658 | 說明 | | A股(上海證券交易所) | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 100,238,886,492 | RMB | | 1 RMB | | 100,238,886,492 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 100,238,886,492 | RMB | | 1 RMB | | 100,238,886,492 | 致：香港交易及結算所有限公司 公司名稱: 中國郵政儲蓄銀行股份有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀 ...

Core Viewpoint - Postal Savings Bank of China (PSBC) shows a stable performance with a recent stock price increase and a solid dividend yield, indicating potential investment attractiveness in the context of state-owned enterprise reforms [1][2]. Financial Performance - PSBC's recent three-year dividend yields are 5.58%, 6.00%, and 4.61% respectively, reflecting a consistent return to shareholders [2]. - As of September 30, 2025, PSBC reported a net profit of 765.62 billion yuan, a year-on-year increase of 0.98% [7]. Market Activity - On November 4, PSBC's stock rose by 2.42%, with a trading volume of 1.309 billion yuan and a turnover rate of 0.33%, leading to a total market capitalization of 710.963 billion yuan [1]. - The stock has seen a net inflow of 1.04 million yuan today, with no significant trend in major shareholder activity [3][4]. Shareholder Structure - As of September 30, 2025, the number of PSBC shareholders decreased by 13.09% to 142,600, while the average circulating shares per person increased by 15.29% to 478,570 shares [7]. - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable reductions in their holdings [8][9]. Business Overview - PSBC, established in 2007 and listed in 2019, primarily offers banking and financial services in China, with personal banking contributing 65.15% to its revenue, corporate banking 22.71%, and funding operations 12.10% [6]. - The bank operates under the categories of state-owned large banks, with a focus on long-term value and low price-to-earnings ratios [6].

Core Insights - Postal Savings Bank of China (PSBC) in Quanzhou is actively supporting local rural industries through targeted financial services, focusing on marine and agricultural sectors [1][4] - The bank has provided significant loans to fishermen and agricultural enterprises, facilitating the transition from traditional practices to modernized operations [2][3] Marine Economy - The marine economy is identified as a key growth driver for rural revitalization in Quanzhou, with PSBC developing a comprehensive financial service system tailored to marine industry needs [1] - As of September 2025, PSBC's agricultural loans reached CNY 19.7 billion, with inclusive agricultural loans at CNY 7.7 billion, supporting local marine industry development [1] Financial Support for Fishermen - PSBC has issued over CNY 1.2 billion in marine fishery loans, benefiting nearly 738 fishermen and enabling them to modernize their operations [2] - The bank's innovative loan products, such as "fishing boat mortgage loans" and "Fuhai loans," have been crucial in providing timely financial support during critical periods like the fishing season [2] Agricultural Development - The bank is also focusing on the mountainous regions of Quanzhou, promoting specialty agriculture through products like "Fucha loans" and "Fuguo loans" to enhance local agricultural output [2][3] - In Anxi, the tea industry has seen significant growth, with 60,000 acres of standardized tea gardens producing 31,000 tons and generating a value of CNY 6.8 billion in the first half of 2025 [3] Overall Impact - PSBC's financial initiatives have effectively expanded the scale and efficiency of rural industries in Quanzhou, contributing to farmers' income growth and supporting the implementation of rural revitalization strategies [4] - The bank plans to continue optimizing its financial services and increasing credit investments to further empower local industries [4]

Core Viewpoint - The banking sector is experiencing a strong performance, with several banks seeing significant stock price increases, indicating a seasonal "tailwind" for bank stocks as they enter a favorable investment period from November to January [1][4]. Group 1: Market Performance - On November 4, various banks such as Xiamen Bank and CITIC Bank saw stock price increases of over 4% and 2% respectively, with the Bank AH Preferred ETF also rising nearly 2% [1]. - Historical data shows that from November to December, the banking sector has a 70% probability of generating absolute returns, which increases to 80% in January [4]. Group 2: Investment Trends - Insurance funds have been increasing their holdings in bank stocks since the third quarter, with a notable shift in strategy towards A-share state-owned banks like Agricultural Bank and Postal Savings Bank [4][5]. - Major insurance companies, such as Ping An Life and China Life, are adjusting their investment focus, with Ping An Life increasing its stake in Agricultural Bank and Postal Savings Bank [5][6]. Group 3: Market Conditions - The banking sector's strong performance is attributed to limited market information at the beginning of the year and the traditional "credit opening red" practice in January, which provides more certainty for bank operations [4]. - The current low-interest-rate environment has made high-dividend assets more attractive, enhancing the appeal of bank stocks for long-term investors [9].

Core Viewpoint - Postal Savings Bank of China (601658) (01658) maintains positive profit growth outlook for Q3 2025, with a year-on-year increase in net profit attributable to shareholders of 1.2%, a slowdown from 4.8% in Q2 2025 [1] Financial Performance - In Q3 2025, the net profit attributable to shareholders increased by 1.2% year-on-year, showing a deceleration compared to the 4.8% growth in Q2 2025 [1] - The bank's asset quality remains strong, with net interest margins at 1.68% as of September 2025, down from 1.7% at the end of June 2025, and a decline of 19 basis points and 17 basis points compared to the end of 2024 respectively [1] Valuation and Rating - China International Capital Corporation (CICC) indicates that the asset quality of Postal Savings Bank remains robust and the valuation is still attractive [1] - The target price for H-shares has been raised from HKD 6.35 to HKD 6.84, equivalent to a forecasted price-to-book ratio of 0.7 times for this year, maintaining a "Buy" rating [1]

Core Viewpoint - Xiamen Bank's stock price increased by over 5%, while other banks such as CITIC Bank, Shanghai Bank, Chongqing Bank, Industrial Bank, China Merchants Bank, Postal Savings Bank, Industrial and Commercial Bank of China, and Agricultural Bank of China saw their stock prices rise by over 2% [1] Group 1 - Xiamen Bank experienced a significant stock price increase of more than 5% [1] - Several major banks, including CITIC Bank and Shanghai Bank, reported stock price increases exceeding 2% [1] - The overall positive trend in stock prices indicates a favorable market sentiment towards these banks [1]

Core Viewpoint - Postal Savings Bank of China (01658) maintains positive profit growth outlook for Q3 2025, with a year-on-year net profit increase of 1.2% in Q3, slowing from 4.8% in Q2 [1] Group 1: Financial Performance - The net profit attributable to shareholders for Q3 2025 increased by 1.2% year-on-year, showing a deceleration compared to the 4.8% growth in Q2 2025 [1] - The bank's asset quality remains excellent, with net interest margins at 1.68% as of September 2025, down from 1.7% at the end of June 2025, and a decrease of 19 basis points and 17 basis points compared to the end of 2024 respectively [1] Group 2: Valuation and Recommendations - CICC has raised the target price for Postal Savings Bank's H-shares from HKD 6.35 to HKD 6.84, which corresponds to a forecasted price-to-book ratio of 0.7 times for this year, indicating attractive valuation [1] - The bank's asset quality is described as robust, and the recommendation remains a "Buy" rating [1]

Core Viewpoint - The banking sector is experiencing a strong upward trend, with several banks showing significant stock price increases [1] Group 1: Stock Performance - Xiamen Bank has seen its stock price rise by over 5% [1] - Other banks including CITIC Bank, Chongqing Bank, Shanghai Bank, Industrial Bank, China Merchants Bank, Postal Savings Bank, Agricultural Bank, Industrial and Commercial Bank, and Jiangyin Bank have all increased by over 2% [1]

Group 1 - Postal Savings Bank of China (PSBC) shares increased by 2.08% on November 4, reaching 5.90 CNY per share, with a trading volume of 431 million CNY and a market capitalization of 708.56 billion CNY [1] - Year-to-date, PSBC's stock price has risen by 8.90%, with a 2.80% decline over the last five trading days, a 1.20% increase over the last 20 days, and a 2.43% increase over the last 60 days [1] - As of September 30, 2025, PSBC reported a net profit of 76.56 billion CNY, reflecting a year-on-year growth of 0.98% [3] Group 2 - PSBC's main business segments include personal banking (65.15% of revenue), corporate banking (22.71%), and funding operations (12.10%) [2] - The bank has distributed a total of 137.80 billion CNY in dividends since its A-share listing, with 77.40 billion CNY distributed over the last three years [4] - As of September 30, 2025, the number of PSBC shareholders decreased by 13.09% to 142,600, while the average circulating shares per person increased by 15.29% to 478,570 shares [3]

Core Insights - The report highlights that 44 brokerage firms have invested in 351 stocks, with a total holding value exceeding 66 billion yuan as of the end of Q3 [2][3] - High-end manufacturing and technology sectors are identified as popular investment directions for brokerages, reflecting a shift towards structural opportunities in the equity market [2][3] Brokerage Holdings Overview - The top 10 stocks held by brokerages by market value include Muyuan Foods, Guangqi Technology, and Cangge Mining, with holdings exceeding 1 billion yuan for several stocks [3][4] - The distribution of holdings indicates a strong focus on sectors such as machinery, pharmaceuticals, electronics, and basic chemicals, with the highest number of stocks in machinery equipment (35 stocks) and pharmaceuticals (28 stocks) [3][4] Trading Activity - Brokerages have entered 186 new stocks, with notable new positions including Postal Savings Bank and China Foreign Transport, each exceeding 30 million shares [4] - A total of 69 stocks saw increased holdings, particularly in the basic chemicals and transportation sectors, while 61 stocks were reduced, indicating a selective approach to portfolio management [5][4] Self-Operated Business Performance - Self-operated business remains the largest revenue contributor for brokerages, with a reported income of 186.857 billion yuan in the first three quarters, marking a 43.83% year-on-year increase [6][7] - Major brokerages like CITIC Securities and Guotai Junan reported significant growth in self-operated income, driven by a recovering equity market and strategic asset allocation [6][7] Market Trends and Analysis - Analysts note that the active trading environment and increased margin financing have positively impacted brokerage performance, with a significant rise in average daily trading volume [7] - The shift towards equity assets and the reduction in bond investments reflect a broader trend of rebalancing within the brokerage sector [7]