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]

Core Insights - The state-owned large bank sector experienced a decline of 1.01% on October 31, with Postal Savings Bank leading the drop [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Bank Performance Summary - **Bank of Communications (601328)**: Closed at 7.18, up 1.27%, with a trading volume of 2.2054 million shares and a transaction value of 1.571 billion [1] - **Bank of China (601988)**: Closed at 5.61, down 0.71%, with a trading volume of 4.8845 million shares and a transaction value of 2.717 billion [1] - **Industrial and Commercial Bank of China (601398)**: Closed at 7.78, down 0.77%, with a trading volume of 3.6933 million shares and a transaction value of 2.862 billion [1] - **China Construction Bank (601939)**: Closed at 9.13, down 1.19%, with a trading volume of 1.3 million shares and a transaction value of 1.188 billion [1] - **Agricultural Bank of China (601288)**: Closed at 7.96, down 1.24%, with a trading volume of 3.8286 million shares and a transaction value of 3.036 billion [1] - **Postal Savings Bank (601658)**: Closed at 5.75, down 2.71%, with a trading volume of 2.3636 million shares and a transaction value of 1.361 billion [1] Capital Flow Analysis - The state-owned large bank sector saw a net outflow of 116 million in main funds, while retail funds experienced a net outflow of 8.1972 million [1] - **Bank of Communications**: Main funds net inflow of 224 million, retail funds net outflow of 63.839 million [2] - **Bank of China**: Main funds net outflow of 760.85 thousand, retail funds net outflow of 1.64165 million [2] - **China Construction Bank**: Main funds net outflow of 310.645 thousand, retail funds net inflow of 2.39997 million [2] - **Industrial and Commercial Bank of China**: Main funds net outflow of 519.931 thousand, retail funds net inflow of 1.39323 million [2] - **Postal Savings Bank**: Main funds net outflow of 893.268 thousand, retail funds net outflow of 1.0489 million [2] - **Agricultural Bank of China**: Main funds net outflow of 1.607 million, retail funds net inflow of 4.46154 million [2]

证券研究报告 邮储银行 (601658 CH/1658 HK) 信贷结构优化，息差环比下行 9 月末总资产、贷款、存款增速分别为+11.1%、+10.0%、+8.1%，较 6 月 末+0.3pct、-0.1pct、-0.3pct。三季度公司新增贷款 1197 亿元，对公为主要 发力方向，"五篇大文章"加快推动。9 月末公司涉农贷款余额 2.47 万亿 元，普惠型小微企业贷款余额 1.75 万亿元，本年累计投放金额均超过 1 万 亿元。公司完善科技金融专业服务体系。在北京、上海、江苏、浙江、安徽、 深圳 6 家分行设立科技金融事业部，9 月底科技贷款余额突破 9400 亿元。 此外消费经营贷贴息落地后，公司 9 月贴息领域经营贷款投放金额同比增长 超 10%。1-9 月净息差为 1.68%，较 H1-2bp，年内累计下降 19bp。 业务增长稳定，关注中收跃升计划 从营收驱动看，公司各项业务增长较为稳定。25Q1-3 利息净收入同比-2.1%， 较 H1+0.6pct，主因生息资产增速提升。中收同比+11.5%，占营收比例同 比提升 0.8pct 至 8.7%，其中公司板块是核心增长引擎，公司中收同比增速 37 ...

Core Insights - The six major state-owned banks in China reported growth in both operating income and net profit for the first three quarters of 2025, with total assets also showing steady growth [1][2][3] Group 1: Bank Performance - Industrial and Commercial Bank of China (ICBC) achieved operating income of 640.03 billion yuan, a year-on-year increase of 2.17%, and net profit of 269.91 billion yuan, up 0.33% [1] - Agricultural Bank of China (ABC) reported operating income of 550.88 billion yuan, a 1.97% increase, and net profit of 220.86 billion yuan, growing by 3.03% [1] - Bank of China (BOC) recorded operating income of 491.20 billion yuan, a 2.69% increase, and net profit of 177.66 billion yuan, up 1.08% [2] - China Construction Bank (CCB) posted operating income of 573.70 billion yuan, a 0.82% increase, and net profit of 257.36 billion yuan, growing by 0.62% [2] - Bank of Communications (BCOM) achieved operating income of 199.64 billion yuan, a 1.80% increase, and net profit of 69.99 billion yuan, up 1.90% [2] - Postal Savings Bank of China (PSBC) reported operating income of 265.08 billion yuan, a 1.82% increase, and net profit of 76.56 billion yuan, growing by 0.98% [3] Group 2: Asset and Loan Quality - ICBC's total assets reached 52.81 trillion yuan, an increase of 399.17 billion yuan or 8.18%, with a non-performing loan (NPL) ratio of 1.33%, down 0.01 percentage points [1] - ABC's total assets were 48.14 trillion yuan, up 489.73 billion yuan or 11.33%, with an NPL ratio of 1.27%, down 0.03 percentage points [1] - BOC's total assets amounted to 37.55 trillion yuan, increasing by 248.89 billion yuan or 7.10%, with an NPL ratio of 1.24%, down 0.01 percentage points [2] - CCB's total assets reached 45.37 trillion yuan, up 479.79 billion yuan or 11.83%, with an NPL ratio of 1.32%, down 0.02 percentage points [2] - BCOM's total assets were 15.50 trillion yuan, increasing by 59.91 billion yuan or 4.02%, with an NPL ratio of 1.26%, down 0.05 percentage points [2] - PSBC's total assets reached 18.61 trillion yuan, up 152.07 billion yuan or 8.90%, with an NPL ratio of 0.94%, up 0.04 percentage points [3] Group 3: Provision Coverage - ICBC's provision coverage ratio stood at 217.21%, an increase of 2.30 percentage points [1] - ABC's provision coverage ratio was 295.08%, down 4.53 percentage points [1] - BOC's provision coverage ratio was 196.60%, down 4.00 percentage points [2] - CCB's provision coverage ratio was 235.05%, up 1.45 percentage points [2] - BCOM's provision coverage ratio was 209.97%, an increase of 8.03 percentage points [2] - PSBC's provision coverage ratio was 240.21%, down 45.94 percentage points [3]

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]

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 - Dongzheng Asset Management has a fund that heavily invests in Postal Savings Bank, specifically the Dongfanghong CSI Dongfanghong Dividend Low Volatility Index A (012708), which holds 14.25 million shares, accounting for 1.36% of the fund's net value [2]. - The fund has incurred a floating loss of approximately 2.28 million due to the recent stock price decline, totaling a loss of 4.56 million over the three-day drop [2]. Group 3: Fund Manager Performance - The fund managers of Dongfanghong CSI Dongfanghong Dividend Low Volatility Index A are Xu Xijia and Gao Yuan, with Xu having a tenure of 6 years and Gao 2 years [3]. - The fund's total asset size is 70.23 billion, with Xu achieving a best return of 59.36% and Gao a best return of 30.96% during their respective tenures [3].

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].