Core Viewpoint - The six major state-owned banks in China have reported stable performance in their Q3 2025 results, showcasing robust asset growth and positive profit growth across the board [1][2]. Group 1: Profit Performance - The six major banks achieved a total net profit of 1.07 trillion yuan in the first three quarters, with all banks reporting positive growth in net profit [1][2]. - Individual net profits for the banks are as follows: Industrial and Commercial Bank of China (ICBC) 269.91 billion yuan, Agricultural Bank of China (ABC) 220.86 billion yuan, China Construction Bank (CCB) 257.36 billion yuan, Bank of China (BOC) 177.66 billion yuan, Postal Savings Bank of China (PSBC) 76.56 billion yuan, and Bank of Communications (BoCom) 69.99 billion yuan, with year-on-year growth rates of 0.33%, 3.03%, 0.62%, 1.08%, 0.98%, and 1.9% respectively [2]. - In Q3 alone, BOC's net profit grew by 5.1% year-on-year, attributed to improved asset quality and reduced provision for credit losses [2]. Group 2: Revenue Growth - All six banks reported revenue growth, with total revenues as follows: ICBC 640.03 billion yuan, ABC 550.88 billion yuan, CCB 573.70 billion yuan, BOC 491.20 billion yuan, PSBC 265.08 billion yuan, and BoCom 199.64 billion yuan, reflecting year-on-year growth rates of 2.17%, 1.97%, 0.82%, 2.69%, 1.82%, and 1.80% respectively [2]. - BOC recorded the fastest revenue growth among the banks [2]. Group 3: Net Interest Margin - The net interest margin (NIM) for the six banks has been narrowing, with the following NIMs reported: ICBC 1.28%, ABC 1.30%, CCB 1.36%, BOC 1.26%, PSBC 1.68%, and BoCom 1.20%, all showing a year-on-year decline [3]. - PSBC maintains the highest NIM, reflecting strong performance in the industry [3]. Group 4: Asset Quality - The asset quality of the six banks remains stable, with non-performing loan (NPL) ratios improving as of the end of September: ICBC 1.33%, ABC 1.27%, CCB 1.32%, BOC 1.24%, PSBC 0.94%, and BoCom 1.26%, all showing improvement compared to the end of the previous year [4]. - PSBC continues to have the lowest NPL ratio in the industry [4]. Group 5: Dividend Distribution - Several banks have announced interim dividend plans, pending shareholder approval, with proposed dividends per 10 shares as follows: ICBC 1.414 yuan, ABC 1.195 yuan, CCB 1.858 yuan, BOC 1.094 yuan, PSBC 1.230 yuan, and BoCom 1.563 yuan, totaling a dividend payout of 204.66 billion yuan [4].

Core Viewpoint - The adjustment of credit card installment services by banks is a response to the current development environment, focusing on risk prevention and consumer protection, which will ultimately lead to a sustainable improvement in the quality of credit card business [1][4]. Group 1: Business Adjustments - Multiple banks have announced the cessation of credit card self-selected installment services, with Everbright Bank set to discontinue this service by December 9, 2025, affecting previously activated cards [2]. - Industrial and Commercial Bank of China will stop offering installment plans longer than 36 months starting December 5, 2023, while Postal Savings Bank has introduced shorter installment options [3]. - The adjustments reflect a trend towards more refined and consumer-friendly banking practices, with banks like Everbright Bank modifying their overdraft interest rates to be more dynamic based on customer profiles [4]. Group 2: Market Trends - The credit card market is experiencing a contraction, with a reported decrease of 6 million cards issued in the second quarter of 2025, totaling 715 million cards [5]. - The decline in credit card usage is attributed to a weakening macroeconomic environment, affecting consumer willingness to use credit cards, while the growth of consumer loans and digital payment services is also influencing credit card balances [6]. - The industry is moving towards a phase of "precision farming," emphasizing refined customer acquisition, operations, and risk control, with a need for innovation in products and services [6].

证券日报网讯 10月30日晚间，邮储银行发布公告称，中国邮政储蓄银行股份有限公司（以下简称本 行）董事会于2025年第十次会议后收到韩文博先生的辞职报告。韩文博先生因工作调动，辞去本行非执 行董事、董事会风险管理委员会主席及委员、董事会战略规划委员会委员职务。韩文博先生的辞任自辞 职报告送达董事会时生效。 （文章来源：证券日报） ...

Core Insights - Postal Savings Bank of China (PSBC) reported a revenue of 265.08 billion yuan for the first three quarters of 2025, an increase of 4.73 billion yuan, or 1.82% year-on-year [1] - The net profit for the same period reached 76.794 billion yuan, up by 0.811 billion yuan, or 1.07% year-on-year [1] - The bank's total assets amounted to 18.61 trillion yuan, reflecting an increase of 1.52 trillion yuan, or 8.90% from the end of the previous year [1] Financial Performance - The annualized return on total assets was 0.58%, while the annualized return on equity was 10.67% [1] - Total customer loans reached 9.66 trillion yuan, increasing by 742.69 billion yuan, or 8.33% from the end of the previous year [1] - Personal loans stood at 4.86 trillion yuan, up by 907.54 billion yuan, or 1.90%, while corporate loans increased to 4.30 trillion yuan, rising by 653.54 billion yuan, or 17.91% [1] Asset Quality - As of September 2025, the non-performing loan (NPL) balance was 91.009 billion yuan, an increase of 10.69 billion yuan from the end of the previous year [1] - The NPL ratio was 0.94%, up by 0.04 percentage points from the end of the previous year [1] - The provision coverage ratio was 240.21%, down by 45.94 percentage points from the end of the previous year [1] - The annualized NPL generation rate for the first three quarters was 0.93% [1] Capital Adequacy - The core Tier 1 capital adequacy ratio was 10.65%, an increase of 1.09 percentage points from the end of the previous year [2] - The Tier 1 capital adequacy ratio was 12.23%, up by 0.34 percentage points [2] - The overall capital adequacy ratio stood at 14.66%, increasing by 0.22 percentage points, all meeting regulatory requirements [2]

Core Insights - Postal Savings Bank of China reported a total asset of 18.61 trillion yuan as of September 30, 2025, representing an 8.9% increase from the end of the previous year [2][3] - The bank achieved a revenue of 265.08 billion yuan and a net profit of 76.794 billion yuan for the first three quarters, with year-on-year growth of 1.82% and 1.07% respectively, continuing the "double increase" trend from the first half of the year [2][3] - The non-performing loan ratio rose to 0.94%, an increase of 0.04 percentage points from the end of last year, but remains below 1% [2][7] Financial Performance - The bank's total assets increased by 1.5 trillion yuan compared to the end of last year, with a growth rate of 8.9% [3] - Loan growth for the first three quarters was 742.69 billion yuan, with a loan-to-deposit ratio increasing by 1.24 percentage points from the end of last year [3] - Interest income for the first three quarters was 210.51 billion yuan, a decrease of 2.07% year-on-year, while the net interest income for the third quarter was 71.447 billion yuan, showing a sequential increase [3] Non-Interest Income - The bank's non-interest income from fees and commissions reached 23.094 billion yuan, a year-on-year increase of 11.48%, accounting for 8.71% of total revenue [3] - Investment income for the first three quarters was 31.651 billion yuan, a significant increase of 76.7% year-on-year, primarily due to gains from the termination of financial assets measured at amortized cost [4] Retail Banking Growth - The bank aims to establish itself as a leading large retail bank, with retail AUM (Assets Under Management) reaching 17.89 trillion yuan, a growth of over 7% from the end of last year [5] - The number of high-net-worth clients (assets over 500,000 yuan) exceeded 6.5485 million, marking a growth of 12.16% [6] Loan Quality and Risk Management - The non-performing loan balance reached 91.009 billion yuan, an increase of 10.69 billion yuan from the end of last year, with a non-performing loan ratio of 0.94% [7] - The bank has actively responded to the stage pressure on retail loan asset quality by adjusting risk control strategies and increasing provisions for credit impairment losses by 22.97% year-on-year to 23.283 billion yuan [7]

Core Insights - Postal Savings Bank of China (PSBC) is a leading large retail commercial bank in China, focusing on retail finance with a vast network and large customer base [1] Financial Performance - For Q3 2025, PSBC reported revenue of 265.08 billion yuan, ranking fifth among six companies in the industry, with the top performer, Industrial and Commercial Bank of China (ICBC), generating 640.03 billion yuan [2] - The bank's net profit for the same period was 76.79 billion yuan, also placing it fifth in the industry, with ICBC leading at 271.88 billion yuan [2] Financial Ratios - As of Q3 2025, PSBC's debt-to-asset ratio was 93.73%, slightly down from 93.83% year-on-year, exceeding the industry average of 92.36% [3] - The gross profit margin for PSBC was 32.97%, up from 31.90% year-on-year, but still below the industry average of 43.66% [3] Leadership - The chairman of PSBC, Zheng Guoyu, has extensive experience in the banking sector, having held various senior positions in Bank of China and Industrial and Commercial Bank of China [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 13.27% to 140,300, while the average number of circulating A-shares held per shareholder increased by 15.29% to 478,600 [5] Business Highlights - In the first half of 2025, PSBC achieved revenue of 179.45 billion yuan and a net profit of 49.23 billion yuan, with significant growth in corporate credit and non-interest income [6] - The bank's non-interest income grew by 19.1%, driven by investment banking and wealth management services [7] - The cost-to-income ratio improved significantly, leading to a 14.9% increase in profit before provisions [7]

Core Insights - The six major state-owned banks in China, including Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China, Bank of China, China Construction Bank, Postal Savings Bank of China, and Bank of Communications, have released their third-quarter financial reports, showing varied performance in revenue and net profit growth [1][2]. Group 1: Financial Performance - ICBC reported a third-quarter revenue of 201.886 billion yuan, a year-on-year increase of 2.42%, and a net profit of 101.805 billion yuan, up 3.29%. For the first three quarters, revenue reached 610.968 billion yuan, growing by 1.98%, with a net profit of 269.908 billion yuan, an increase of 0.33% [1]. - Agricultural Bank of China achieved third-quarter revenue of 180.981 billion yuan, a 4.30% year-on-year increase, and a net profit of 81.349 billion yuan, up 3.66%. For the first three quarters, revenue was 550.774 billion yuan, growing by 1.87%, with a net profit of 220.859 billion yuan, an increase of 3.03% [1]. - Bank of China reported third-quarter revenue of 162.201 billion yuan, a 0.58% increase year-on-year, and a net profit of 60.069 billion yuan, up 5.09%. For the first three quarters, revenue was 491.204 billion yuan, growing by 2.69%, with a net profit of 177.66 billion yuan, an increase of 1.08% [1]. - China Construction Bank's third-quarter revenue was 179.429 billion yuan, a decline of 1.98%, while net profit increased by 4.06% to 95.808 billion yuan. For the first three quarters, revenue was 573.702 billion yuan, growing by 0.82%, with a net profit of 258.446 billion yuan, an increase of 0.52% [2]. - Bank of Communications reported third-quarter net operating income of 66.561 billion yuan, a year-on-year increase of 4.23%, and a net profit of 23.978 billion yuan, up 2.46%. For the first three quarters, net operating income was 200.059 billion yuan, growing by 1.86%, with a net profit of 69.994 billion yuan, an increase of 1.9% [2]. - Postal Savings Bank of China achieved third-quarter revenue of 85.634 billion yuan, a 2.48% year-on-year increase, and a net profit of 27.334 billion yuan, up 1.23%. For the first three quarters, revenue was 265.08 billion yuan, growing by 1.82%, with a net profit of 76.562 billion yuan, an increase of 0.98% [2].

Economic News - China's National Energy Administration issued 229 million green certificates in September, involving 306,500 renewable energy projects, with 158 million being tradable, accounting for 68.86% [4] - The price of storage chips has accelerated in the fourth quarter due to a shift in production capacity towards high-end chips for AI and data centers, leading to a significant reduction in traditional storage chip supply [6] - The global smartphone market is expected to reach a shipment volume of 320.1 million units in Q3 2025, reflecting a 3% year-on-year growth, indicating signs of recovery after a weak first half [7] Company Insights - Sinopec Easy Joy and Taobao Flash Purchase announced a strategic partnership, with plans to have over 5,000 stores on the Taobao platform by the end of the year [5] - Pop Mart opened its first store in the Middle East at Hamad International Airport in Qatar, marking its first 24/7 operational store globally [5] - Youyan New Materials reported Q3 revenue of 2.674 billion yuan, a year-on-year increase of 20.43%, and a net profit of 115 million yuan, up 56.31% [5] - Tianli Lithium Energy's Q3 revenue was 569 million yuan, a 33.25% year-on-year increase, but it reported a net loss of 28.85 million yuan, an increase of 67.68% in losses [5] - China Telecom showcased its "Beidou Voice Message" service, becoming the first operator to implement this technology [5] Industry Analysis - The food and beverage industry is expected to benefit from the expansion of overall consumption, with new retail channels like instant retail and membership supermarkets emerging as significant opportunities [8][9] - The non-ferrous metals industry is poised for improvement in profitability and valuation levels due to a favorable supply-demand structure, driven by high-quality green development paths [11] - The production of ten non-ferrous metals in China is projected to grow at an annual rate of approximately 1.5% from 2025 to 2026, indicating a shift towards stable, high-quality growth [13] - The demand for metals is expected to expand significantly due to the growth of new energy industries and structural changes in demand, particularly for copper, lithium, and other metals [15][16]

Core Insights - Postal Savings Bank of China (PSBC) reported a year-on-year revenue growth of 1.82% for the first three quarters of 2025, achieving total operating income of 265.08 billion yuan, while net profit increased by 1.07% to 76.794 billion yuan [1][2] Revenue Performance - The bank's net interest margin stood at 1.68%, maintaining an excellent industry level, with net interest income showing quarterly improvement [1] - Non-interest income grew significantly, with a year-on-year increase of 27.52%, contributing to a 2.40 percentage point rise in its share of total revenue [1] - The bank's total operating income for the first three quarters was 2650.80 billion yuan, with a year-on-year increase of 1.82% [1] Cost Management - PSBC implemented refined cost management strategies, resulting in a 2.66% decrease in business and management expenses year-on-year [1] - The cost-to-income ratio improved to 57.40%, down 2.65 percentage points from the previous year [1] Risk Management - As of the end of September, the non-performing loan ratio was 0.94%, continuing a long-standing trend of low levels [2] - The core Tier 1 capital adequacy ratio improved to 10.65%, up 1.09 percentage points from the end of the previous year, providing a solid foundation for stable operations [2] Strategic Initiatives - The bank is accelerating the implementation of its "Five Major Actions" and "Seven Major Reforms" to optimize regional layout, channel efficiency, and business structure [2] - PSBC is focusing on enhancing its service capabilities in both rural and urban areas, aiming to create a new model of high-level urban-rural integrated operations [3] Digital Transformation - The bank is advancing its digital transformation by promoting remote services and digital technologies, enhancing operational efficiency and customer experience [4] - The mobile banking platform is being developed to meet both financial and non-financial customer needs, positioning it as a preferred ecosystem [3]

Core Viewpoint - Postal Savings Bank of China (PSBC) has demonstrated strong growth in both assets and liabilities, with a focus on enhancing its balance sheet stability and profitability through diversified revenue streams and effective risk management [1][2][3] Group 1: Asset Management - As of the end of Q3, PSBC's total loans increased by CNY 742.69 billion, an 8.33% growth compared to the end of last year, with a year-on-year increase of CNY 112.21 billion [1] - The bank's corporate loans rose by CNY 653.54 billion, a 17.91% increase, contributing to a more stable dual-driven model of retail and corporate lending [1] - Investment income from non-credit businesses grew by 76.70% year-on-year, reflecting proactive market positioning and asset allocation [1] Group 2: Liability Management - PSBC's deposits increased by CNY 928.90 billion, a 6.08% growth, with corporate deposits rising by CNY 201.81 billion, a 12.19% increase [2] - The average interest rate on interest-bearing liabilities decreased to 1.22%, down 25 basis points from the previous year, maintaining a competitive edge among listed banks [2] - The bank is focusing on a lightweight transformation to create a more resilient and sustainable growth model [2] Group 3: Revenue and Profitability - For the first three quarters, PSBC achieved operating income of CNY 265.08 billion, a year-on-year increase of 1.82%, with net interest margin at 1.68% [3] - Non-interest income grew by 11.48%, with other non-interest income increasing by 27.52%, enhancing its contribution to total revenue [3] - The bank's net profit reached CNY 76.79 billion, a 1.07% increase year-on-year, supported by effective cost management and a decrease in business and management expenses by 2.66% [3] Group 4: Risk Management - As of the end of September, PSBC maintained a non-performing loan ratio of 0.94%, continuing its long-standing low level [3] - The core Tier 1 capital adequacy ratio improved to 10.65%, up 1.09 percentage points from the end of last year, ensuring robust operational stability [3] - The bank's "Look Forward" technology application led to a 37.24% increase in approved clients and a 170.30% rise in approved amounts, with a lower non-performing loan rate for these clients compared to the overall average [3]