Core Viewpoint - The accelerated closure of physical bank branches reflects a significant transformation in the banking industry, shifting from traditional physical service models to digital and intelligent banking services [1][3][4]. Group 1: Branch Closures and Industry Trends - As of June 30, 2023, a total of 2,677 commercial bank branches have closed across various types of banks, including state-owned, joint-stock, city commercial, rural commercial, and foreign banks [2][3]. - The number of branch closures in the first half of 2023 has already surpassed the total number of closures expected in 2024, which is projected to be 2,533 [2]. - The closures are primarily driven by the inefficiency and redundancy of physical branches, as digital transformation progresses [2][3]. Group 2: Strategic Adjustments and Resource Allocation - Banks are strategically reallocating resources by closing low-efficiency branches, allowing them to focus on more valuable business areas and innovation projects, such as digital transformation and intelligent services [3][4]. - The shift in branch strategy indicates a change in competitive focus from physical metrics like branch count to softer factors such as customer experience, service quality, and technological innovation [4]. Group 3: Cost and Service Efficiency - The high operational costs associated with maintaining physical branches have become more pronounced, leading banks to opt for closures while still meeting customer service needs [6]. - Banks like Industrial and Commercial Bank of China are reforming branch operations to enhance service delivery, focusing on high-frequency services and proactive customer engagement [6]. Group 4: Balancing Online and Offline Services - The transition does not imply a complete replacement of physical branches; there remains a need for in-person services, especially for vulnerable groups [7]. - Future bank branches are expected to evolve into comprehensive service centers, providing high-value services while utilizing technology for standard transactions [9]. Group 5: Regulatory Considerations - The financial regulatory authority has acknowledged concerns regarding service gaps due to branch closures and is guiding banks to ensure adequate physical presence in underserved areas [8].

Investment Rating - The report maintains an "Outperform" rating for major state-owned banks, including China Postal Savings Bank, Agricultural Bank of China, and China Bank [3][7][10]. Core Insights - The report emphasizes that state-owned banks exhibit strong asset return rates despite lower ROE, with a RORWA of 1.43%, outperforming joint-stock and regional banks [4][14]. - It highlights the stability of credit demand due to a higher proportion of safe assets, with over 60% of loans in infrastructure and mortgages [5][4]. - The report suggests that the valuation of banks is expected to recover, with a potential upside of 30%-50% from current levels [10]. Summary by Sections Profitability - State-owned banks have a lower leverage ratio, with an average ROE of 11.34% and an average ROA of 0.84%, comparable to the industry average [14]. - The average RORWA for state-owned banks is 1.43%, higher than joint-stock banks (1.16%) and regional banks (1.26%) [4][14]. - The net interest margin is expected to stabilize as deposit rates decrease, benefiting from a high proportion of deposits in liabilities [9][10]. Performance - The net profit growth of state-owned banks is slightly lower than peers due to cautious provisioning [12]. - Non-interest income accounts for 23% of total revenue, which is below the industry average of 25% [12][9]. - The asset composition is heavily weighted towards loans, particularly mortgages, which have lower risk weights [16]. Asset Quality - The report notes that state-owned banks have a stricter risk recognition standard, with a non-performing loan ratio close to the industry average but a higher ratio of overdue loans [5][12]. - The average provision coverage ratio exceeds 250%, indicating potential for profit release [5][12]. Capital Adequacy - State-owned banks maintain a higher core Tier 1 capital adequacy ratio, averaging 11.69%, which is significantly above the regulatory minimum [14][16]. - The new capital regulations are expected to further benefit these banks, potentially increasing their capital ratios by about 1 percentage point [9][10]. Valuation - The report anticipates a long-term recovery in bank valuations, with forward P/B ratios expected to stabilize around 0.7-0.8x, compared to the current 0.5x [10]. - Catalysts for this recovery include macroeconomic recovery, lower deposit costs, and supportive fiscal policies [10].

Group 1 - The implementation of the "Private Economy Promotion Law" has provided strong support for the development of the private economy, highlighting the crucial role of financial resources in innovation and upgrading [1] - Financial institutions are actively providing tailored financial solutions to address the long-term capital needs of industries, particularly in the chemical sector [2][3] - Huizhou Postal Savings Bank has developed a comprehensive financial service plan that includes short-term loans and supply chain financial services, significantly supporting the growth of Huazhong Energy Technology Co., Ltd. [3][4] Group 2 - SIRUI Optical, a company specializing in optical equipment, has expanded into high-precision optical components, facing increased financial pressure due to rapid growth and market expansion [4][5] - Postal Savings Bank has introduced "Science and Technology Credit Loans" tailored for specialized and innovative enterprises, allowing SIRUI Optical to secure funding for raw material procurement and R&D [5][7] - The collaboration between Postal Savings Bank and SIRUI Optical exemplifies the integration of financial capital and technological innovation, driving regional industrial upgrades [7] Group 3 - Guangdong Longyu New Materials Co., Ltd. focuses on the research and production of copper-clad laminates and has shown strong growth since its establishment [8][13] - The company faces challenges related to high R&D costs and the need for rapid capital turnover to support its expansion into high-end product lines [13][14] - Postal Savings Bank has provided a customized financing solution of 30 million yuan to support Longyu New Materials' R&D efforts, enabling the company to advance its technology and production capabilities [14][15]

Investment Rating - The report maintains a "Recommended" rating for the banking sector, highlighting its investment value and potential for performance improvement [36]. Core Insights - The banking sector is experiencing a marginal recovery in credit growth, with government bonds continuing to be a major contributor to social financing growth. The central bank's recent operations are expected to maintain a moderately loose monetary policy, improving banks' funding costs. Urban renewal initiatives present opportunities for credit expansion and asset quality improvement for banks [36]. Summary by Sections Latest Research Insights - In June, social financing (社融) increased by 4.2 trillion yuan, exceeding expectations, with a year-on-year increase of 900.8 billion yuan. The total social financing stock grew by 8.9% year-on-year, with a month-on-month increase of approximately 0.2 percentage points [6][7]. - The People's Bank of China (PBOC) announced a record 14 trillion yuan in reverse repos on July 15, 2025, aimed at releasing liquidity and improving banks' funding costs [8][9]. Market Performance - The banking sector underperformed the market, with a decline of 1.03% compared to a 1.09% increase in the CSI 300 index. The price-to-book (PB) ratio for the banking sector is currently 0.75, with a dividend yield of 4.06% [4][27]. Investment Recommendations - The report suggests that the banking sector's fundamentals are accumulating positive factors, indicating a potential turning point in performance. It recommends specific banks, including Industrial and Commercial Bank of China (601398), Agricultural Bank of China (601288), and others, as attractive investment opportunities [36][37].

Core Insights - Postal Savings Bank is leveraging its unique advantages in rural areas to innovate the "Industry Smart Payment" tool, enhancing financial services for agriculture and related sectors [2] - The "Industry Smart Payment" tool addresses traditional transaction inefficiencies, improving fund circulation and customer experience through features like payment order management and batch payments [2] - In three months since the launch of the closed settlement market, Postal Savings Bank has reached over 160 cities, serving more than 20,000 clients with a total transaction amount exceeding 4.3 billion [2] Group 1 - The bank's strategy includes a tailored service approach, "one circle, one policy," to meet the specific needs of different regions and industries [2] - The successful implementation of the closed settlement market in Gansu province demonstrates the bank's commitment to enhancing local agricultural financial services [3] - The bank aims to continue supporting the "three rural issues," urban residents, and small and medium enterprises by developing industry-specific payment services [4]

Group 1 - The fund aims for long-term stable appreciation of assets while strictly controlling risks through reasonable allocation of equity and debt [2][3] - The fund's investment strategy involves dynamic asset allocation based on macroeconomic analysis and market conditions, focusing on high liquidity investments during the open period [2][3] - The fund's performance benchmark is set at 90% of the China Bond Credit Bond Total Wealth Index return and 10% of the CSI 300 Index return [4] Group 2 - As of the end of the reporting period, the total fund shares amounted to 1,536,261,029.89 shares [2][6] - The fund's net value growth rate for the past three months was 1.20%, while the benchmark return was 1.08% [12] - The fund's asset allocation included 88.32% in bonds and 11.12% in asset-backed securities, with no holdings in stocks [13][14] Group 3 - The fund manager has been managing the fund since November 3, 2023, with a focus on fixed income [8] - The fund has maintained compliance with relevant laws and regulations, ensuring fair treatment of all investors [10][11] - The fund's investment decisions are based on a thorough analysis of the financial and operational status of the issuers of the securities held [15]

东方恒瑞短债债券型证券投资基金 基金管理人：东方基金管理股份有限公司 基金托管人：中国邮政储蓄银行股份有限公司 报告送出日期：2025 年 7 月 21 日 东方恒瑞短债债券 2025 年第 2 季度报告 §1 重要提示 基金管理人的董事会及董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗漏， 并对其内容的真实性、准确性和完整性承担个别及连带责任。 基金托管人中国邮政储蓄银行股份有限公司根据本基金合同规定，于 2025 年 7 月 18 日复核 了本报告中的财务指标、净值表现和投资组合报告等内容，保证复核内容不存在虚假记载、误导 性陈述或者重大遗漏。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细阅读本 基金的招募说明书。 本报告中财务资料未经审计。 | 日止。 | | --- | | 本报告期自 2025 年 4 月 1 日起至 6 月 30 | | §2 | 基金产品概况 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | ...

Core Viewpoint - The credit card industry in China is experiencing a significant transformation, shifting from expansion to a focus on quality and efficiency, as evidenced by the increasing number of banks discontinuing co-branded credit card products [12][19]. Group 1: Market Trends - Since January 1, 2025, at least seven major banks have announced the discontinuation of at least 22 co-branded credit card products, indicating a trend of product adjustments in the credit card market [2][6]. - Major banks, including China Bank and Citic Bank, have stopped issuing various co-branded credit cards, with reasons primarily cited as "business adjustments" or "contract expiration" [4][6]. Group 2: Product Adjustments - Co-branded credit cards, which are partnerships between banks and profit-oriented institutions, are being phased out due to their unsustainable cooperation models and imbalanced overall returns [9][10]. - Banks are transitioning to standard credit cards for existing co-branded cardholders, with changes in reward structures and benefits [4][6]. Group 3: Regulatory Environment - The regulatory framework has tightened, with new guidelines from the former CBIRC and the People's Bank of China mandating banks to focus on quality over quantity in credit card issuance [10][12]. - The new regulations require banks to limit the ratio of dormant credit cards to no more than 20%, prompting a reevaluation of credit card strategies [10][12]. Group 4: Consumer Behavior - The credit card market is increasingly catering to younger consumers, who have diverse interests and consumption needs, necessitating banks to innovate and tailor products accordingly [18][19]. - The decline in credit card issuance and usage reflects a broader trend of market saturation and the need for banks to refine their customer engagement strategies [12][13]. Group 5: Future Outlook - The discontinuation of co-branded credit cards is seen as a necessary step towards a more refined and efficient credit card business model, focusing on high-value customer segments and innovative product offerings [15][19]. - The industry is expected to evolve towards precision marketing and enhanced customer experiences, leveraging digital technologies and data analytics [7][19].

南方中债 0-3 年农发行债券指数证券 投资基金 2025 年第 2 季度报告 基金管理人：南方基金管理股份有限公司 基金托管人：中国邮政储蓄银行股份有限公司 送出日期：2025 年 7 月 21 日 南方中债 0-3 年农发行债券指数证券投资基金 2025 年第 2 季度报告 §1 重要提示 基金管理人的董事会及董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 基金托管人中国邮政储蓄银行股份有限公司根据本基金合同规定，于 2025 年 7 月 17 日 复核了本报告中的财务指标、净值表现和投资组合报告等内容，保证复核内容不存在虚假记 载、误导性陈述或者重大遗漏。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定 盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细阅 读本基金的招募说明书。 本报告中财务资料未经审计。 本报告期自 2025 年 4 月 1 日起至 6 月 30 日止。 §2 基金产品概况 基金简称 南方中债 0-3 年农发行债券指数 | | | 交易代码 021565 ...

Group 1 - The core objective of the "New Quality Wealth Creation Competition" is to establish a deep cooperation platform among government, banks, and enterprises, providing comprehensive financial support to innovative enterprises and driving high-quality economic development in the capital [1][6] - The competition has attracted significant participation from numerous innovative enterprises, with 12 outstanding companies advancing to the finals after competing in six preliminary rounds across various districts [2][6] - The event showcased a variety of innovative technologies and products with independent intellectual property rights, highlighting the vibrant innovation and development potential of the participating companies [2][6] Group 2 - The establishment of the Technology Finance Division by Postal Savings Bank's Beijing branch marks a significant step in providing systematic and professional financial services to technology innovation [4] - The successful hosting of the competition reflects the bank's proactive response to national strategies and its role in empowering the real economy through collaboration among government, banks, and enterprises [6] - The bank aims to continue serving national strategies and empowering the real economy by integrating finance with technology, thereby contributing to the development of new quality productivity in the capital [10]