【导读】杨西琳以邮储银行党委委员身份公开亮相，曾任金融同业部总经理 中国基金报记者 马嘉昕 邮储银行副行长、董事会秘书杜春野表示，公司金融是该行推进均衡战略的重要一环，是为邮储银行投资者进一步提升价值创造的重要抓 手。 从财报来看，邮储银行的对公业务发展也颇为强劲。截至2025年三季度末，邮储银行总资产规模约为18.61万亿元，较上年末增长 8.90%。其中，客户贷款总额约为9.62万亿元，较上年末增长8.33%；个人贷款总额约为4.86万亿元，较上年末增长1.90%。 12月10日，记者从相关渠道获悉，杨西琳以邮储银行党委委员身份公开亮相。这意味着，邮储银行的高管团队进一步"扩容"。 据悉，在2025年邮储数字金融大会暨手机银行11.0发布会现场，邮储银行副行长牛新庄在介绍出席来宾时对杨西琳的职务表述为该行党委 委员。 从过往履历来看，杨西琳在邮储银行体系内深耕多年，此前曾担任邮储银行金融同业部总经理，长期主导金融同业业务，具备扎实的区域 管理经验。 2025年1月，据"中国银协"微信公众号披露，杨西琳曾以新当选的第四届票委会主任单位邮储银行金融同业部总经理的身份发言。 公开资料显示，2010年3月，杨西琳 ...

Investment Rating - The report assigns a "Buy" rating for the banking sector, indicating an expectation that stock prices will outperform the market by more than 10% over the next 12 months [40]. Core Insights - The growth of M2 is primarily driven by government and corporate leverage, with government leverage's contribution increasing from 23.9% in 2015 to 45.5% in 2025, while corporate leverage is expected to contribute 63.6% to M2 growth in 2025 [5][14]. - The report highlights a divergence between the social financing (社融) and M2 growth rates, indicating a liquidity accumulation in the financial system when the demand for financing from the real economy is insufficient, which can lead to a decline in bond yields [5][19]. - The expected social financing-M2 differential for 2026 is projected to be 0.56%, with a quarter-on-quarter increase of 33 basis points [32]. Summary by Sections M2 and Liquidity Analysis - M2 includes cash, personal deposits, corporate deposits, non-bank deposits, and deposits from non-deposit financial institutions. The main contributors to M2 growth are government and corporate leverage [5][13]. - The report discusses the relationship between the social financing-M2 differential and bond market performance, noting a shift in correlation since the second half of 2022 [5][19]. Social Financing Projections - For 2026, the report forecasts a total of 16.3 trillion yuan in new loans under the social financing framework, with a growth rate of 8.11% [32][34]. - The report anticipates that the net issuance of government bonds will reach 14.8 trillion yuan in 2026, with a focus on maintaining a proactive fiscal policy [34]. M2 Growth Forecast - The M2 growth rate for 2026 is projected at 7.55%, influenced by factors such as net fiscal deposits, the strengthening of the equity market, and cross-border capital flows [32][36].

Group 1 - The banking industry in 2026 will face a mixed external environment with strong macroeconomic resilience but insufficient effective demand, leading to continued moderate monetary policy and challenges in asset allocation due to a low interest rate environment [4][10] - The "14th Five-Year Plan" emphasizes the construction of a financial powerhouse, urging banks to leverage their resource endowments and deepen their strategic initiatives over the next five years [4][10][22] - The overall financial performance of listed banks is expected to improve in 2026, driven by the recovery of net interest income and non-interest income, with a projected net profit growth of 2.4% year-on-year [4][27] Group 2 - The net interest margin is expected to narrow by 6 basis points in 2026, with net interest income growth projected to rise to 4% compared to 0.3% in 2025 [4][27] - Non-interest income is anticipated to continue improving due to the recovery of wealth management opportunities and the fading impact of fee reductions from previous years [4][27] - The overall asset quality of the banking sector is expected to remain stable, with a focus on monitoring risks in the retail sector [4][27] Group 3 - The investment strategy emphasizes high dividend yields as a protective measure, with the banking sector's average dividend yield at 3.94%, providing a significant premium over ten-year government bonds [4][27] - Specific banks such as Chengdu Bank, Jiangsu Bank, and Shanghai Bank are highlighted for their strong regional advantages and potential for continued dividend growth [4][27][34] - The report suggests that the active capital market will provide a potential boost to quality retail banks, enhancing their recovery prospects [4][27]

Group 1 - Postal Savings Bank of China (PSBC) experienced a decline of 0.54% in stock price on December 9, with a trading volume of 725 million yuan [1] - On the same day, PSBC had a financing buy-in amount of 93.91 million yuan and a financing repayment of 77.74 million yuan, resulting in a net financing buy of 16.17 million yuan [1] - As of December 9, the total balance of margin trading for PSBC was 1.083 billion yuan, with the financing balance at 1.078 billion yuan, accounting for 0.29% of the circulating market value, which is below the 50th percentile level over the past year [1] Group 2 - PSBC's main business includes personal banking, corporate banking, and funding operations, with personal banking contributing 65.15% to total revenue, corporate banking 22.71%, and funding operations 12.10% [2] - As of September 30, PSBC had 142,600 shareholders, a decrease of 13.09% from the previous period, while the average circulating shares per person increased by 15.29% to 478,570 shares [3] - For the first nine months of 2025, PSBC reported operating revenue of 265.08 billion yuan, a year-on-year increase of 1.82%, and a net profit attributable to shareholders of 76.56 billion yuan, up 0.98% year-on-year [3] Group 3 - Since its A-share listing, PSBC has distributed a total of 137.80 billion yuan in dividends, with 77.39 billion yuan distributed over the past three years [4] - As of September 30, 2025, the top ten circulating shareholders of PSBC included Hong Kong Central Clearing Limited, which held 520 million shares, a decrease of 422 million shares from the previous period [4] - Other notable shareholders included Huaxia SSE 50 ETF and Huatai-PB CSI 300 ETF, both of which also saw reductions in their holdings [4]

Core Insights - The article highlights the rapid response of Postal Savings Bank and the Provincial Agricultural Guarantee Company in providing financial support to farmers affected by adverse weather conditions, exemplified by a case in Puyang County, Henan Province [1][2] Group 1: Financial Support Initiatives - The "Yunongdan - Disaster Relief Loan" program was introduced to assist agricultural entities affected by disasters, featuring zero guarantee fees and a 1% annual financial subsidy, significantly reducing financing costs for farmers [1] - A specific case is presented where a farmer received 300,000 yuan in disaster relief funding within two working days, showcasing the efficiency of the loan process [1] Group 2: Collaborative Efforts - Postal Savings Bank in Puyang City established a collaborative mechanism with the Provincial Agricultural Guarantee Company and local agricultural departments to enhance service delivery and address financing challenges faced by farmers [2] - The bank's proactive approach includes a multi-channel strategy for policy dissemination, ensuring that financial assistance reaches farmers effectively [2]

记者获悉，原邮储银行金融同业部总经理杨西琳已任邮储银行党委委员。此外，杨西琳或将出任邮储银 行金融市场业务总监，负责金融业务条线，包括金融市场、金融同业及资管业务。值得注意的是，此前 邮储银行并未设置金融市场业务总监岗位，仅设零售业务总监一职。目前，邮储银行零售业务总监由梁 世栋担任，为邮储银行七位高管之一。公开资料显示，2010年3月，杨西琳获批担任邮储银行深圳分行 副行长。在出任邮储银行金融市场业务总监前，杨西琳担任金融同业部总经理。（21世纪经济报道） ...

Core Viewpoint - The announcement of interim dividends by major banks reflects their robust operational resilience and mature shareholder return mechanisms, which may act as catalysts for valuation recovery in the banking sector [1][5][6] Group 1: Dividend Announcements - Industrial and Commercial Bank of China and Agricultural Bank of China announced interim dividends totaling CNY 503.96 billion and CNY 418.23 billion respectively, with both distributing over CNY 300 billion in cash dividends [1] - As of December 9, 26 A-share listed banks have disclosed their 2025 interim or quarterly dividend plans, with a total proposed payout exceeding CNY 260 billion [1][2] - The six major state-owned banks are the primary contributors to dividends, proposing a total cash dividend of CNY 2,046.57 billion, accounting for over 70% of the total disclosed dividends [2] Group 2: Trends in Dividend Distribution - The six major banks, including ICBC, CCB, ABC, and BOC, have maintained a stable dividend payout ratio around 30% [2] - Regional banks are increasingly participating in dividend distributions, with several institutions like Ningbo Bank and Changsha Bank announcing their first interim dividends [2] - The introduction of interim dividends by banks like Industrial Bank marks a significant step in enhancing the high-dividend landscape among joint-stock banks [2] Group 3: Regulatory and Market Influences - The expansion of the interim dividend landscape is attributed to regulatory policies, solid operational fundamentals, and market demand [3] - Recent policies encourage listed banks to optimize their dividend strategies, with measures to enhance dividend stability and predictability [3] - The Shanghai Stock Exchange is actively promoting higher dividend payouts and increased frequency of distributions to enhance company valuations [3] Group 4: Investment Implications - Bank stocks are characterized by stable performance, low valuations, high dividends, and low volatility, making them attractive for institutional investors seeking low-risk dividend assets [4] - The recent stability in bank stock performance and the appeal of high-dividend stocks are expected to attract more long-term capital, reinforcing the positive cycle of management, dividends, and valuation recovery [5][6] - Analysts believe that the ongoing high dividend policies and stock buybacks will continue to attract long-term investors, enhancing the overall investment value of bank stocks [6]

数据来源/上市银行公告 制表/石诗语 银行名称 分红派息总额 派发A股现金红利金额 A股现金红利发放日 （亿元） （亿元） 工商银行 503.96 381.23 2025年12月15日 建设银行 486.05 39.36 2025年12月11日 农业银行 418.23 381.5 2025年12月15日 中国银行 352.50 261.02 2025年12月11日 邮储银行 147.72 未披露 未披露 交通银行 138.11 未披露 未披露 ...

Core Insights - The awards for financial bond underwriting and market-making have been announced, recognizing various banks and securities firms for their outstanding performance in the industry [1][2][3][4][5][6][7] Group 1: Outstanding Underwriters - The title of "Outstanding Underwriter" was awarded to several banks, including CITIC Bank, Shanghai Pudong Development Bank, and Industrial and Commercial Bank of China [1][2] - A total of 10 banks were recognized as "Excellent Underwriters," highlighting their contributions to the financial bond market [1] Group 2: Excellent Market Makers - The "Excellent Market Maker" category included firms such as Huatai Securities and CITIC Securities, showcasing their role in enhancing market liquidity [2][4] - A diverse range of banks, including Ping An Bank and Industrial Bank, were acknowledged for their market-making capabilities [2][4] Group 3: Special Awards - Special awards were given for various categories, including "Debt Sea Rising Award" and "Green Low Carbon Award," recognizing banks like Agricultural Bank of China and Postal Savings Bank of China for their innovative approaches [3] - The "Technology Innovation Award" was awarded to banks that demonstrated significant advancements in financial technology [3] Group 4: Individual Recognitions - Individual awards were presented to key personnel from various banks, such as CITIC Bank's Sun Wei and China Everbright Bank's Liu Yan, acknowledging their leadership in driving financial bond initiatives [4][5] - The "Outstanding Underwriting Supervisor" category highlighted individuals from major banks, emphasizing the importance of leadership in underwriting processes [5]

工商银行、农业银行定于12月15日进行A股派发：工商银行每股派发现金红利0.1414元，A股派发现金红利共计约381.23亿 元；农业银行每股派发现金红利0.1195元，A股派发现金红利共计约381.5亿元。 本报记者 彭妍 近日，多家国有大行陆续公告2025年中期分红派息方案，并相继落地实施。作为上市银行中期分红的"主力军"，国有六大 行本次中期现金分红总额预计超2000亿元，分红比例均维持在归母净利润的30%水平，且多家银行将于12月份进行派发。 南开大学金融学教授田利辉在接受《证券日报》记者采访时表示，国有大行实施中期分红既是资本市场高质量发展的标志 性事件，也是今年上市银行经营稳健、现金流充裕的直接体现。此举向市场传递了"经营有方、回报有信"的积极信号，有利于 增强投资者信心，促进资本市场健康发展，为"业绩稳健、分红提升、估值修复"的良性循环注入新动力。 多家银行于本月分红 据此前半年报及相关公告披露，国有六大行2025年中期现金分红金额合计达2046.57亿元，其中工商银行以503.96亿元位居 首位，建设银行、农业银行紧随其后，分别达486.05亿元、418.23亿元；中国银行、邮储银行和交通银行 ...