Core Viewpoint - The article argues that securitization is not an effective method for disposing of non-performing loans, despite being a financing tool [2][10]. Summary by Sections Securitization Example - Postal Savings Bank issued a securitized product based on personal credit non-performing consumer loans on October 18, 2022, with the asset pool being finalized on May 18, 2022 [2][4]. - The total amount of non-performing loans included in the securitization was 1.11 billion yuan, with an expected recovery of 237.33 million yuan over 33 months [3][4]. Asset Characteristics - The asset pool consisted of 18,529 loans from 8,675 borrowers, with a total principal amount of 1.11 billion yuan and interest and fees amounting to 90.91 million yuan [3]. - The average outstanding balance per borrower was 138,400 yuan, and the average expected recovery amount was 27,400 yuan [3]. Issuance Details - The securitized product had a total issuance size of 182 million yuan, with 142 million yuan in senior tranches and 40 million yuan in junior tranches [4][5]. - The senior tranche had a fixed interest rate of 2.38% and was rated AAAsf by China Chengxin International [5]. Recovery and Investor Interest - The expected recovery amount of 237.33 million yuan was gross and included costs associated with recovery efforts [7]. - Investors were willing to purchase the securitized product due to the potential for profit, as the expected recovery exceeded the amount invested [8]. Bank's Perspective on Securitization - The bank benefits from securitization by reducing its non-performing loan balance and receiving upfront cash, which can enhance profits if the loans are fully provisioned [9]. - The bank retains the role of loan servicer, allowing it to earn service fees from the recovery process [9]. Critique of Securitization - The article highlights that the cash received from securitization may be less than what could be recovered without it, as evidenced by the actual recovery amounts [11][14]. - The "transition period" during which cash flows are restricted limits the bank's ability to utilize funds effectively [15]. Long-term Implications - Over a longer time frame, the advantages of receiving cash upfront diminish, especially if the bank engages in rolling securitizations [18][19]. - The article argues that traditional methods of write-offs and recoveries could achieve similar results without the drawbacks of securitization [20][26]. Conclusion - Securitization is portrayed as a financing method that may not effectively address the underlying issues of non-performing loans, potentially leading to negative impacts on bank profitability and loan management [26].

Group 1 - Postal Savings Bank of China (PSBC) is merging its wholly-owned subsidiary, Postal Savings Bank Huinong Bank, to optimize management and business structure, resulting in the latter's legal status being canceled [1] - Postal Savings Bank Huinong Bank was established in January 2022 with a registered capital of 5 billion yuan and aimed to provide digital inclusive financial services [1] - As of June 2023, Postal Savings Bank Huinong Bank had total assets of 12.005 billion yuan and over 20 million registered users [1] Group 2 - The merger of Postal Savings Bank Huinong Bank reflects a broader trend in the banking industry towards digital transformation and consolidation, moving from initial experimentation to comprehensive integration [2] - Other banks, such as China Merchants Bank, have also withdrawn independent digital bank applications, indicating a shift in strategy within the industry [2] - The banking sector is transitioning into a new phase of deep integration in digital development, as many banks consolidate their digital financial subsidiaries [2]

证券代码：601658 证券简称：邮储银行 公告编号：临 2025-051 中国邮政储蓄银行股份有限公司 关于召开2025年第二次临时股东大会的通知 中国邮政储蓄银行股份有限公司董事会及全体董事保证本公告内容不存在 任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整 性承担法律责任。 重要内容提示： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2025年第二次临时股东大会 (二) 股东大会召集人 中国邮政储蓄银行股份有限公司（以下简称中国邮政储蓄银行或本行） 董事会 (三) 投票方式 本次股东大会所采用的表决方式是现场投票和网络投票相结合的方式 1 股东大会召开日期：2025年10月9日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 10 月 9 日 10 点 00 分 召开地点：北京市西城区金融大街 3 号金鼎大厦 A 座 (五) 网络投票的系统、起止日期和投票时间 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 10 月 9 日 至2025 年 1 ...

2025 年第二次临时股东大会会议资料 中国邮政储蓄银行股份有限公司 2025 年第二次临时股东大会 会议资料 北 京 2025 年 10 月 9 日 2025 年第二次临时股东大会会议资料 目 录 议案事项 | 1.关于变更中国邮政储蓄银行注册资本的议案 1 | | --- | | 2.关于修订《中国邮政储蓄银行股份有限公司章程》的议案 3 | | 3.关于修订《中国邮政储蓄银行股份有限公司股东大会议事规则》的议案 74 | | 4.关于修订《中国邮政储蓄银行股份有限公司董事会议事规则》的议案 93 | | 5.关于中国邮政储蓄银行不再设立监事会的议案 109 | | 6.关于选举陈雪女士为中国邮政储蓄银行非执行董事的议案 110 | | 7.关于选举宋晓东先生为中国邮政储蓄银行非执行董事的议案 113 | | 8.关于中国邮政储蓄银行吸收合并中邮邮惠万家银行有限责任公司的议案 116 | | 报告事项 | 9.关于中国邮政储蓄银行 2024 年度大股东评估情况的报告......................................120 注：1.上述决议案中，议案 1、2、5、8 为特别决议案， ...

Core Viewpoint - Since the initiation of the "9.24" market rally in 2024, bank stocks have emerged as one of the most outstanding sectors in the A-share market, with the China Securities Bank Index showing a cumulative increase of approximately 24% over the past year [3][4]. Market Performance - As of September 24, 2024, the China Securities Bank Index reached a new high of 8570.76 points, representing an increase of over 43% compared to the same date last year [3][4]. - The total market capitalization of A-share banks surpassed 10 trillion yuan for the first time, with Agricultural Bank of China briefly overtaking Industrial and Commercial Bank of China in market value before the latter regained its position [3][6]. Stock Performance - All 42 A-share listed banks recorded positive stock performance over the past year, with the highest stock price increase nearing 59% and the lowest at around 8% [5][6]. - Specifically, 36 banks saw stock price increases exceeding 20%, 23 banks over 30%, 5 banks over 40%, and 2 banks over 50% [5][6]. - The top three banks in terms of stock price increase were Qingdao Bank (58.87%), Xiamen Bank (50%), and Agricultural Bank of China (48.6%) [5][6]. Market Capitalization Growth - As of September 24, 2024, the total A-share market capitalization of the 42 listed banks was approximately 10.6 trillion yuan, an increase of 2.37 trillion yuan from 8.23 trillion yuan a year ago [6][7]. - The total market capitalization reached 13.9 trillion yuan, up by over 3 trillion yuan from 10.83 trillion yuan a year prior [6][7]. Recent Market Adjustments - Since July 2024, bank stocks have entered a phase of adjustment, with the China Securities Bank Index experiencing a decline of nearly 13% from its peak [9][10]. - Over half of the banks have seen stock price declines exceeding 10%, with some banks like Everbright Bank and Beijing Bank experiencing drops over 20% [10]. Valuation Insights - The median dividend yield for bank stocks is around 4.5%, which has decreased by over 1 percentage point compared to the previous year, yet remains competitive against other asset yields [10]. - The price-to-book (PB) ratio for the 42 listed banks is approximately 0.58, showing a slight increase from 0.5 a year ago, but the overall situation of banks trading below book value persists [10].

香港交易及結算所有限公司及香港聯合交易所有限公司對本通告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本通告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 POSTAL SAVINGS BANK OF CHINA CO., LTD. 2025年第二次臨時股東大會通告 茲通告，中國郵政儲蓄銀行股份有限公司（「本行」）謹定於2025年10月9日（星 期四）上午10時於北京市西城區金融大街3號金鼎大廈A座現場舉行2025年第二 次臨時股東大會（「臨時股東大會」），以處理下列事項： 決議案 上述決議案中，第3、4、6、7項為普通決議案，第1、2、5、8項為特別決議 案。 1 1. 審議及批准變更本行註冊資本； 2. 審議及批准修訂公司章程； 3. 審議及批准修訂股東大會議事規則； 4. 審議及批准修訂董事會議事規則； 5. 審議及批准不再設立監事會； 6. 審議及批准選舉陳雪女士為本行非執行董事； 7. 審議及批准選舉宋曉東先生為本行非執行董事；及 8. 審議及批准吸收合併郵惠萬家銀行。 報告事項 9. 關於中國郵政儲蓄銀行2024年度大股東評估情況的報告。 16 ...

POSTAL SAVINGS BANK OF CHINA CO., LTD. 1658 2025年第二次臨時股東大會之委任代表表格 本委任代表表格之股份數目 （附註2） 股H股 本人╱吾等 （附註1） 為中國郵政儲蓄銀行股份有限公司（「本行」） 股H股 ， （附註2） 之登記持有人， 現委任大會主席或 地址為 （附註3） 為本人╱吾等之代表，代表本人╱吾等出席本行謹定於2025年10月9日（星期四）上午10時於北京市西城區金融大 街3號金鼎大廈A座現場舉行之2025年第二次臨時股東大會或其任何續會，並於該大會或其任何續會代表本人╱吾 等，依照下列指示就下列決議案投票，如無作出指示，則由本人╱吾等之代表酌情決定投票。 | | 特別決議案 | （附註4） 贊成 | 反對 | （附註4） | 棄權 | （附註4） | | --- | --- | --- | --- | --- | --- | --- | | 1. | 審議及批准變更本行註冊資本 | | | | | | | 2. | 審議及批准修訂公司章程 | | | | | | | | 普通決議案 | | | | | | | 3. | 審議及批准修訂股東大會議事規 ...

此乃要件 請即處理 閣下如對本通函任何方面或應採取的行動有任何疑問，應諮詢 閣下的股票經紀或 其他註冊證券商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已將名下全部中國郵政儲蓄銀行股份有限公司股份售出或轉讓，應立即將本 通函及委任代表表格交予買方或承讓人，或送交經手買賣或轉讓的銀行、股票經紀 或其他代理商，以便轉交買方或承讓人。 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本通函全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 POSTAL SAVINGS BANK OF CHINA CO., LTD. 1658 變更本行註冊資本 修訂公司章程 修訂股東大會議事規則 修訂董事會議事規則 不再設立監事會 選舉陳雪女士為本行非執行董事 選舉宋曉東先生為本行非執行董事 吸收合併郵惠萬家銀行 及 2025年第二次臨時股東大會通告 中國郵政儲蓄銀行股份有限公司謹定於2025年10月9日（星期四）上午10時於北京市西 城區金融大街3號金鼎大廈A座現場舉行臨時股東大會。董事會函件載於本通函第3頁 至12頁。 ...

Group 1 - The core viewpoint emphasizes that the flourishing of "specialty industries" relies heavily on continuous financial support, highlighting the challenges faced by enterprises in securing funding for expansion and innovation [1][2] - In the context of the local manufacturing sector, many companies are experiencing a pressing need for financial support during critical phases of new factory construction and equipment upgrades, particularly due to a lack of traditional collateral [2][3] - The "specialized and innovative" enterprises are witnessing rapid growth in short-term funding needs, driven by increased market demand and the necessity for capacity expansion [3][4] Group 2 - Financial institutions are innovating their products to address the financing challenges faced by specialty industry clusters, with banks like Postal Savings Bank offering credit loans without collateral, significantly alleviating funding pressures for expanding businesses [5][6] - The "Tech Credit" product is designed specifically for specialized and high-tech enterprises, focusing on evaluating technological advancement and market potential rather than traditional asset-based lending [5][6] - Financial services are evolving from merely providing funds to becoming comprehensive service partners, with banks actively engaging with potential enterprises and offering tailored solutions to enhance operational efficiency and reduce costs [6][7]

Core Viewpoint - Postal Savings Bank of China (PSBC) announced the absorption and merger of its wholly-owned subsidiary, Postal Bank of China Huinong Bank Co., Ltd. (Huinong Bank), which will lead to the cancellation of Huinong Bank's independent legal status and the transfer of all its business, assets, debts, and rights to PSBC, ensuring that customer rights remain unaffected [1][2]. Company Summary - Huinong Bank was established in January 2022 with a registered capital of 5 billion yuan, focusing on serving agriculture, small and micro enterprises, and the general public through a digital inclusive finance model [2]. - The merger will not materially impact PSBC's financial status or operating results, as Huinong Bank's financial statements have already been fully consolidated into PSBC's reports [2]. - The existing loans and deposits from Huinong Bank are relatively small in scale, and their natural expiration will not significantly affect PSBC's future performance [2][3]. Industry Summary - The merger reflects a broader trend in the banking industry, where many banks are integrating their direct banking or digital financial subsidiaries, moving from initial experimentation to comprehensive integration [1][3]. - The independent value of direct banks has diminished due to challenges such as product homogeneity and high customer acquisition costs, leading to over 20 banks shutting down or integrating their direct banking operations [3]. - The banking sector is transitioning from extensive channel expansion to refined ecological cultivation, indicating a shift towards integrated operations [3]. Digital Transformation Initiatives - The merger is expected to optimize PSBC's management and business structure, enhance digital transformation outcomes, improve operational efficiency, and reduce management costs [4]. - PSBC has implemented new core systems for personal, corporate, and credit card businesses, and is deepening its digital transformation through financial technology, big data, and artificial intelligence [4][5]. - The bank aims to build a digital inclusive finance system and enhance its risk management capabilities while focusing on user-centered digital banking development [4][6].