南方财经全媒体记者 林汉垚 北京报道 截至8月4日，保险资金年内在A股及H股市场累计举牌达21次，一举超越去年全年水平。中国人寿、平 安人寿、泰康人寿等十余家机构密集出手，举牌标的涵盖银行、能源、公共事业等领域。 华泰证券分析指出，险资正通过高息股填补现金收益缺口，并借新会计准则下FVOCI（以公允价值计量 且其变动计入其他综合收益的金融资产）计量平滑利润波动。 与此同时，财政部拉长国有险企考核周期、国家金融监管总局上调权益资产配置上限等政策组合拳，推 动"耐心资本"保险资金与实体经济深度协同。 年内举牌量超去年全年 根据原中国保监会于2015年发布的《保险公司资金运用信息披露准则第3号：举牌上市公司股票》，保 险公司举牌上市公司股票，是指保险公司持有或者与其关联方及一致行动人共同持有一家上市公司已发 行股份的5%，以及之后每增持达到5%时，按照相关法律法规规定，在3日内通知该上市公司并予以公 告的行为。 中国保险行业协会网站信息显示，截至8月4日，保险资金年内在A股及H股市场已累计举牌上市公司达 21次，已超过去年全年举牌次数。 据统计，今年以来举牌上市公司的保险机构有中国人寿、平安人寿、新华保险、瑞众人寿 ...

Investment Rating - The report maintains a "Recommended" rating for the banking sector, highlighting its configuration value amidst positive macroeconomic policies and ongoing support for consumption and technology [5][37]. Core Insights - The banking sector has shown resilience, with the PB ratio at 0.73 times and a dividend yield of 4.09%, indicating strong potential for investment [5][28]. - The resumption of VAT on newly issued government bonds is expected to impact banks' income and asset allocation, leading to a decrease in actual comprehensive yields for various bonds [11][10]. - The implementation of interest subsidies for personal consumption loans and service industry loans is anticipated to benefit retail banking operations, stimulating credit demand [16][5]. Summary by Sections Latest Research Insights - The July Politburo meeting emphasized the need for sustained macroeconomic policy support, focusing on stabilizing employment, enterprises, and market expectations [7][8]. - The meeting also highlighted the importance of expanding domestic demand and supporting new productive forces, which could benefit retail and technology finance sectors [9][8]. Weekly Market Performance - The banking sector outperformed the market, with a decline of 0.84% compared to a 1.75% drop in the CSI 300 index [5][17]. - Among listed banks, Agricultural Bank (+2.43%) and Industrial and Commercial Bank (+1.74%) showed notable gains [18][5]. Valuation of the Sector and Listed Companies - As of August 1, 2025, the banking sector's PB ratio stands at 0.73, reflecting a 43.98% discount compared to the overall A-share market [28][5]. - The report lists several banks with strong performance potential, including Industrial and Commercial Bank (601398), Agricultural Bank (601288), and Postal Savings Bank (601658) [37][5]. Investment Recommendations - The report suggests that low-valued joint-stock banks and quality regional banks are gaining attention from active funds, with a focus on the effectiveness of domestic demand expansion policies [37][5]. - The overall positive accumulation of fundamental factors in the banking sector indicates a potential turning point in performance [37][5].

Core Viewpoint - The banking sector is experiencing positive momentum, driven by favorable policies and strong performance from key banks, leading to increased investor interest in bank ETFs and individual bank stocks [1][4][6]. Banking Sector Performance - The Shanghai Composite Index opened lower but quickly turned positive, with significant contributions from the banking sector, particularly the bank ETF (512800), which saw a price increase of over 1% at one point and closed up by 0.59% with a trading volume of 1.191 billion yuan [1]. - Major banks such as Agricultural Bank of China and Qingdao Bank reached new highs, with Qingdao Bank's stock rising over 4% during the day [1][3]. Policy Environment - The People's Bank of China recently maintained a stance of "moderately loose monetary policy" and "ample liquidity," which is expected to benefit banks significantly [3]. - The government’s fiscal policies are anticipated to boost financing demand, supporting stable credit growth from banks [4]. Financial Performance of Banks - Several listed banks have reported positive earnings for the first half of the year, with all five banks mentioned achieving positive growth in net profit, and four of them recording double-digit growth [4][5]. - The overall asset quality of the banking sector remains stable, with expectations for continued profit growth due to effective management of interest margins and credit quality [5][6]. Investment Trends - Institutional investors are increasingly favoring bank stocks due to their stable dividends and solid performance, with significant net inflows into bank ETFs recently [6][8]. - The bank ETF (512800) has become the largest and most liquid among its peers, with a fund size exceeding 14.4 billion yuan and an average daily trading volume of 567 million yuan this year [8].

行业周报 国债等恢复增值税征收,消费、经营贷将迎贴息 银行业周报 (2025.07.28-2025.08.03) 2025 年 8 月 4 日 核心观点 银行业 | | | 分析师 张一纬 ☎：010-8092-7617 z:zhangyiwei_yj@chinastock.com.cn 分析师登记编码：S0130519010001 研究助理 袁世麟 网: yuanshilin_yj@chinastock.com.cn 相对沪深 300 表现图 2025-08-01 20% 资料来源:ifind. 中国银河证券研究院 相关研究 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 银行板块表现优于市场:本周沪深 300 指数下跌 1.75%,银行板块下跌 ● 0.84%。国有行、股份行、城商行、农商行分别+0.80%、-1.52%、-1.04%、 -2.30%。个股方面,9 家上市银行上涨,农业银行(+2.43%）、工商银行 (+1.74%)、邮储银行(+1.07%)、建设银行(+0.75%)、成都银行(+0.70%) 涨幅居前。截至8月1日,银行板块 ...

香港联交所最新资料显示，7月31日，Ping An Asset Management Co.,Ltd.增持邮储银行（601658） (01658)1591万股，每股作价为5.5548港元，总金额约为8837.69万港元。增持后最新持股数目约为29.91 亿股，最新持股比例为15.06%。 ...

智通财经APP获悉，香港联交所最新资料显示，7月31日，Ping An Asset Management Co., Ltd.增持邮储 银行(01658)1591万股，每股作价为5.5548港元，总金额约为8837.69万港元。增持后最新持股数目约为 29.91亿股，最新持股比例为15.06%。 ...

8月4日，邮储银行今日收盘5.76元，上涨1.77%，滚动市盈率PE（当前股价与前四季度每股收益总和的 比值）达到8.06倍，创18天以来新低，总市值6917.48亿元。 本文源自：金融界 从行业市盈率排名来看，公司所处的银行行业市盈率平均7.37倍，行业中值6.60倍，邮储银行排名第40 位。 作者：行情君 最新一期业绩显示，2025年一季报，公司实现营业收入893.63亿元，同比-0.07%；净利润252.46亿元， 同比-2.62%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)13邮储银行8.068.000.826917.48亿行业平均 7.377.350.763712.38亿行业中值6.606.710.62908.35亿1贵阳银行4.624.520.38233.63亿2华夏银行 4.694.550.411260.46亿3长沙银行5.095.140.59402.56亿4北京银行5.345.300.501367.95亿5平安银行 5.475.360.552386.93亿6苏农银行5.505.570.59108.40亿7江阴银行5.635.660.61115.19亿8瑞丰银行 5.695.770 ...

Core Points - The article highlights a successful interception of a telecom fraud case by Postal Savings Bank of China Chengdu Branch, which saved two elderly customers from losing 800,000 yuan (approximately 80,000 CNY) of their retirement funds [1][2] - The incident showcases the effective collaboration between the bank and local police in combating telecom fraud [2] Group 1 - The elderly customers, Du and Yang, attempted to withdraw 800,000 yuan after being deceived by a scammer posing as a school teacher, claiming their grandson needed to pay medical fees for a fight [1] - The bank staff noticed inconsistencies in the customers' explanations and initiated an emergency fraud prevention protocol, which included contacting the police [1] - Police confirmed that the grandson was safe and that the call was a typical "acquaintance" scam, leading to the successful prevention of the financial loss [1] Group 2 - Following this incident, Postal Savings Bank Chengdu Branch plans to enhance employee training on fraud prevention and deepen data sharing with law enforcement [2] - The bank aims to conduct targeted outreach in communities and schools to strengthen public awareness and defenses against fraud [2]

Core Viewpoint - The article highlights the growing popularity of Hejiang lychee, particularly due to the influence of the hit drama "Lychee of Chang'an," and emphasizes the financial support from Postal Savings Bank to local farmers and companies, facilitating the growth of the lychee industry in Hejiang [1][3][8]. Group 1: Industry Overview - Hejiang County is recognized as a significant production area for lychee, known for its unique geographical and climatic conditions that contribute to the fruit's desirable characteristics [1]. - The peak season for lychee harvesting in Hejiang is from mid-July to mid-August, during which farmers experience high demand and pressure to deliver fresh produce quickly [5]. Group 2: Financial Support and Impact - Postal Savings Bank has increased its financial support for lychee farmers and companies, addressing their funding needs and helping them expand their market reach [3][8]. - A local farmer, referred to as "Brother Luo," successfully secured a loan of 300,000 yuan from Postal Savings Bank, which significantly aided his operations during a critical period [5]. - Hejiang Zhongli Agricultural Development Co., Ltd. has benefited from multiple loans totaling 2.78 million yuan from Postal Savings Bank, enabling the company to grow and streamline its operations [8]. Group 3: Operational Insights - Hejiang Zhongli operates a comprehensive supply chain for lychee, including seedling cultivation, harvesting, storage, packaging, and distribution, with a capacity to sell up to 100,000 pounds of lychee daily [6][8]. - The bank's tailored financing solutions and efficient service have been crucial for local businesses, allowing them to navigate challenges and enhance their operational capabilities [8].

Core Viewpoint - Postal Savings Bank of China (PSBC) is launching the "Postal Financial Management +" service to support enterprises in their digital transformation and enhance their financial value chain [1][2]. Group 1: Service Overview - "Postal Financial Management +" integrates various services such as Easy Finance, Easy Collection, Easy Payment, Easy Operation, Easy Connection, and Easy Management to provide a systematic financial and resource management service for enterprises [1]. - The service aims to establish a "system collaboration" that allows enterprises of all sizes and industries to achieve digital equality and extend service boundaries through ecosystem co-construction [1]. Group 2: Strategic Goals - PSBC's President Liu Jianjun emphasized the bank's commitment to integrating its development with national strategies, focusing on innovation-driven service, and aligning closely with the real economy [1]. - The bank plans to use the "Postal Financial Management +" service as a strategic tool to support rural revitalization, inclusive finance, and technological finance [1]. Group 3: Market Impact - PSBC has already served over 200,000 enterprise clients with the "Postal Financial Management +" service, indicating a strong market presence [2]. - The bank aims to continuously innovate and upgrade the intelligent experience of its services, optimizing processes and enriching functional scenarios to enhance efficiency in enterprise financial management [2].