Core Viewpoint - The bond market is experiencing intense fluctuations, contrasting with the anticipated bull market in 2024, leading to increased investment difficulties for banks in 2023 [1][5]. Group 1: Market Conditions - The bond market is currently in a wide-ranging oscillation phase, with the ten-year government bond yield fluctuating within a range close to 40 basis points [1]. - After the implementation of the new tax regulations on government bond interest, the trading volume of existing bonds has seen a decline [3]. - In August, the total trading volume of bonds by major banks decreased to approximately 14.8 trillion yuan, down from 16.49 trillion yuan in July [4]. Group 2: Bank Performance and Strategies - In the first half of 2023, over 80% of A-share listed banks reported positive growth in investment income, with an average increase exceeding 45% [2][8]. - The investment income of listed banks in the first quarter and the first half of 2023 grew by 26.1% and 23.6% year-on-year, respectively [7]. - Major banks, including Construction Bank and Postal Savings Bank, saw significant increases in their investment income, with Construction Bank achieving a 200% year-on-year growth [10]. Group 3: Challenges and Adjustments - The investment difficulties have led to a negative growth in non-interest income for many banks, attributed to the divergence in market interest rates [6]. - The limited floating profit space and the need for strategic adjustments in bond trading have become apparent, with banks shifting focus to more flexible and diversified asset-liability strategies [13][14]. - The second quarter showed signs of reduced "debt selling" efforts, indicating a tightening of floating profit inventory among banks [11].

Core Viewpoint - Postal Savings Bank of China Beijing Branch integrates its development into the overall economic and social development of the capital, focusing on providing modern financial services that meet diverse citizen needs and contribute to high-quality economic growth [1][18]. Group 1: Financial Service Efficiency - The bank enhances financial service efficiency through technology empowerment and process innovation, ensuring that financial resources reach the demand side more accurately and quickly [4][5]. - A closed-loop model of "online application + on-site service" has been introduced for small loans, allowing customers to apply via mobile banking and receive tailored solutions from dedicated loan officers [4][5]. - The bank collaborates with government departments and industry associations to address financing challenges faced by small and micro enterprises, optimizing product services and improving efficiency [4][5]. Group 2: Elderly Financial Services - The bank focuses on elderly financial services, addressing the needs of an aging population by providing stable asset allocation solutions and enhancing service quality [6][7]. - A diverse range of pension financial products is offered, including wealth management and insurance products, to meet the core demands of elderly clients for stability and safety [7]. - The bank has established an "age-friendly" service system, ensuring that elderly clients can access financial services without barriers, including physical accommodations and user-friendly technology [8][9]. Group 3: Community Engagement and Support - The bank has initiated the "Golden Sunshine Station" project to create a community space for elderly clients, offering health lectures and social activities to foster community engagement [9][10]. - The "Golden Sunshine Club" organizes events to promote health and social interaction among elderly clients, enhancing their quality of life [10]. - The bank prioritizes the financial safety of elderly clients by providing education on fraud prevention and ensuring secure banking practices [10][13]. Group 4: Social Responsibility and Emergency Response - In response to extreme weather events, the bank has implemented measures to support affected businesses and residents, including loan extensions and simplified approval processes [15][16]. - The bank has launched initiatives to assist residents in rebuilding after disasters, offering favorable loan terms and material subsidies to ease financial burdens [17]. - The bank's commitment to social responsibility is evident in its proactive approach to community support during crises, reinforcing its role as a reliable financial partner [15][16].

Core Insights - The oil tea industry is experiencing rapid growth due to supportive policies and financial backing, particularly from Postal Savings Bank [1][2] - Guangdong Xinghui Biotechnology Co., Ltd. has invested over 30 million yuan in oil tea cultivation, with a planting area exceeding 3,000 acres [1] - The company has adopted a comprehensive approach to enhance the oil tea industry, transforming it from a niche product to a significant industry [1][3] Financial Support and Collaboration - Postal Savings Bank's Longchuan Branch provided crucial financial support, including a 1 million yuan loan in 2023 to address seasonal funding needs [2] - The bank utilized a data-driven risk assessment model to expedite the loan approval process, allowing for same-day funding [2] - The company successfully secured an additional 2 million yuan loan in 2025 for raw material procurement and cash flow management [2] Industry Development and Future Plans - Guangdong Xinghui has become a leading player in the oil tea industry in Longchuan, promoting a collaborative model that benefits local farmers [3] - The company plans to expand its oil tea cultivation area and upgrade processing technology, aiming to develop high-value products such as skincare and health products [3] - The oil tea cultivation area in Heyuan City is approximately 989,000 acres, accounting for over 30% of the province's total, with an annual output value exceeding 3 billion yuan [3]

1. Report Industry Investment Rating No information about the report industry investment rating is provided in the given content. 2. Core Viewpoints of the Report - External environment factors such as interest rate fluctuations, bond supply - demand, and policy orientation jointly impact bond investment returns. In H1 2025, the bond investment of 42 listed banks showed certain characteristics in scale, structure, and profit and loss, but there are still challenges in maintaining stable returns in the future [1]. - The overall bond investment scale of 42 listed banks expanded steadily in H1 2025. There were differences in the investment structure among different types of banks, with state - owned banks and city commercial banks having stable growth in the bond allocation portfolio, while joint - stock banks and rural commercial banks increased their efforts in the bond trading portfolio. The bond investment portfolio generally presented a pattern of "stable foundation and flexible gain" [1]. - The coupon income of 42 listed banks was generally stable in H1 2025 but showed a slight year - on - year decline. The fair value change loss was significant, and the investment income increased. However, the bond investment of the banking industry still faces pressure to maintain stable returns [1]. 3. Summary According to the Table of Contents 3.1 42 Listed Banks' Bond Investment Volume - **Overall Bond Investment Scale: Steady Expansion**: In H1 2025, the total scale of the three types of bond - type financial assets of 42 listed banks showed a steady expansion trend. The growth of debt investment - type financial assets measured at amortized cost was relatively slow, while the growth of trading financial assets measured at fair value and included in current profits and losses was relatively large, indicating that banks increased the proportion of trading positions [9]. - **Differentiated Bond Investment Distribution Structures among Different Bank Types**: In H1 2025, state - owned banks and city commercial banks showed stable growth in the bond allocation portfolio, which may be related to their participation in the primary - market issuance of important national and regional bond varieties. Joint - stock banks and rural commercial banks slightly weakened their bond allocation power but significantly increased their efforts in the bond trading portfolio, showing a differentiated feature of "stable allocation by large banks and prominent trading flexibility by small and medium - sized banks" [13]. - **Bond Investment Allocation Tilted towards Government - Related Bonds**: In H1 2025, commercial banks increased their allocation of government - related bonds, with an average month - on - month increase of about 10% for state - owned banks, joint - stock banks, and city commercial banks, and a slightly smaller increase for rural commercial banks. The allocation of financial bonds and other bonds was differentiated. All banks held a relatively large scale of government - related bonds, followed by financial bonds and credit - related bonds [18]. - **Correlation between Financial Asset Types and Bond Variety Structures**: The banking industry maintained a stable growth of interest - rate bonds in the bond allocation portfolio and increased the allocation of credit bonds, while the allocation of financial bonds was relatively weak. In the bond trading portfolio, interest - rate bonds and financial bonds were the core varieties, with a more significant increase than credit bonds, showing a "stable foundation and flexible gain" pattern [22]. 3.2 42 Listed Banks' Bond Investment Profit and Loss - **Coupon Income: Generally Stable and Still the Main Source of Income**: In H1 2025, the total coupon income of 42 listed banks decreased slightly year - on - year. Although the scale of held - to - maturity bonds increased, the decline in the coupon rate of newly issued bonds led to a decrease in coupon income. In the future, coupon income is still expected to be the main source of bond investment income for commercial banks [26]. - **Fair Value Change Loss: Losses in the Trading Level**: In H1 2025, the total fair value change loss of 42 listed banks decreased significantly year - on - year, indicating that it was difficult to obtain capital gains through short - term trading in the volatile bond market, and there were floating losses in bond trading [28]. - **Investment Income: Growth in All Bank Types**: In H1 2025, the actual investment income of 42 listed banks in the bond field increased significantly year - on - year. Although the book value appreciation of bond - type trading financial assets and other debt investment - type financial assets was not as good as that of the previous year, banks could still increase their investment income by selling floating - profit old bonds and waiting for the maturity of high - coupon bonds [31]. 3.3 Attribution and Summary - **External Environment Driving Factors: Interest Rate Fluctuations, Bond Supply - Demand, and Policy Orientation Jointly Impact Bond Investment Returns**: In H1 2025, the "more adjustments and fewer opportunities" bond market environment led to a general decline in the prices of existing bonds, resulting in a significant year - on - year decline in the fair value change loss of listed banks' bond investment. The supply of national bonds, local government bonds, and policy - based financial bonds increased, but the coupon rate of newly issued bonds decreased, leading to a decline in coupon income. Regulatory policies indirectly affected bond investment performance [35]. - **Banking Industry's Bond Investment Pressure and Future Outlook** - Overall Income Shows a Positive Trend but There Are Still Hidden Concerns: In H1 2025, the actual bond investment income of 42 listed banks increased slightly year - on - year, but the coupon income faced downward pressure in the interest - rate downward cycle, and it was more difficult to obtain spread income through band trading. Since H2 2025, the "stock - strong and bond - weak" pattern has emerged, and the loss caused by fair value change will be more obvious [3]. - Different Bank Types Show Differentiated Performance, and State - owned Banks' Pressure Is Relatively Controllable: State - owned banks can maintain a certain profit - making ability in the low - interest - rate volatile bond market due to their advantages in bond allocation and trading portfolios. Joint - stock banks, city commercial banks, and rural commercial banks are more vulnerable, and they may increase their capital allocation in the equity market, commodity market, and related structured fixed - income products in the future [3].

Core Viewpoint - Postal Savings Bank of China (PSBC) demonstrates resilience and balanced growth in a challenging economic environment, achieving revenue and net profit increases while expanding its retail and corporate business segments [1][3][12]. Financial Performance - In the first half of the year, PSBC reported operating income of 179.446 billion yuan and net profit attributable to shareholders of 49.228 billion yuan, with growth rates of 1.50% and 0.85% respectively [1][3]. - The bank's net profit growth rate of 0.85% outperformed the industry average by 0.98 percentage points, highlighting its strong performance amidst economic pressures [3][5]. Business Structure and Strategy - PSBC is transitioning from a single growth model to a dual-driven approach, integrating retail and corporate banking to enhance overall performance [2][12]. - The bank's strategy focuses on four key areas: integration, efficiency, differentiation, and "finance plus," aiming to provide comprehensive financial services while avoiding direct competition in saturated markets [16][17]. Income Sources - Interest income slightly declined by 2.67% to 139.058 billion yuan, while non-interest income from fees and commissions increased by 11.59% and other non-interest income surged by 25.16% [8][11]. - The bank's net interest margin stood at 1.7%, significantly higher than the average of other state-owned banks, indicating effective management of interest income despite market challenges [10][19]. Loan and Deposit Growth - PSBC's corporate loan portfolio grew nearly 15% year-to-date, with corporate loans now accounting for 44% of total loans, reflecting a stable balance between retail and corporate banking [14][20]. - The bank's agricultural loans reached 2.4 trillion yuan, and loans to small and micro enterprises totaled 1.7 trillion yuan, both ranking among the highest in the industry [20][21]. Technological and Digital Advancements - PSBC has made significant strides in digital finance, achieving a 29% increase in personal pension account contributions and expanding its digital banking capabilities [22][23]. - The bank's digital transformation includes the integration of advanced technology systems, enhancing operational efficiency and customer service [22][23]. Social and Economic Contributions - PSBC is committed to supporting rural revitalization and inclusive finance, aligning its business strategies with national economic goals [20][23]. - The bank's focus on green finance has led to a significant increase in green loans, supporting sustainable development projects [21][23].

Core Viewpoint - Postal Savings Bank of China (PSBC) is demonstrating resilience and balanced growth through its retail and corporate business strategies, achieving revenue and net profit increases despite challenging economic conditions [1][3][4]. Financial Performance - In the first half of the year, PSBC reported operating income of 179.446 billion yuan and net profit attributable to shareholders of 49.228 billion yuan, with growth rates of 1.50% and 0.85% respectively [1][5]. - The bank's net profit growth outperformed the industry average by 0.98 percentage points, indicating strong performance relative to peers [5][7]. - PSBC's net interest margin stood at 1.7%, significantly higher than the average levels of state-owned banks, reflecting effective asset-liability management [12][24]. Business Structure and Strategy - The bank is transitioning from a single growth model to a dual-driven approach, integrating retail and corporate banking to enhance overall performance [2][18]. - PSBC's corporate loans increased by nearly 15% year-to-date, with corporate loans now accounting for 44% of total loans, showcasing a stable and growing business structure [20][23]. - The bank's strategy emphasizes integrated, high-efficiency, differentiated services, and a "finance plus" approach to expand its service offerings [22][28]. Risk Management and Credit Quality - PSBC increased its credit impairment losses by over 30% in the first half of the year, indicating a cautious approach to risk management while maintaining high-quality performance [9][24]. - The bank's non-performing loan ratio is low at 0.92%, further demonstrating its effective risk management practices [24][25]. Growth Drivers - The bank's retail segment continues to thrive, with nearly 900 billion yuan in revenue growth, surpassing the industry average [18][20]. - PSBC is actively enhancing its wealth management capabilities, with retail assets under management (AUM) growing by 6% to 17.7 trillion yuan [20][28]. - The bank's focus on inclusive finance and rural revitalization has led to significant growth in agricultural loans and loans to small and micro enterprises, positioning it as a leader in these sectors [26][27]. Technological Advancements - PSBC is investing in digital transformation, achieving significant improvements in operational efficiency and customer service through technology [27][28]. - The bank has implemented a fully domestic technology stack for its core systems, enhancing its operational capabilities and responsiveness [27][28].

Core Viewpoint - The recent downturn in the bond market has created opportunities for fixed-income products to identify undervalued assets, particularly highlighted by the performance of the "Lingflex·Hongyun Daily Open 10 A" product, which has gained popularity among investors [1][5]. Group 1: Market Conditions - The bond market has been declining for over two months, impacting the net value of fixed-income products [1][5]. - Concerns regarding new regulations for public funds may increase short-term trading costs, potentially reducing the attractiveness of bond funds [5]. Group 2: Product Performance - The "Lingflex·Hongyun Daily Open 10 A" product has seen over 150,000 sales in the past 30 days, ranking first in the Postal Savings Bank's app for popular financial products [1]. - The product's annualized return since inception is approximately 3.6%, with a recent average net value growth rate of 1.75% for similar products in the first half of the year [7][10]. - The product scored 21 points for yield performance and 99 points for risk control, ranking it in the top 15% of similar products [7][10]. Group 3: Investment Strategy - The product focuses on discovering undervalued investment opportunities that meet liquidity requirements, employing various strategies such as duration management and spread strategies [10][19]. - The investment portfolio primarily consists of cash, bonds, and debt financing tools, with at least 70% allocated to these assets [10][16]. Group 4: Risk and Fees - The product has a risk level classified as secondary (medium-low), making it suitable for conservative investors [19]. - The comprehensive fee rate is 0.48%, which is competitive compared to similar products [10][15].

Core Insights - The Postal Savings Bank of China (PSBC) has been deeply involved in the agricultural sector in Jian San Jiang for 17 years, witnessing the transition from a single agricultural production model to a diversified and modern agricultural industry [2] - The bank has provided over 10 billion yuan in agricultural loans, helping farmers expand production and upgrade agricultural technology [2] - The bank's innovative loan products, such as "Express Loan," have significantly improved service efficiency and customer experience for farmers [3] Group 1: Agricultural Development - Jian San Jiang is recognized as "China's Green Rice Capital," with 11.41 million mu of cultivated land and a leading position in agricultural mechanization and grain commercialization [1] - The area has 15 large and medium-sized state-owned farms, making it a key demonstration zone for modern agriculture in China [1] - The local agricultural sector is expected to see a bumper harvest this year due to favorable weather conditions, with farmers anticipating high yields [1] Group 2: Financial Services - The PSBC Jian San Jiang branch has achieved a personal operating loan balance of 2.273 billion yuan, with a net increase of 776 million yuan this year, becoming the first primary branch in Heilongjiang Province to surpass 2 billion yuan in personal operating loans [1] - The bank's "Express Loan" product allows farmers to access credit quickly, with one farmer receiving a credit line of 900,000 yuan before the planting season [1][3] - The bank's proactive credit granting model has resulted in a loan issuance of 2.345 billion yuan, leading the local state-owned banks in loan volume [3]

国有大行集体公告 日前，中国银行、工商银行、农业银行、建设银行和交通银行均公告宣布，其公司章程修订已获得国家金 融监督管理总局核准，并据此正式不再设立监事会，转由董事会下设的审计委员会承接原属监事会的法定 职责。 9月25日，中国银行、农业银行、工商银行、建设银行、交通银行均发布关于不再设立监事会的公告 称，公司章程修订已获监管核准，不再设立监事会。 日前，邮储银行发布关于召开2025年第二次临时股东大会的通知显示，将于10月9日上午召开的股东大会 上审议关于该行不再设立监事会的议案。 这意味着，六大国有行全部取消监事会。 具体来看，各家银行的改革步骤高度一致。中国银行、工商银行、农业银行、建设银行和交通银行均于 2025年6月27日召开的2024年度股东大会上，审议批准了关于修订公司章程以及不再设立监事会的相关 议案。各家银行表示，陆续于近日收到了国家金融监督管理总局同意章程修订的批复文件。 随着新章程获得监管核准，相关调整正式生效。中国银行、农业银行在章程核准之日起即不再设立监事 会；建设银行和交通银行则明确了具体的生效日期，分别为2025年9月23日和9月25日。改革的核心内容 是，原由监事会行使的、依 ...

Core Viewpoint - The six major state-owned banks in China have collectively announced the abolition of their supervisory boards, transitioning the responsibilities to the audit committees under the board of directors, which is seen as a move to enhance governance efficiency and effectiveness [3][4][6]. Group 1: Announcement of Abolishment - On September 25, major banks including Bank of China, Agricultural Bank of China, Industrial and Commercial Bank of China, China Construction Bank, and Bank of Communications announced that they will no longer establish supervisory boards following regulatory approval for their articles of association [1][4]. - Postal Savings Bank is set to discuss a similar proposal at its upcoming shareholder meeting on October 9, indicating a trend among banks to eliminate supervisory boards [2][6]. Group 2: Implementation Details - The reform steps taken by the banks are consistent, with all five major banks approving the abolishment of supervisory boards during their 2024 annual shareholder meetings held on June 27, 2025 [4]. - The new governance structure will take effect immediately for Bank of China and Agricultural Bank, while China Construction Bank and Bank of Communications will implement it on September 23 and September 25, 2025, respectively [4]. Group 3: Personnel Changes - With the abolishment of the supervisory boards, the positions of existing supervisors will be terminated, including notable figures from each bank [5]. - The announcement from ICBC also indicated updates to various governance documents, including the abolishment of the supervisory meeting rules [5]. Group 4: Broader Industry Trends - Analysts suggest that the simultaneous cancellation of supervisory boards by major banks aligns with modern corporate governance trends, aiming to enhance decision-making efficiency and strengthen board accountability [6]. - Other banks, including China Merchants Bank and Huaxia Bank, have also moved to abolish their supervisory boards, indicating a wider industry shift [7]. Group 5: Regulatory Context - The new provisions in the Company Law, effective from July 2024, allow companies to establish audit committees within the board of directors to perform the functions of supervisory boards, reflecting a regulatory shift towards more flexible governance structures [8]. - The China Banking and Insurance Regulatory Commission has stated that these changes will help financial institutions create governance frameworks that suit their specific needs, reduce management costs, and enhance operational flexibility [8].