Group 1 - The company has signed a sales agreement with Dongfang Securities to sell its fund starting from December 17, 2025 [1] - The fund involved is the Invesco Great Wall Anxiang Return Flexible Allocation Mixed Securities Investment Fund [1] - Investors can inquire about details through the customer service hotline of Invesco Great Wall Fund Management Company [3] Group 2 - The company has also signed a sales agreement with Jinshan Bank to sell part of its funds starting from December 17, 2025 [6] - The sales institution is Jinshan Bank, with specific contact details provided for investor inquiries [6][8] - Similar to the previous agreement, the fund operations will follow the regulations set by Jinshan Bank [6] Group 3 - A sales agreement has been established with China Postal Savings Bank for the "You Ni Tong Ying" cooperative platform, effective December 17, 2025 [10] - The platform will facilitate the sale of part of the company's funds, with specific operational details to be determined by the platform [10][11] - Investors can contact the customer service hotline for inquiries regarding this platform [13] Group 4 - The company has entered into a sales agreement with Sunshine Life Insurance to sell the Invesco Great Wall Taihe Return Flexible Allocation Mixed Securities Investment Fund starting December 17, 2025 [15] - The sales institution is Sunshine Life Insurance, with contact information provided for investor inquiries [15][17] - Fund operations will adhere to the regulations set by Sunshine Life Insurance [15] Group 5 - A sales agreement has been signed with Guosen Securities for the Invesco Great Wall Steady Return Flexible Allocation Mixed Securities Investment Fund, effective December 17, 2025 [19] - The sales institution is Guosen Securities, with specific contact details for investor inquiries [19][22] - Fund operations will follow the guidelines established by Guosen Securities [19]

Group 1: Climate Finance and Agricultural Innovation - The "climate loan" from Postal Savings Bank of China (PSBC) has enabled local agricultural enterprises to thrive despite adverse weather conditions, exemplified by a 9.35 million yuan loan that supported a successful harvest of colorful peppers in Fujian [1][2] - Green agricultural companies, such as Green State Agricultural Development Co., have benefited from innovative financial products that assess their climate-friendly practices, allowing them to secure favorable loan terms [2][3] - The collaboration between PSBC and local meteorological departments has led to the creation of a "climate-friendly enterprise evaluation system," which provides differentiated financial support based on companies' environmental practices [2][3] Group 2: Support for Traditional Agricultural Industries - PSBC has been instrumental in supporting traditional tea industries in Fujian, providing financial tools that help companies like Minrong Tea Co. expand their operations and enhance product quality [4][5] - The bank's financial support has allowed tea companies to modernize their production processes and improve their market reach, contributing to the preservation of cultural heritage while promoting economic growth [5][6] - The integration of financial services with local agricultural practices has enabled companies to achieve sustainable development and increased profitability [6] Group 3: County-Level Industry Development - The goose liver industry in Shandong has seen significant growth, with PSBC providing tailored financial solutions that support the entire supply chain, from breeding to processing [7][8] - Financial backing from PSBC has allowed local enterprises to expand their operations, resulting in increased revenue and improved livelihoods for associated farmers [8][9] - The bank's focus on understanding the unique needs of different agricultural sectors has facilitated comprehensive financial support, contributing to the overall economic development of rural areas [9][10]

Core Viewpoint - The tightening of personal precious metals trading by banks acting as agents for the Shanghai Gold Exchange is aimed at managing market risks, complying with regulatory pressures, and fulfilling investor suitability obligations, leading to a more concentrated and mature market structure focused on institutional clients [1][3]. Group 1: Bank Adjustments - Several banks, including Industrial and Commercial Bank of China (ICBC), have announced adjustments to their personal precious metals trading business, actively clearing inactive "three-no" clients (no positions, no inventory, no debts) [2][3]. - ICBC's announcement states that from December 19, 2025, it will transfer the balances of these clients' margin accounts to their linked settlement accounts and terminate related business functions [2][3]. - Other banks such as Agricultural Bank of China and China Postal Savings Bank have also made similar announcements regarding the termination of agreements with inactive clients [2]. Group 2: Market Implications - Experts believe that the exit of personal investors from bank channels may lead to a decrease in trading volume and a return of margin funds, while also pushing investors towards futures companies, brokerages, or physical gold platforms, accelerating the differentiation and specialization of precious metals investment channels [4][5]. - The adjustments are expected to help investors reassess the risk-return characteristics of gold investments, promoting a shift from short-term speculation to long-term asset allocation [4][5]. Group 3: Transformation of Banking Precious Metals Business - The retail side of banking precious metals business is transitioning from a trading channel to asset allocation services, moving away from high-risk, high-leverage products towards more stable financial products like gold ETFs [5]. - This shift indicates a transformation in the retail precious metals business model from providing trading channels and physical sales to offering asset allocation services and standardized financial products [5]. - Future growth opportunities for banks in the precious metals sector include promoting lower-risk investment products such as accumulated gold and physical gold bar sales, catering to residents' demand for hedging and asset allocation [5].

Group 1 - The core viewpoint emphasizes the importance of the Party's leadership in ensuring effective economic work, with a focus on enhancing political judgment, understanding, and execution within the Postal Savings Bank [2] - The bank is tasked with aligning its operations with the central government's economic strategies, particularly the "eight key tasks" for the upcoming year, while planning for the 2026 and "14th Five-Year" period [2][3] Group 2 - The Postal Savings Bank is required to maintain its core responsibilities and strengths in retail banking, while also developing a second growth curve to meet diverse financial needs of the public and the real economy [3] - The bank will support initiatives aimed at expanding domestic demand and boosting consumption, including increasing the issuance of consumer loans [3] - There is a focus on optimizing financial supply in key areas, enhancing the financial service system to support technological innovation, regional coordination, and green transformation [3] - The bank is also expected to improve risk management systems to ensure high-quality development while effectively preventing and mitigating risks in critical areas [3]

Core Viewpoint - The banking sector has entered a stage of high-quality development, with a focus on high dividend investments and stable growth in profits and revenues expected through 2026 [2][3][4]. Group 1: Banking Sector Performance - The expected revenue growth for listed banks in 2026 and 2027 is +2.5% and +3.6% respectively, while net profit growth is projected at +1.9% and +2.6% [2]. - Factors contributing to improved revenue and profit growth include narrowing net interest margin pressure, quality-focused credit issuance, and stabilization of fee income growth after several years of reductions [2][4]. - The net non-performing loan generation rate is expected to stabilize or slightly decline, with retail and corporate sectors showing different trends in risk exposure [4][25]. Group 2: Credit and Financing Trends - The demand for credit is expected to slow slightly by 2026, with a shift in the structure of new social financing reflecting changes in customer needs and regulatory impacts [3][4]. - The government and state-owned enterprises are becoming significant contributors to leverage, influencing the structure of new social financing and the banks' balance sheets [3]. Group 3: Market Dynamics and Regulatory Environment - The banking industry is experiencing a reduction in the number of licenses, indicating accelerated supply-side reforms and improved competitive dynamics [4][22]. - Regulatory policies are evolving, with a focus on enhancing the quality of service rather than merely increasing customer numbers, particularly in inclusive finance [3][4]. Group 4: Financial Metrics and Projections - The net interest margin is projected to narrow by 6 basis points in 2026, with a balanced structure of volume and price being crucial for achieving high-quality financial metrics [4][16]. - The total assets of banks are expected to grow at a rate of 7.8% YoY, with net profit growth rates showing a gradual increase from 12.6% to 2.6% over the forecast period [12][16].

Group 1 - The company has signed a sales agreement with Jinshan Bank to sell certain funds starting from December 17, 2025 [1] - The sales process, opening status, handling time, methods, and fee discounts will be determined by Jinshan Bank [1] - Investors can inquire about details through the company's customer service [3] Group 2 - The company has also signed a sales agreement with China Postal Savings Bank to sell certain funds through the "You Ni Tong Ying" platform starting from December 17, 2025 [6] - Similar to the agreement with Jinshan Bank, the sales process and fee discounts will be based on the platform's arrangements [6] - Investors can consult details through the customer service of China Postal Savings Bank [8] Group 3 - The company has entered into a sales agreement with Shanxi Securities to sell the "Jingshun Changcheng Jingying Shuangli Bond Fund" starting from December 17, 2025 [10] - The sales process and fee discounts will be determined by Shanxi Securities [10] - Investors can inquire about details through the customer service of Shanxi Securities [13] Group 4 - The company has appointed Wang Gaobin as an assistant fund manager for two specific funds, effective immediately [16] - Wang Gaobin holds a master's degree in economics and has 7 years of experience in the securities and fund industry [17]

Core Insights - Tianhong Electric Technology Co., Ltd. has rapidly grown since its establishment in 2019, achieving an annual output value of 700 million yuan, supported by 19 million yuan in credit from Postal Savings Bank [1][2] Financial Support and Partnership - Tianhong Electric has a deep partnership with Postal Savings Bank, with an annual transaction amount exceeding 500 million yuan and multiple accounts established for margin and foreign exchange [2] - The financial services provided by Postal Savings Bank have been crucial for Tianhong Electric, particularly in securing funds for raw material procurement and fulfilling large orders [2] Production Capacity and Workforce - The company operates a modern production facility covering 80,000 square meters and employs over 380 staff, including more than 50 technical professionals [2] - Tianhong Electric's product range includes various power equipment, with specific production capacities such as 240,000 kVA for 220kV oil transformers (10 units annually), 20 units for 110kV transformers, and 10,000 units for 35kV/10kV transformers [2] International Expansion Strategy - Tianhong Electric is accelerating its internationalization strategy, planning to establish a bonded warehouse in Kazakhstan and an assembly plant in Indonesia, while also developing photovoltaic-specific transformers for the Middle East [2] - Postal Savings Bank aims to support Tianhong Electric's international market expansion through a comprehensive suite of services, including cross-border settlement and trade financing [2] Digital Transformation Initiatives - The company plans to build a cross-border e-commerce platform for power equipment and develop an intelligent quotation system that automatically matches grid parameters for 43 countries [2] - Postal Savings Bank will provide digital financial services to support Tianhong Electric's digital transformation, utilizing big data analysis for precise financing and risk management solutions [2]

Core Insights - The success of the Deqing Gonggan industry is attributed to its high-quality product endowment and the "finance + industry + logistics" integrated revitalization model, which provides a replicable path for high-quality development in specialty agriculture [1] Group 1: Financial Services - Financial services play a core role as the "funding engine" in the integrated model, with Postal Savings Bank of China (601658) Deqing County branch offering targeted loan products that address the pain points of farmers regarding "difficult and slow financing" [1] - The bank has integrated online approval and credit loans into agricultural production scenarios, significantly improving the efficiency of capital turnover in the industry [1] Group 2: Industry Development - Deqing Gonggan, recognized as a "Yue brand" specialty agricultural product, has achieved scale planting and brand operation with the support of financial services, leading to a steady increase in yield [1] - Individual farms are expected to reach an annual output of 400,000 pounds and sales of 900,000 yuan this year, creating a virtuous cycle of "high quality - high yield - good benefits" [1] Group 3: Logistics Collaboration - Logistics collaboration has effectively addressed the "last mile" issue, with the bank leveraging its unique advantage of "bank + postal logistics" to deeply integrate financial and logistics services [1] - This integration allows farmers to receive financial support while enjoying convenient agricultural product delivery services, establishing a comprehensive ecosystem of "growing well, selling well, and receiving quickly" [1] Group 4: Impact and Reach - By the end of October 2025, the Postal Savings Bank Deqing County branch's model has served over 1,600 agricultural operating entities, with cumulative agricultural loans exceeding 300 million yuan [2] - The model has created a brand reputation of "sending agricultural products through postal services" and "seeking loans from Postal Savings," aligning precisely with the development needs of specialty agriculture [2]

据悉，现任监事白建军、陈世敏、李跃、谷楠楠不再担任邮储银行监事及监事会相关职务，上述监事均 确认与该行无不同意见，也无任何其他相关事项需要通知该行股东及债权人。邮储银行监事会相关制度 同时废止。 北京商报讯(记者宋亦桐)12月16日，邮储银行（601658）发布公告指出，该行于2025年10月9日召开的 2025年第二次临时股东大会审议批准了《关于修订 <中国邮政储蓄银行股份有限公司章程> 的议案》和 《关于中国邮政储蓄银行不再设立监事会的议案》。近日，邮储银行收到《国家金融监督管理总局关于 邮储银行修改公司章程的批复》，自该行公司章程修订获核准生效之日起，该行不再设立监事会，由董 事会审计委员会依法行使监事会相关职权。 ...

图片来源：界面图库 邮储银行则于9月30日宣布，该行代理上海黄金交易所个人贵金属业务即将停办，要求相关持仓客户及 现货库存客户于10月31日0点前择机自主平仓卖出。 除了国有大行，股份行和城商行都有相关行动。10月30日，中信银行发布公告称，因业务合规经营和发 展需要，自11月7日起，将对代理上海黄金交易所个人交易长期不动户（仅有可用金额，无持仓）进行 清理。 9月30日，宁波银行表示，自10月13日起将停止受理代理个人客户上海黄金交易所现货实盘买入交易， 卖出交易不受影响。同时要求在此之前已在该行持有现货实盘库存的客户，结合近期市场情况自主择机 卖出。此外，自10月13日起，对于近三个月无持仓交易的代理个人客户，该行将对客户账户清算后，进 行解约处理。 工商银行将自2025年12月19日起，将上述客户的保证金账户余额批量转出至该业务绑定的结算账户，并 关闭相关业务功能。关闭后，客户与工商银行签署的《代理个人客户贵金属竞价交易业务协议书》将终 止。现有持仓客户的平仓交易不受本次业务调整影响。 除了工商银行之外，此前建设银行、农业银行、邮储银行等也有相关动作。 12月8日，建设银行也发布了"关于代理个人客户上海 ...