华泰研究 年报点评 证券研究报告 邮储银行 (601658 CH/1658 HK) 港股通 储蓄代理费率再度优化 2026 年 3 月 28 日│中国内地/中国香港 国有大型银行 邮储银行 25 年归母净利润、营业收入、PPOP 分别同比+1.07%、+1.99%、 +8.00%，增速较 1-9 月分别+0.09pct、+0.18pct、-0.49pct。25 年拟每股派 息 0.2183 元，年度现金分红比例为 30%，股息率 4.31%（2026/3/27）。 预计公司"中收跃升三年计划"、"邮政储蓄代理费下调"等边际变化持续 显效，延续利润韧性，维持 A/H 股增持/买入评级。 对公驱动增长，息差边际下行 25 年末总资产、贷款、存款增速分别为+9.3%、+8.2%、+8.2%，较 2025 年 9 月末分别变动-1.8pct、-1.7pct、+0.1pct。25 年零售/对公/票据增量占 比分别为+10%/+85%/+5%，新增贷款主要由对公贷款驱动，零售需求偏弱、 风控趋严。25 年公司净利息收入同比-1.6%，增速较 1-9 月+0.5pct。25 年 净息差 1.66%，较 25Q3 下降 2b ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company's revenue and profit have shown stable growth, with operating income reaching 355.7 billion yuan in 2025, a year-on-year increase of 2.0%. The net profit attributable to shareholders was 87.4 billion yuan, growing by 1.1% year-on-year [1][3] - Non-interest income has performed well, with net fee income increasing by 16.1% to 29.4 billion yuan, driven by growth in investment banking, wealth management, and custody services [2][3] - The asset quality has shown slight pressure, with the non-performing loan generation rate rising to 0.46%, an increase of 0.01 percentage points year-on-year [3] Financial Performance - In 2025, the company achieved total assets of 18.68 trillion yuan, a year-on-year growth of 9.3%, with customer deposits and loans both increasing by 8.2% [1] - The average net interest margin for 2025 was 1.66%, down by 21 basis points year-on-year, with interest income declining by 1.6% [2] - The company completed capital replenishment, with a core Tier 1 capital adequacy ratio of 10.53%, up by 0.97 percentage points from the beginning of the year [1][3] Earnings Forecast - The earnings forecast for 2026-2027 projects net profit attributable to shareholders at 89.4 billion yuan and 91.7 billion yuan, respectively, with a year-on-year growth rate of 2.3% and 2.5% [3][7] - The diluted EPS is expected to be 0.69 yuan for 2026 and 0.70 yuan for 2027, with corresponding PE ratios of 7.4x and 7.2x [3][7]

Investment Rating - The investment rating for the company is "Buy-A/Buy-H" with a current price of 5.06 CNY/4.96 HKD and a fair value of 7.57 CNY/7.42 HKD [2] Core Insights - The report highlights strong non-interest income growth and stable dividends, with a slight increase in net profit and revenue for the year 2025. The company reported a year-on-year revenue growth of 1.99%, PPOP growth of 6.59%, and a net profit growth of 1.07% [6][9] - The company has maintained a stable dividend policy, distributing 0.22 CNY per share, totaling 26.217 billion CNY, which accounts for 30% of the net profit [6][9] - The report anticipates continued growth in non-interest income driven by the expansion of wealth management and investment banking services [6][9] Financial Performance Summary - For the year 2025, the company achieved a net profit of 91.524 billion CNY, with a non-performing loan ratio of 0.95% and a provision coverage ratio of 227.94% [10][11] - The total assets grew by 9.35% year-on-year, with a loan growth rate of 8.25% and a deposit growth rate of 8.20% [10][11] - The net interest margin decreased to 1.66%, reflecting ongoing pressure from interest rate adjustments [10][11] Revenue and Profitability Analysis - The company’s revenue structure shows that net interest income accounted for 79.2% of total revenue, while non-interest income contributed 20.8% [23] - The report indicates a significant increase in other non-interest income, which grew by 19.73% year-on-year, reaching 44.743 billion CNY [6][9] - The cost-to-income ratio increased to 62.10%, indicating a rise in operational costs [10][11] Asset Quality and Risk Indicators - The report notes a slight increase in the non-performing loan ratio, which rose by 1 basis point, while the attention loan ratio increased by 19 basis points [10][11] - The company’s capital adequacy ratio remains strong, with a core Tier 1 capital ratio of 10.53% [10][11] Future Outlook - The company is expected to see a net profit growth of 4.2% in 2026 and 1.8% in 2027, with corresponding EPS of 0.70 CNY and 0.71 CNY [6][9] - The report maintains a positive outlook on the company’s ability to sustain its growth trajectory, particularly in non-interest income streams [6][9]

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - This week (20260323 - 20260327), there were no new issuances of secondary capital bonds in the inter - bank and exchange markets [1]. - The weekly trading volume of secondary capital bonds this week was approximately 177.9 billion yuan, a decrease of 10.5 billion yuan compared to last week. The top three most - traded bonds were 25 Bank of China Secondary Capital Bond 02BC, 25 Bank of China Secondary Capital Bond 03A(BC), and 25 China Construction Bank Secondary Capital Bond 03BC [2]. - In terms of the regions of issuers, the top three regions in terms of trading volume were Guangdong Province, Guizhou Province, and Heilongjiang Province, with trading volumes of approximately 131.6 billion yuan, 13 billion yuan, and 8.1 billion yuan respectively [2]. - As of March 27, the changes in the yields to maturity of 5Y secondary capital bonds with ratings of AAA -, AA +, and AA compared to last week were - 3.21BP, - 3.87BP, and - 3.87BP respectively; for 7Y secondary capital bonds, the changes were - 6.06BP for all three ratings; for 10Y secondary capital bonds, the changes for ratings of AAA -, AA +, and AA were - 4.25BP, - 4.24BP, and - 4.24BP respectively [2]. - This week, the overall deviation of the weekly average trading price valuation of secondary capital bonds was not large. The proportion of discount transactions was greater than that of premium transactions, and the discount amplitude was larger than the premium amplitude [3]. 3. Summary by Directory 3.1 Primary Market Issuance - This week (20260323 - 20260327), there were no new issuances of secondary capital bonds in the inter - bank and exchange markets [1]. 3.2 Secondary Market Trading - **Trading Volume**: The weekly trading volume of secondary capital bonds this week was approximately 177.9 billion yuan, a decrease of 10.5 billion yuan compared to last week. The top three most - traded bonds were 25 Bank of China Secondary Capital Bond 02BC (13.259 billion yuan), 25 Bank of China Secondary Capital Bond 03A(BC) (10.928 billion yuan), and 25 China Construction Bank Secondary Capital Bond 03BC (7.651 billion yuan) [2]. - **Regional Trading Volume**: In terms of the regions of issuers, the top three regions in terms of trading volume were Guangdong Province, Guizhou Province, and Heilongjiang Province, with trading volumes of approximately 131.6 billion yuan, 13 billion yuan, and 8.1 billion yuan respectively [2]. - **Yield to Maturity**: As of March 27, the changes in the yields to maturity of 5Y secondary capital bonds with ratings of AAA -, AA +, and AA compared to last week were - 3.21BP, - 3.87BP, and - 3.87BP respectively; for 7Y secondary capital bonds, the changes were - 6.06BP for all three ratings; for 10Y secondary capital bonds, the changes for ratings of AAA -, AA +, and AA were - 4.25BP, - 4.24BP, and - 4.24BP respectively [2]. 3.3 Valuation Deviation of the Top 30 Individual Bonds - **Discount Bonds**: The top two bonds with the highest discount rates were 24 Mintai Commercial Bank Secondary Capital Bond 01 (- 0.6931%) and 25 Mintai Commercial Bank Secondary Capital Bond 01 (- 0.6400%), and the discount rates of the rest were within - 0.50%. The ChinaBond implicit ratings were mainly AAA -, AA +, and AA -, and the bonds were mainly distributed in Beijing, Shanghai, and Guangdong [3]. - **Premium Bonds**: The top three bonds with the highest premium rates were 23 Mintai Commercial Bank Secondary Capital Bond 01 (0.2287%), 22 Xiamen Rural Commercial Secondary 01 (0.0991%), and 22 Ningbo Bank Secondary Capital Bond 01 (0.0701%), and the premium rates of the rest were within 0.07%. The ChinaBond implicit ratings were mainly AAA -, AA +, and AA, and the bonds were mainly distributed in Beijing, Shanghai, and Zhejiang [3].

一、会计师事务所基本情况 经 2024 年年度股东大会批准，本行聘请毕马威华振会计师 事务所（特殊普通合伙）和毕马威会计师事务所（以下合并简称 毕马威）为本行 2025 年度会计师事务所，分别负责对本行按照 中国企业会计准则和国际财务报告准则编制的 2025 年度财务报 表提供审计及相关服务。 （一）毕马威华振会计师事务所（特殊普通合伙） 毕马威华振会计师事务所于 1992 年 8 月 18 日在北京成立， 于 2012 年 7 月 5 日获财政部批准转制为特殊普通合伙的合伙制 企业，更名为毕马威华振会计师事务所（特殊普通合伙）（以下 简称毕马威华振）。2025 年末，毕马威华振有合伙人 247 人， 注册会计师 1,412 人，其中签署过证券服务业务审计报告的注册 会计师超过 330 人。 （二）毕马威会计师事务所 毕马威会计师事务所（以下简称毕马威香港）为一所根据香 港法律设立的合伙制事务所，由其合伙人全资拥有。毕马威香港 自 1945 年起在香港提供审计、税务和咨询等专业服务，为众多 1 中国邮政储蓄银行股份有限公司 关于 2025 年度会计师事务所履职情况评估报告 根据《国有企业、上市公司选聘会计师事 ...

中国邮政储蓄银行股份有限公司 董事会审计委员会 2025 年度履职情况报告 根据《上市公司治理准则》《上海证券交易所上市公司自律 监管指引第 1 号——规范运作》《中国邮政储蓄银行股份有限公 司章程》《中国邮政储蓄银行股份有限公司董事会审计委员会工 作规则》等规定，中国邮政储蓄银行股份有限公司（以下简称本 行）董事会审计委员会依法合规、勤勉审慎履职，现将 2025 年 度履职情况报告如下。 一、董事会审计委员会会议召开情况 2025 年，董事会审计委员会共召开会议 9 次，审议通过了 2024 年审计工作报告及 2025 年审计工作计划、2024 年度财务报 表及审计报告等 25 项议案，审阅了 2024 年度财务报表审计工作 等 9 项报告。审计委员会就保持财务状况健康稳健、会计师事务 所选聘、提升内部控制有效性、强化审计发现问题的跟踪整改与 成果运用等方面积极向董事会提出专业意见建议，充分发挥审计 委员会专业作用。 二、董事会审计委员会履行职责情况 （一）认真审核财务信息及其披露，督促财务稳健运营 董事会审计委员会认真检查会计政策、财务报告程序和财务 状况，审议通过了 2024 年度财务报表及审计报告、2 ...

会议由郑国雨董事长主持，出席会议的董事审议并表决通过了以 下议案： 一、关于中国邮政储蓄银行 2025 年度财务决算方案的议案 议案表决情况：有效表决票 17 票，同意 17 票，反对 0 票，弃权 0 票。 本项议案尚需提交本行股东会审议。 二、关于中国邮政储蓄银行 2026 年固定资产投资预算方案的议 案 证券代码：601658 证券简称：邮储银行 公告编号：临 2026-010 中国邮政储蓄银行股份有限公司 董事会决议公告 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。 中国邮政储蓄银行股份有限公司（以下简称本行）董事会于 2026 年 3 月 12 日以书面形式发出会议通知，于 2026 年 3 月 27 日在北京 以现场方式召开会议。会议应出席董事 17 名，亲自出席董事 17 名， 部分高级管理人员列席会议。会议的召开符合《中华人民共和国公司 法》等有关法律、行政法规、部门规章、规范性文件和《中国邮政储 蓄银行股份有限公司章程》（以下简称《公司章程》）的有关规定。 议案表决情况：有效表决票 ...

证券代码：601658 证券简称：邮储银行 公告编号：临 2026-014 中国邮政储蓄银行股份有限公司 2025 年度利润分配方案公告 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、利润分配方案内容 （一）利润分配方案的具体内容 经毕马威华振会计师事务所（特殊普通合伙）和毕马威会计师事 务所审计，截至 2025 年 12 月 31 日，本行母公司报表中期末未分配 利润为人民币 2,788.31 亿元。经董事会决议，本行 2025 年年度拟以 1 分配比例：每 10 股普通股派发 2025 年度末期现金股利人民 币 0.953 元（含税）。 本次利润分配以实施权益分派股权登记日登记的总股本为 基数，具体日期将在权益分派实施公告中明确。 本行不触及《上海证券交易所股票上市规则（2025 年 4 月修 订）》（以下简称《股票上市规则》）第 9.8.1 条第一款第 （八）项规定的可能被实施其他风险警示的情形。 本次利润分配方案尚待中国邮政储蓄银行股份有限公司（以 下简称本行）2025 年 ...

中国邮政储蓄银行股份有限公司 内部控制审计报告 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 内部控制审计报告 毕马威华振审字第 2607327 号 中国邮政储蓄银行股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求， 我们审计了中国邮政储蓄银行股份有限公司（以下简称"贵公司"）2025 年 12 月 31 日的财务报告内部控制的有效性。 一、 企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内 部控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是 贵公司董事会的责任。 二、 注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发 表审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、 内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由 于情况的变化可能导 ...

中国国际金融股份有限公司、中信证券股份有限公司 关于中国邮政储蓄银行股份有限公司 2025 年度持续督导年度报告书 根据中国证券监督管理委员会《关于同意中国邮政储蓄银行股份有限公司向 特定对象发行股票注册的批复》（证监许可〔2025〕1080 号），中国邮政储蓄银 行股份有限公司（以下简称"邮储银行"、"发行人"）于 2025 年 6 月向特定 对象发行 20,933,977,454 股 A 股股票（以下简称"本次发行"），每股发行价格 为人民币 6.21 元，募集资金总额为人民币 130,000,000,000.00 元，扣除与本次发 行直接相关的 发 行 费 用 （ 不 含 增 值 税 ） 后 ， 募 集 资 金 净 额 为 人 民 币 129,961,940,637.58 元。上述募集资金于 2025 年 6 月 17 日经毕马威华振会计师 事务所（特殊普通合伙）验证并出具了《中国邮政储蓄银行股份有限公司向特定 对象发行 A 股股票验资报告》（毕马威华振验字第 2500426 号）。 邮储银行聘请中国国际金融股份有限公司（以下简称"中金公司"、"联席 保荐机构"）和中信证券股份有限公司（以下简称"中信证 ...