作者 胡群 中国邮政储蓄银行（601658.SH；简称"邮储银行"）于9月23日发布公告宣布，为优化管理及业务架构， 拟吸收合并其全资子公司中邮邮惠万家银行（以下简称"邮惠万家银行"）。本次吸收合并完成后，邮惠 万家银行的独立法人资格将依法注销，其全部业务、财产、债权债务以及其他各项权利义务将由邮储银 行依法承继。 公告称吸收合并意在"实现战略整合""优化资源配置"和"降低管理成本"，但结合邮惠万家银行披露的完 整财务数据，自2022年6月30日开业以来持续亏损，且亏损额巨大，总资产与管理规模收缩，其独立商 业模式的可持续性已然存疑。此举标志着这家承载着邮储数字化梦想的银行即将退场，也使国内独立法 人直销银行的格局从"三足鼎立"的构想，演变为中信百信银行"一枝独秀"的现实，引发市场对这类创新 业态的深度审视。 从高调入场到艰难求索 邮惠万家银行的诞生，曾承载着中国大型商业银行在数字时代破局的战略雄心。作为由邮储银行全资发 起、注册资本高达50亿元人民币的独立法人直销银行，它于2022年1月7日成立，并于同年6月30日正式 开业，获得了涵盖存、贷、汇、理财等全面的银行业务牌照，立志成为一家"服务'三农'、助力小 ...

Core Viewpoint - The banking sector has shown renewed activity, with several banks experiencing notable stock price increases on September 24, indicating positive market sentiment towards the industry [1] Group 1: Stock Performance - Chongqing Rural Commercial Bank saw its stock price rise by over 3% [1] - Qilu Bank, Postal Savings Bank, Industrial and Commercial Bank of China, and Zheshang Bank all experienced stock price increases of over 1% [1]

Group 1 - The banking sector is experiencing renewed activity, with notable stock price increases for several banks [1] - Chongqing Rural Commercial Bank has seen its stock rise by over 3% [1] - Qilu Bank, Postal Savings Bank, Industrial and Commercial Bank, and Zheshang Bank have all reported stock increases of over 1% [1]

开业三年后，邮储银行全资控股的独立法人直销银行将被合并。 9月23日晚间，邮储银行公告称，为进一步优化管理及业务架构，邮储银行将吸收合并下属全资子公司中邮邮 惠万家银行有限责任公司（简称"邮惠万家银行"），吸收合并完成后，后者的独立法人资格依法注销。邮惠万 家银行的全部业务、财产、债权债务以及其他各项权利义务由邮储银行承继，邮惠万家银行客户的相关权利和 义务均不受影响，已合法签署的合同、协议继续有效。 一是实现战略整合，吸收合并后，邮惠万家银行线上运营经验整合到邮储银行，将对邮储银行线上业务实现补 充； 二是优化资源配置，吸收合并后，邮惠万家银行的业务资源及人才队伍，将为邮储银行发展注入新动力； 三是降低管理成本，吸收合并后，将降低邮储银行管理成本，该行称"有助于将资源投入到互补性更强的领 域，提高整体运营效率"。 有市场人士分析认为，作为直销银行，邮惠万家银行成立是银行业探索线上线下协同发展的创新模式之一。直 销银行初期以其线上化、低成本特性受到关注，但如今其独立存在价值已被大幅稀释。与功能日益强大的手机 银行相比，直销银行在产品同质化、获客成本高等方面面临挑战，难以满足市场对一站式、全场景金融服务的 需求 ...

Core Viewpoint - Postal Savings Bank of China announced the resignation of its supervisor, Chen Yuejun, due to reaching the statutory retirement age, effective September 23, 2025. His tenure since 2012 has been marked by significant contributions to the bank's governance and operational stability [1]. Company Summary - Chen Yuejun submitted his resignation to the bank's supervisory board, confirming no disagreements with the board and no necessary notifications to shareholders or creditors [1]. - Chen has served as the supervisor since January 2013, and his leadership has been credited with innovating supervisory methods and enhancing governance mechanisms [1]. - The bank expressed gratitude for Chen's contributions to maintaining the rights of stakeholders and promoting sustainable development [1]. Industry Summary - Several major banks, including Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, and China Merchants Bank, have announced the dissolution of their supervisory boards this year, which is seen as a move to improve governance structures and reduce management costs [1]. - Postal Savings Bank remains one of the few large banks still maintaining a supervisory board, and if it follows the trend of other banks, Chen Yuejun may be the last senior supervisor in this role [1].

Group 1 - Postal Savings Bank announced the absorption and merger of its wholly-owned subsidiary, Postal Savings Bank of China Huinong Bank Co., Ltd., to optimize management and business structure, integrate resources, and reduce operational costs [1] - The independent legal status of Huinong Bank will be legally canceled, and all its business, assets, debts, and other rights and obligations will be inherited by Postal Savings Bank [1] - The merger has been approved by the board of directors and awaits approval from the shareholders' meeting and the National Financial Regulatory Administration [1] Group 2 - The merger is part of Postal Savings Bank's strategy to enhance its digital transformation and financial technology investments [1] - The integration aims to leverage Huinong Bank's operational experience and resources, particularly in online business [1] - The merger is expected to inject new momentum into Postal Savings Bank's future development, effectively reduce management costs, and improve overall operational efficiency [1] Group 3 - On September 23, Postal Savings Bank's stock closed at 6.05 yuan per share, with an increase of 1.51%, and a trading volume of 929 million yuan, resulting in a total market capitalization of 706.136 billion yuan [2] - Despite a 3.04% decline in the stock over the past seven trading days, the merger announcement may shift market expectations and investor sentiment [2] - The market is likely to focus on the synergistic effects of the merger and its potential to enhance Postal Savings Bank's long-term competitiveness [2]

Core Viewpoint - Postal Savings Bank of China (PSBC) is set to absorb its wholly-owned subsidiary, Postal Huinong Bank, marking the end of the independent legal entity operation model for this direct bank, which was established just over three years ago with a registered capital of 5 billion yuan [1][3]. Company Summary - Postal Huinong Bank was established on January 7, 2022, with a registered capital of 5 billion yuan, fully owned by PSBC, and aimed at serving agriculture, small and micro enterprises, and the general public [3]. - The merger is driven by PSBC's increased investment in financial technology and the establishment of a digital service model primarily through mobile banking, which has significantly enhanced its online service capabilities [3]. - The merger is expected to achieve strategic integration, optimize resource allocation, and reduce management costs, thereby improving overall operational efficiency for PSBC [3]. Industry Summary - The absorption of Postal Huinong Bank signals a turning point in the development cycle of direct banks in China, transitioning from a phase of rapid growth to one of consolidation and exit [1][5]. - The independent legal entity model for direct banks is now left with only one remaining entity, Baixin Bank, as many others face channel integration and closures [5][6]. - The history of direct banks in China shows a peak in development from late 2014 to 2016, followed by a decline characterized by closures and consolidations [5][6]. - The future of independent legal entity direct banks is uncertain, as the industry shifts focus towards differentiated capabilities and specific customer segments rather than maintaining independent operations [7].

Group 1: Company Announcements - Ganli Pharmaceutical signed a technology transfer and supply agreement with FZ and BIOMM, with a total supply framework agreement amount expected to be no less than 3 billion RMB [1] - Upwind New Materials completed the transfer of 121 million shares, changing its controlling shareholder to Zhiyuan Hengyue, associated with Zhiyuan Robotics [2] - Poly Developments plans to publicly issue corporate bonds not exceeding 15 billion RMB for various purposes including debt repayment and project construction [3] Group 2: Shareholder Actions - Lenovo Holdings reduced its stake in Lakala by 8.0781 million shares, decreasing its ownership from 25.00% to 23.97% [4] - Fenghuo Communication plans to repurchase shares with a budget between 75 million and 150 million RMB, with a maximum repurchase price of 40.53 RMB per share [5] - Hualing Cable intends to acquire control of San Bamboo Intelligent for no more than 270 million RMB to enhance its capabilities in robotics and high-frequency transmission [6] Group 3: Market Developments - Guiguang Network clarified that rumors regarding major collaborations with Huawei Cloud and restructuring with state-owned enterprises are untrue [7] - Dongshan Precision is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international presence [8] - Wolong Nuclear Materials' subsidiary plans to invest up to 1 billion RMB in a new materials project in Suzhou [9] Group 4: Other Corporate Activities - Chao Xun Communication's management completed their share reduction plan, with specific shares sold by board members [10] - Various companies are involved in significant project bids and collaborations, including China Electric Research and others [15]

Core Viewpoint - Postal Savings Bank of China (PSBC) announced the absorption and merger of its wholly-owned subsidiary, Postal Savings Bank Huinong Bank, which will lead to the cancellation of the latter's independent legal status and the transfer of all its business, assets, and obligations to PSBC [1] Group 1: Merger Details - The merger has been approved by PSBC's board and requires shareholder meeting approval and regulatory approval from the National Financial Regulatory Administration [1] - The merger does not constitute a related party transaction or a major asset restructuring and will not materially affect PSBC's financial status or operating results [1] Group 2: Industry Context - The merger reflects a broader trend in the banking industry towards digital transformation, with at least 19 banks, including Minsheng Bank and Hankou Bank, integrating direct banking services in recent years [1][2] - Direct banks were initially established to provide online services without physical branches, but their independent value has diminished due to challenges such as product homogeneity and high customer acquisition costs [2] Group 3: Strategic Benefits - The merger is expected to optimize PSBC's management and business structure, enhance digital transformation outcomes, improve operational efficiency, and reduce management costs [3] - By integrating the talent and experience from Postal Savings Bank Huinong Bank, PSBC aims to strengthen its online business and create a synergistic effect [3] Group 4: Digital Transformation Initiatives - PSBC plans to leverage the merger to advance its digital transformation by enhancing its technological capabilities, improving business management, and strengthening risk control systems [3][4] - The bank aims to reshape customer experience across all channels and products while achieving cost reduction and efficiency improvements in internal management [4]

Group 1: Core Insights - The trend of offering bicycles as incentives for credit card applications is gaining popularity in the financial sector, particularly in Beijing [1][5][14] - This promotional strategy involves multiple banks collaborating to attract new customers by providing bicycles of varying values in exchange for signing up for multiple credit cards [4][8][12] - The promotional events have seen a significant turnout, although there are concerns regarding the quality of the bicycles and the potential for excessive credit card issuance [1][12][14] Group 2: Promotional Details - Customers can receive bicycles by applying for a minimum number of credit cards, with higher-value bicycles requiring more applications; for example, a bicycle worth over 2000 yuan requires the application of 10 credit cards [4][5][11] - The promotional events are time-limited, running from September 5 to October 4, with a total of 10,000 bicycles available [5][12] - Participating banks include major institutions such as the Bank of Communications, Postal Savings Bank, and others, with staff present at the events to assist new applicants [8][12] Group 3: Market Context - The credit card business is under pressure, with a decline in the number of active credit cards and transaction volumes reported by several banks [14][15] - The People's Bank of China reported a decrease of 6 million credit cards in the second quarter of 2025, marking a continuous decline over 11 quarters [14][15] - Banks are encouraged to adapt their strategies, focusing on customer engagement and innovative product offerings to enhance credit card usage and profitability [16]