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].

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]