Core Viewpoint - The six major state-owned banks in China reported stable growth in operating performance for the first three quarters of 2025, achieving a total operating income of approximately 2.73 trillion yuan and a net profit attributable to shareholders of 1.07 trillion yuan, despite pressures to reduce costs for the real economy [3][4]. Group 1: Financial Performance - The six major banks collectively achieved a net profit of over 389.8 billion yuan in the third quarter, averaging over 4.2 billion yuan in daily profit [3]. - All six banks reported positive year-on-year growth in both operating income and net profit for the first three quarters [3][4]. - The Industrial and Commercial Bank of China (ICBC) led with a net profit of 269.9 billion yuan, followed by China Construction Bank (CCB) and Agricultural Bank of China (ABC) with net profits of 258.4 billion yuan and 220.9 billion yuan, respectively [4][6]. Group 2: Profit Growth Disparities - The net profit growth rates varied significantly among the banks, with ABC leading at 3.03%, while CCB, ICBC, and Postal Savings Bank of China (PSBC) had growth rates below 1% [5][7]. - China Bank's net profit growth in the third quarter was 5.09%, attributed to improved asset quality and reduced tax rates [7]. Group 3: Revenue Trends - All six banks achieved positive revenue growth, with ICBC, ABC, CCB, and China Bank showing growth rates of 2.17%, 1.97%, 0.82%, and 2.69%, respectively [8]. - China Bank experienced the fastest revenue growth, driven by strong non-interest income, while CCB faced significant pressure leading to the lowest growth rate [8]. Group 4: Net Interest Margin - The net interest margin (NIM) for the six banks continued to decline, with PSBC having the highest NIM at 1.68%, followed by CCB and ABC at 1.36% and 1.30%, respectively [10][11]. - The decline in NIM is a significant challenge for the banking sector, impacting interest income and overall revenue [9][10]. Group 5: Non-Interest Income - Non-interest income has become a crucial supplement to profitability, with ABC and PSBC achieving double-digit growth in fee and commission income [12]. - Investment income for five of the six banks showed positive growth, effectively offsetting the pressure from declining NIM [12].

Core Insights - The six major state-owned banks in China reported double growth in revenue and net profit for the first three quarters of the year, achieving a total profit of 1.07 trillion yuan [2] - China Bank had the fastest revenue growth, while Industrial and Agricultural Banks led in total net profit and year-on-year growth [2] - The net interest margin showed a downward trend across all banks, indicating a potential challenge in profitability [3] Revenue Summary - The revenue figures for the six banks are as follows: Industrial Bank 640.03 billion yuan, Agricultural Bank 550.88 billion yuan, Construction Bank 573.70 billion yuan, China Bank 491.20 billion yuan, Postal Savings Bank 265.08 billion yuan, and Transportation Bank 199.65 billion yuan, with year-on-year growth rates of 2.17%, 1.97%, 0.82%, 2.69%, 1.82%, and 1.80% respectively [2] Net Profit Summary - The net profit figures for the banks are: Industrial Bank 269.91 billion yuan, Agricultural Bank 220.86 billion yuan, Construction Bank 257.36 billion yuan, China Bank 177.66 billion yuan, Postal Savings Bank 76.56 billion yuan, and Transportation Bank 69.99 billion yuan, with year-on-year growth rates of 0.33%, 3.03%, 0.62%, 1.08%, 0.98%, and 1.90% respectively [2] Asset Quality - The non-performing loan ratios for the banks as of September 30 are: Industrial Bank 1.33%, Agricultural Bank 1.27%, Construction Bank 1.32%, China Bank 1.24%, Postal Savings Bank 0.94%, and Transportation Bank 1.26%, all showing improvement compared to the end of the previous year [3] Dividend Distribution - The proposed dividend distributions per 10 shares are: Industrial Bank 1.414 yuan, Agricultural Bank 1.195 yuan, Construction Bank 1.858 yuan, China Bank 1.094 yuan, Postal Savings Bank 1.230 yuan, and Transportation Bank 1.563 yuan, totaling 204.66 billion yuan, with Construction Bank having the highest payout [3] Market Performance - The stock prices of the four major banks have seen varying degrees of increase this year, with Agricultural Bank up 57.72%, Industrial Bank 18.05%, Construction Bank 10.06%, and China Bank 7.12%, leading to Agricultural Bank ranking second in global bank market capitalization [3] Analyst Outlook - Morgan Stanley's report suggests that profits for major Chinese banks are expected to remain stable, with dividend yields around 6%-7%, indicating that large state-owned banks are considered safe investment choices [4]

华泰柏瑞沪深300ETF（510300）基金经理为柳军。 截至发稿，柳军累计任职时间16年154天，现任基金资产总规模5425.04亿元，任职期间最佳基金回报 154.72%， 任职期间最差基金回报-45.64%。 从邮储银行十大流通股东角度 数据显示，华泰柏瑞基金旗下1只基金位居邮储银行十大流通股东。华泰柏瑞沪深300ETF（510300）三 季度减持918.03万股，持有股数1.88亿股，占流通股的比例为0.22%。根据测算，今日浮亏损失约 3011.94万元。连续3天下跌期间浮亏损失6023.87万元。 华泰柏瑞沪深300ETF（510300）成立日期2012年5月4日，最新规模4255.81亿。今年以来收益22.57%， 同类排名2627/4216；近一年收益24.14%，同类排名2202/3889；成立以来收益119.32%。 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 ...

Core Insights - The six major state-owned banks in China reported a total operating income of approximately 2.73 trillion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 1.87% [3] - The net profit attributable to shareholders reached about 1.72 trillion yuan, with a year-on-year increase of 1.22% [3] - All six banks achieved positive year-on-year growth in both revenue and net profit, with significant contributions from the third quarter [4] Revenue and Profit Performance - The revenue growth rates for Bank of China and Industrial and Commercial Bank of China were 2.69% and 2.17%, respectively, while Agricultural Bank of China led in net profit growth at 3.03% [3] - Absolute profit figures for the banks included approximately 269.9 billion yuan for ICBC, 257.4 billion yuan for CCB, and 220.9 billion yuan for ABC [3] Interest Income and Net Interest Margin - Interest income continued to decline, with only the Bank of Communications showing a year-on-year increase of 1.46% in net interest income [6] - The net interest margin for most banks decreased, but the rate of decline has narrowed compared to earlier in the year, with declines ranging from 0.01 to 0.04 percentage points per quarter [6] Asset Growth and Quality - Total assets of the six banks approached 218 trillion yuan, with a growth of approximately 1.85% since mid-year [3] - The non-performing loan ratio improved for five banks compared to the end of last year, while one bank saw a slight increase [7] Market Capitalization - As of October 30, Agricultural Bank of China had a market capitalization of 2.74 trillion yuan, leading among the banks, while ICBC's market cap was 2.59 trillion yuan [8]

Core Viewpoint - Postal Savings Bank of China has experienced a decline in stock price, with a cumulative drop of 5.27% over the last three days, closing at 5.75 CNY per share on October 31, 2023 [1] Company Overview - Postal Savings Bank of China, established on March 6, 2007, and listed on December 10, 2019, is headquartered in Beijing, China, and provides banking and related financial services [1] - The bank's main business segments include personal banking, corporate banking, and funding operations, with personal banking contributing 65.15% to revenue, corporate banking 22.71%, and funding operations 12.10% [1] Fund Holdings - According to data, one fund under Bank of China, the Zhongyin CSI 300 Index Enhanced A (004881), has reduced its holdings in Postal Savings Bank by 43,190 shares, now holding 137,430 shares, which represents 1.52% of the fund's net value [2] - The fund has incurred a floating loss of approximately 21.99 thousand CNY today and a total floating loss of 43.98 thousand CNY during the three-day decline [2] Fund Manager Performance - The fund manager of Zhongyin CSI 300 Index Enhanced A, Zhao Zhihua, has been in position for over 10 years, with the fund's total assets amounting to 8.12 million CNY [3] - During Zhao's tenure, the fund has achieved a best return of 58.82% and a worst return of -2.2% [3]

Core Viewpoint - Postal Savings Bank of China has experienced a decline in stock price, with a cumulative drop of 5.27% over three consecutive days, reflecting market concerns about its performance and investor sentiment [1]. Group 1: Company Overview - Postal Savings Bank of China, 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 [1]. - The bank's main business segments include personal banking (65.15% of revenue), corporate banking (22.71%), and funding operations (12.10%), with other services contributing a minimal 0.04% [1]. Group 2: Fund Holdings - According to data, one fund from GF Fund Management holds a significant position in Postal Savings Bank, with the GF High Dividend Preferred Mixed A Fund (008704) owning 756,700 shares, representing 1.25% of the fund's net value [2]. - The fund has incurred a floating loss of approximately 121,100 yuan today and a total of 242,100 yuan during the three-day decline [2]. Group 3: Fund Manager Performance - The fund manager, Sun Di, has been in charge for 7 years and 324 days, achieving a best return of 234.15% and a worst return of -46.52% during his tenure [3]. - Co-manager Hu Jun has managed the fund for 3 years and 308 days, with a best return of 49.75% and a worst return of -20.11% [3].

银行 2025 年 10 月 31 日 邮储银行(601658.SH) 营收持续修复，资负稳健扩张 强烈推荐（维持） 股价：5.75 元 主要数据 | 行业 | 银行 | | --- | --- | | 公司网址 | www.psbcltd.cn;www.psbc.com | | 大股东/持股 | 中国邮政集团有限公司/51.87% | | 实际控制人 | 中国邮政集团有限公司 | | 总股本(百万股) | 120,095 | | 流通 A 股(百万股) | 67,122 | | 流通 B/H 股(百万股) | 19,856 | | 总市值（亿元） | 6,802 | | 流通 A 股市值(亿元) | 3,860 | | 每股净资产(元) | 8.44 | | 资产负债率(%) | 93.7 | 行情走势图 相关研究报告 【平安证券】邮储银行（601658.SH）*半年报点评* 盈 利增速回正，息差边际企稳*强烈推荐20250902 证券分析师 | 袁喆奇 | 投资咨询资格编号 | | --- | --- | | | S1060520080003 | | | YUANZHEQI052@pingan.com.c ...

Core Viewpoint - Postal Savings Bank of China has experienced a decline in stock price, with a cumulative drop of 5.27% over three consecutive days, reflecting market concerns about its performance and investor sentiment [1]. Company Overview - Postal Savings Bank of China, 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 [1]. - The bank's main business segments include personal banking (65.15% of revenue), corporate banking (22.71%), and funding operations (12.10%), with a minor contribution from other services (0.04%) [1]. Fund Holdings - Yongying Fund holds a significant position in Postal Savings Bank, with its fund, Yongying CSI A500 Index Enhanced A (023305), owning 188,000 shares, representing 1.5% of the fund's net value, making it the fifth-largest holding [2]. - The fund has incurred a floating loss of approximately 30,100 yuan today, with a total floating loss of 60,200 yuan over the three-day decline [2]. Fund Manager Performance - The fund manager of Yongying CSI A500 Index Enhanced A, Qian Houxiang, has been in the position for nearly 6 years and 199 days, managing assets totaling 263 million yuan [3]. - During his tenure, the fund has achieved a best return of 86.06% and a worst return of -43.55% [3].

Group 1 - Postal Savings Bank of China (PSBC) shares fell by 2.71% on October 31, closing at 5.75 CNY per share, with a trading volume of 1.361 billion CNY and a turnover rate of 0.35%, resulting in a total market capitalization of 690.547 billion CNY [1] - The stock has experienced a continuous decline over three days, with a cumulative drop of 5.27% during this period [1] - PSBC was established on March 6, 2007, and listed on December 10, 2019, providing banking and related financial services in China [1] Group 2 - The bank's main business segments include personal banking (65.15% of revenue), corporate banking (22.71%), and funding operations (12.10%), with other businesses contributing 0.04% [1] - Two funds under ICBC Credit Suisse have significant holdings in PSBC, totaling 24.81 million shares, which have incurred a floating loss of approximately 396.96 thousand CNY based on the latest stock price [2] - The fund "ICBC Innovation Power Stock" reduced its holdings by 6.42 million shares in Q3, while "ICBC Selected Balanced Mixed" reduced its holdings by 1.05 million shares, indicating a strategic adjustment in their investment positions [2]

Core Points - Postal Savings Bank of China (PSBC) has experienced a decline in stock price, dropping 2.71% to 5.75 CNY per share, with a total market capitalization of 690.547 billion CNY [1] - The bank's stock has fallen for three consecutive days, with a cumulative decline of 5.27% during this period [1] - PSBC primarily operates in personal banking (65.15% of revenue), corporate banking (22.71%), and funding operations (12.10%) [1] Company Overview - PSBC was established on March 6, 2007, and listed on December 10, 2019 [1] - The bank provides a range of financial services, including personal and corporate banking, as well as funding operations [1] - Personal banking services include savings, loans, and credit cards, while corporate banking offers loans, deposits, and various financial products [1] Fund Holdings - Huian Fund has a significant holding in PSBC, with its Huian Fengheng Mixed A Fund (003845) being the seventh-largest holding [2] - The fund reduced its holdings by 5.91 thousand shares in Q3, now holding 8.54 thousand shares, representing 0.19% of the fund's net value [2] - The fund has incurred a floating loss of approximately 1.37 thousand CNY today and a total of 2.73 thousand CNY during the three-day decline [2] Fund Manager Performance - The fund manager of Huian Fengheng Mixed A is Jin Hongfeng, who has been in the position for 4 years and 112 days [3] - Under his management, the fund has achieved a best return of 22.09% and a worst return of -0.61% [3] - The fund's total asset size is 4.126 billion CNY, with a year-to-date return of 3.3% [3]