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。 截至本公告日，本行已行使赎回权，全额赎回本期债券。 证券代码：601658 证券简称：邮储银行 公告编号：临2026-009 中国邮政储蓄银行股份有限公司 关于2021年无固定期限资本债券（第一期） 赎回完成的公告 2021年3月，中国邮政储蓄银行股份有限公司（以下简称本行）在全 国银行间债券市场发行了规模为人民币300亿元的减记型无固定期限资 本债券（第一期）（以下简称本期债券），并于2021年3月23日发布了 《中国邮政储蓄银行股份有限公司关于2021年无固定期限资本债券（第 一期）发行完毕的公告》。 根据本期债券募集说明书相关条款的规定，本期债券设有发行人有 条件赎回条款，本行有权在本期债券第5个计息年度的付息日（即2026 年3月23日），全部或部分赎回本期债券。近期本行已取得国家金融监 督管理总局出具的对赎回本期债券无异议的复函。 中国邮政储蓄银行股份有限公司董事会 二〇二六年三月二十四日 特此公告。 ...

Group 1 - The banking sector is experiencing a significant decline, with multiple stocks, including Agricultural Bank of China, Zhangjiagang Bank, and Xiamen Bank, dropping over 5% [1] - Other banks such as Industrial and Commercial Bank of China, Bank of Communications, and Postal Savings Bank of China have also seen declines exceeding 3% [1]

Summary of China Banks Insight Equities Conference Call Industry Overview - The focus is on the Chinese banking sector, particularly the performance and outlook of major banks in 2026 and beyond. [2][11] Core Insights 1. Fundamentals - China banks are expected to enter a phase of fundamental improvement, with positive net interest income (NII) and fee income anticipated in 2026 due to stabilized net interest margins (NIM) and growth in wealth management. [2][5] - An estimated RMB66 trillion of deposits will be repriced lower, leading to a decline in funding costs by approximately 12 basis points. [2][38] - The quality of pre-provision operating profit (PPOP) is expected to improve, supporting potential expansions in price-to-earnings (PE) or price-to-PPOP multiples. [16][22] 2. Flows - Significant Southbound inflows were observed in 2024-25, with expectations of mild inflows in 2026. [3][61] - Insurers and pension funds have increased their equity allocations, positively impacting banks with high dividend yields. [3][5] - Southbound holdings are seen as stabilizers for the market, despite near-term volatility. [3][67] 3. Policies - Capital injections are anticipated for major banks like ICBC and ABC, with a confirmed injection of RMB300 billion. [4][54] - The People's Bank of China (PBoC) is expected to maintain policies that defend banks' NIMs, with mild rate cuts anticipated in 2026. [4][28] - De-regulation efforts are ongoing, allowing banks to expand into insurance and asset management sectors. [4][54] Investment Thesis - The market's focus is expected to shift towards earnings quality in 2026, as Southbound inflows slow. High dividend yields will remain attractive for risk-averse investors. [5][8] - Preferred stocks include ICBC-H and CCB-H for their solid balance sheets and higher dividend yields, while CMB-A is favored for its potential in wealth management. [5][8] Valuation Changes - Target prices and ratings have been adjusted for several banks, with ICBC-H and CCB-H maintaining a "Buy" rating, while ABC-A has been downgraded to "Reduce." [9][10] Additional Insights - The banking sector's performance has been resilient, with H-shares outperforming benchmarks despite earnings downgrades. [11][61] - The shift in investment from large banks to mid/smaller banks has been noted, indicating a changing market dynamic. [11][61] - The demand for wealth management products is expected to rise as deposit interest rates decline, leading to increased activity in mutual funds and bancassurance. [44][45] Conclusion - The Chinese banking sector is poised for a period of fundamental improvement, supported by favorable flows and policy adjustments. Investors are encouraged to focus on earnings quality and dividend yields as key drivers for investment decisions in 2026. [5][8][11]

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report highlights that under inflation expectations, broad asset liquidity may contract, and attention should be paid to negative feedback effects [1][14] - The central bank's operations have resulted in a net injection of 215.8 billion CNY, with liquidity in the interbank market remaining ample and funding rates slightly declining [14] - The report emphasizes the potential for liquidity-driven valuation expansion to slow down in the second quarter due to rising inflation expectations and external geopolitical conflicts affecting oil prices [14][16] Summary by Sections 1. Inflation Expectations and Asset Liquidity - The interbank liquidity is currently abundant, with funding rates showing a slight decline. As of March 20, R001 and R007 rates were 1.40% and 1.48%, respectively [14] - The central bank conducted 242.3 billion CNY in 7-day reverse repos, with a maturity of 1,765 billion CNY, and a net injection of 215.8 billion CNY was achieved [14] - The report anticipates that liquidity may face contraction in Q2, influenced by inflation recovery expectations and external factors [14] 2. Central Bank Dynamics and Market Rates - The central bank's operations are characterized by small adjustments, maintaining a stable liquidity environment [15] - The report notes that government bond yields have shown mixed movements, with 1Y and 3Y yields decreasing by 2.0bp and 2.5bp, while longer-term yields have increased [16] - The report suggests that the market should prepare for potential upward pressure on long-term interest rates as economic recovery and inflation expectations evolve [16] 3. Bank Financing Tracking - The report indicates that the issuance of interbank certificates of deposit (NCD) has seen a weighted average issuance rate of 1.53%, down by 2bp from the previous period [19] - The total outstanding amount of interbank certificates of deposit is 18.17 trillion CNY, with a negative net financing of 4.042 billion CNY this period [19] - The report highlights that there were no new issuances of commercial bank bonds during this period, with a total outstanding amount of 3.35 trillion CNY [20]

- The short-term A-share models include the Volume Model (neutral), the Institutional Model based on the Dragon and Tiger List (bullish), the Volume Feature Model (bearish), the Smart Algorithm CSI 300 Model (neutral), and the Smart Algorithm CSI 500 Model (bearish)[1][10][68] - The mid-term A-share models include the Limit Up and Down Model (neutral), the Up and Down Return Difference Model (mostly neutral for broad-based indices), and the Calendar Effect Model (neutral)[1][11][69] - The long-term A-share model is the Long-term Momentum Model (neutral)[1][12][70] - The comprehensive A-share models include the Comprehensive Weapon V3 Model (bearish) and the Comprehensive CSI 2000 Model (bearish)[1][13][71] - The mid-term Hong Kong models include the Turnover to Volatility Model (bearish), the Up and Down Return Difference Model (neutral), and the Similar Up and Down Return Difference Model (neutral)[1][14][72] - The backtesting results for the Double Bottom Pattern show that the portfolio fell by -3.36% this week, outperforming the Shanghai Composite Index by 0.02% since December 31, 2020, with a cumulative increase of 20.02% compared to the Shanghai Composite Index's cumulative increase of 13.94%[43] - The backtesting results for the Cup and Handle Pattern show that the portfolio fell by -4.28% this week, underperforming the Shanghai Composite Index by -0.9% since December 31, 2020, with a cumulative increase of 16.65% compared to the Shanghai Composite Index's cumulative increase of 13.94%[43] - The VIX index has risen this week, with the latest value at 18.05[2][40][76]

Core Viewpoint - The establishment of China Post Financial Asset Investment Co., Ltd. (referred to as "China Post Investment") marks the completion of the sixth state-owned bank's financial asset investment company, enhancing the overall capabilities of state-owned banks in supporting technology innovation and private enterprises [1][2]. Group 1: Establishment and Purpose - China Post Investment has been approved with a registered capital of RMB 10 billion and is located in Beijing, aiming to integrate into the comprehensive service matrix of the entire bank [1]. - The company will focus on market-oriented debt-to-equity swaps and equity investment pilot projects, supporting technology innovation and the development of new productive forces [2]. Group 2: Collaboration and Strategic Goals - On its establishment day, China Post Investment signed business cooperation framework agreements with 14 entities in fields such as integrated circuits, clean energy, and advanced manufacturing [2]. - The strategic plan includes creating four major platforms: an innovative platform for investment and loans, a long-term capital platform for technology innovation, a structural reform debt-to-equity swap platform, and an equity investment management platform [2]. Group 3: Industry Expansion and Trends - With the opening of China Post Investment, the number of bank-affiliated financial asset investment companies (AICs) has expanded to nine, with six being state-owned and three being joint-stock banks, indicating a significant advancement in the industry [4]. - AICs are becoming crucial in addressing the financing challenges faced by technology enterprises and fostering new productive forces, with investment pilot programs covering 18 regions nationwide [4]. Group 4: Investment Dynamics and Future Outlook - The AIC sector is experiencing rapid growth, with a notable increase in registered funds, from 59 in 2024 to 131 by 2025, indicating a surge in investment activity [5]. - The focus of investments includes sectors like semiconductors, new energy, and advanced materials, with significant capital allocations already made by various AICs [6]. Group 5: Implications for Banking Sector - The expansion of AICs is expected to open new business opportunities for banks, allowing them to invest in non-listed companies and enhance the value of their financial licenses [7]. - This shift is seen as a necessary response to the narrowing profit margins in traditional lending, enabling banks to explore high-potential sectors and leverage their existing corporate resources for better project identification [7]. Group 6: Challenges and Structural Issues - Despite the strong growth of AICs, there are structural bottlenecks in their operational mechanisms, including misalignment with the inherent nature of equity investments and challenges in balancing flexibility and efficiency in business processes [8].

Macro Dynamics - The Ministry of Commerce announced measures to promote travel service exports and expand inbound consumption, including optimizing visa policies and expanding the list of countries with unilateral visa exemptions [2] - In January-February 2026, China attracted foreign investment of 161.45 billion RMB, a decrease of 5.7% year-on-year, with the manufacturing sector receiving 47.52 billion RMB and the service sector 111.22 billion RMB [3] Healthcare Sector - The National Healthcare Security Administration plans to release version 3.0 of the disease-based payment grouping scheme in July 2026, with implementation set for January 2027 [4][5] Financial Institutions - Postal Savings Bank announced the approval for the establishment of China Post Financial Asset Investment Co., with a registered capital of 10 billion RMB [7] Market Data - On March 20, A-shares saw the Shanghai Composite Index drop by 1.24%, with significant declines in sectors like computing power leasing and cloud computing [8] - The Hang Seng Index fell by 0.88%, with technology stocks experiencing notable declines, while lithium battery stocks showed strength [9][10] Oil Prices - U.S. gasoline prices have risen for 20 consecutive days, with a cumulative increase of 30%, reaching an average of $3.88 per gallon [11] Company Dynamics - China Duty Free Group reported a net profit of 3.586 billion RMB for 2025, a year-on-year decrease of 15.97% [12] - ByteDance has agreed to sell Moonton Technology for over $6 billion, signaling a strategic focus on AI [12] - Li Tong Electronics denied rumors regarding the smuggling of NVIDIA AI servers, stating that all procurement and project deliveries are normal [13]

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公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公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. 承董事會命 中國郵政儲蓄銀行股份有限公司 杜春野 聯席公司秘書 1658 海外監管公告 關於中郵金融資產投資有限公司獲准開業的公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10(B)條作出。如下公 告已於上海證券交易所網站刊登，僅供參閱。 特此公告。 中國，北京 2026年3月20日 於本公告日期，本行董事會包括董事長及非執行董事鄭國雨先生；執行董事蘆葦先生、姚紅女 士；非執行董事劉新安先生、張宣波先生、劉瑞鋼先生、陳雪女士、胡宇霆先生、丁向明先生 及余明雄先生；獨立非執行董事溫鐵軍先生、鍾瑞明先生、潘英麗女士、唐志宏先生、洪小源 先生、楊勇先生及浦永灝先生。 * 中國郵政儲蓄銀行股份有限公司並非一家根據銀行業條例（香港法例第155章）之認可機 構，並不受限於香港金融管理局的監督，亦不獲授權在香港經營銀行及╱ ...

POSTAL SAVINGS BANK OF CHINA CO., LTD. 1658 中國，北京 2026年3月20日 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公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公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。 海外監管公告 關於召開2025年度業績發佈會的公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10(B)條作出。如下公 告已於上海證券交易所網站刊登，僅供參閱。 特此公告。 承董事會命 中國郵政儲蓄銀行股份有限公司 杜春野 聯席公司秘書 於本公告日期，本行董事會包括董事長及非執行董事鄭國雨先生；執行董事蘆葦先生、姚紅女 士；非執行董事劉新安先生、張宣波先生、劉瑞鋼先生、陳雪女士、胡宇霆先生、丁向明先生 及余明雄先生；獨立非執行董事溫鐵軍先生、鐘瑞明先生、潘英麗女士、唐志宏先生、洪小源 先生、楊勇先生及浦永灝先生。 * 中國郵政儲蓄銀行股份有限公司並非一家根據銀行業條例（香港法例第155章）之認可機 構，並不受限於香港金融管理局的監督，亦不獲授權在香港經營銀行及╱或接受 ...

中国邮政储蓄银行股份有限公司董事会 二〇二六年三月二十日 证券代码：601658 证券简称：邮储银行 公告编号：临 2026-008 近日，中国邮政储蓄银行股份有限公司（以下简称本行）收到《国 家金融监督管理总局关于中邮金融资产投资有限公司开业的批复》 （金复〔2026〕140 号）。根据上述批复，本行筹建的中邮金融资产 投资有限公司（以下简称中邮投资）获准开业，中邮投资注册资本为 人民币 100 亿元，注册地为北京市。 中邮投资获准开业，是本行响应国家号召、服务科技强国建设的 重要举措。中邮投资作为本行综合化服务战略中的重要布局，是落实 金融"五篇大文章"的重要平台，将聚焦服务实体经济的主责主业， 通过开展市场化债转股及股权投资试点业务，发挥对科技创新和民营 企业的支持作用，助力新质生产力发展，提升服务实体经济质效，进 一步推动本行高质量发展。 特此公告。 中国邮政储蓄银行股份有限公司 关于中邮金融资产投资有限公司获准开业的公告 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。 ...