Market Overview - The A-share market experienced a collective decline on Tuesday, with the Shanghai Composite Index closing down 0.45% at 3,858.13 points, the Shenzhen Component down 2.14%, and the ChiNext Index down 2.85% [2][6] - The total trading volume in the A-share market was approximately 2.87 trillion RMB, with over 3,900 stocks declining [2][6] - In the Shenwan industry sector, banking and public utilities led the gains, while the telecommunications sector saw the largest declines [2][6] - The Hang Seng Index closed down 0.47%, and the Hang Seng Technology Index fell 1.22% [2][6] - U.S. stock indices also closed lower, with the Dow Jones down 0.55%, S&P 500 down 0.69%, and Nasdaq down 0.82% [2][6] Important News - The Ministry of Finance and the State Taxation Administration issued a notice regarding the tax policies for transferring state-owned equity and cash income to supplement the social security fund. Key points include exemptions from VAT on interest income and financial product transfer income, and certain tax exemptions for the transfer of state-owned equity [3][7] Industry Insights Pharmaceutical Retail Industry - In the first half of 2025, the pharmaceutical retail industry faced overall performance pressure due to declining consumer purchasing power, intensified competition, stricter management of personal medical accounts, and the impact of drug procurement policies [8] - The industry showed signs of clearing and cost reduction, leading to improved development quality [8] - The overall revenue of the retail pharmacy sector grew by 0.10% year-on-year, while net profit attributable to shareholders increased by 0.88%, indicating a slowdown in growth [9] Blood Products Industry - The blood products sector experienced revenue and profit pressure in the first half of 2025, primarily due to declining product prices, with overall revenue down 0.76% and net profit down 17.96% year-on-year [12][13] - Despite the challenges, the blood products industry remains stable due to consistent demand driven by population aging and improved medical standards [13] - The industry is expected to maintain steady growth in the second half of the year, supported by price stabilization and new product launches [13] Postal Savings Bank - Postal Savings Bank reported a recovery in performance in the first half of 2025, with operating income, pre-provision profit, and net profit attributable to shareholders increasing by 1.5%, 14.9%, and 0.8% respectively [14] - The bank's loan growth remained high at 10.5% year-on-year, and total assets grew by 10.8% [14][15] - The bank's net interest income decreased by 2.7% year-on-year, but non-interest income saw significant growth, particularly from investment banking and wealth management services [14]

Core Viewpoint - The implementation plan for personal consumption loan interest subsidies has been officially launched, allowing residents to benefit from interest subsidies on personal consumption loans issued by various banks from September 1, 2025, to August 31, 2026, provided the loans are used for consumption and can be verified by the lending institutions [1]. Group 1: Policy Details - The interest subsidy policy applies to personal consumption loans (excluding credit card business) issued by six major state-owned banks, twelve national joint-stock banks, and five other lending institutions [1]. - The subsidy will be directly deducted from the loan interest charged to borrowers, calculated based on the specified subsidy ratio and upper limit [16]. Group 2: Bank Implementation - Major state-owned banks, including Industrial and Commercial Bank of China, Agricultural Bank of China, China Construction Bank, Bank of Communications, and Postal Savings Bank, have launched "subsidy zones" on their mobile banking apps [1][2]. - China Bank has integrated the subsidy agreement signing process into its existing loan application workflow, enhancing customer experience [13]. - Other joint-stock banks, such as Ping An Bank and CITIC Bank, have also introduced specific features for applying for the interest subsidy through their mobile banking platforms [15]. Group 3: User Experience - Borrowers can access the subsidy features through various pathways in their respective banking apps, such as "loan" sections or dedicated subsidy areas [3][6][10][12]. - The signing of the subsidy service agreement does not guarantee eligibility for the subsidy; eligibility will be determined based on the borrower's loan consumption records [8]. Group 4: Compliance and Warnings - Banks have emphasized that the subsidy policy does not cover credit card (including installment) business [16]. - Borrowers must follow the prescribed procedures to apply for the subsidy, and failure to sign the necessary agreements will be considered a waiver of the subsidy [16]. - Banks have warned against fraudulent activities related to obtaining subsidy funds and will take strict actions against any violations [17].

Group 1 - The report highlights that the performance of various sectors such as electronics, home appliances, non-bank financials, machinery, non-ferrous metals, computers, food and beverage, defense, telecommunications, media, and agriculture is improving [3][25]. - From the perspective of earnings surprises, industries with the highest upward revisions in net profit forecasts from June 30, 2025, to August 30, 2025, include steel, non-ferrous metals, beauty care, non-bank financials, and banks [3][27]. - The report identifies a phenomenon of profit discontinuity, where the lowest price on the first trading day after earnings announcements is higher than the highest price on the previous trading day, particularly in sectors like food and beverage, beauty care, non-bank financials, banks, and transportation [3][27]. Group 2 - In August, major equity indices in the A-share market continued to rise, with the ChiNext index increasing by 24.13% [4][31]. - The central bank's net fund injection in August was 446.6 billion yuan, indicating a slight tightening of liquidity towards the end of the month [4][31]. - The report notes a rebound in non-ferrous metals, while oil prices have slightly declined, and pork prices remain low [4][31]. Group 3 - The global semiconductor industry is experiencing structural prosperity driven by rapid growth in AI computing demand, accelerated terminal intelligence, recovery in automotive electronics, and deepening domestic substitution [11][25]. - In Q2 2025, the semiconductor sector reported revenues of 133.66 billion yuan and a net profit of 10.63 billion yuan, indicating a clear trend of profit recovery [11][25]. - The report suggests focusing on sectors such as storage, power, foundry, ASIC, and SoC for their earnings elasticity, as well as equipment materials and domestic substitution in computing chips [11][25]. Group 4 - The U.S. fixed income market is the largest globally, with a market size of 58.2 trillion USD in 2024, accounting for 40.10% of the global total [9][38]. - As of Q1 2025, the U.S. fixed income market's outstanding amount reached 47.44 trillion USD, with U.S. Treasury bonds making up over 60% of this figure [9][38]. - The report indicates that the issuance volume in the U.S. fixed income market for the first half of 2025 was 5.70 trillion USD, reflecting a 14.21% increase compared to the same period in 2024 [9][38]. Group 5 - The report emphasizes the importance of AI applications across various sectors, including gaming, healthcare, marketing, education, finance, and office productivity, highlighting the ongoing integration of AI technologies [6][34]. - The AI sector is expected to see significant growth driven by government policies promoting the integration of AI into key industries [6][34]. - The satellite internet industry is also noted for its rapid development, with low-orbit satellites driving innovation across the supply chain [6][34].

Core Viewpoint - The six major state-owned banks in China reported strong performance in the first half of 2025, with increased credit issuance, rising operating income, and improved asset quality, as indicated by a collective decrease in non-performing loan ratios [1][4]. Group 1: Financial Performance - The six major banks achieved a total operating income exceeding 1.8 trillion yuan and a net profit attributable to shareholders of 682.5 billion yuan in the first half of 2025, averaging over 3.7 billion yuan in net profit per day [2]. - Industrial and Commercial Bank of China (ICBC) led with an operating income of 427.1 billion yuan, followed by China Construction Bank (CCB) and Agricultural Bank of China (ABC) with 394.3 billion yuan and 369.9 billion yuan, respectively [2]. - In terms of net profit, ICBC reported 168.1 billion yuan, CCB followed with 162.1 billion yuan, while ABC, Bank of China (BOC), Postal Savings Bank of China (PSBC), and Bank of Communications (BoCom) reported net profits of 139.5 billion yuan, 117.6 billion yuan, 49.2 billion yuan, and 46.0 billion yuan, respectively [2]. Group 2: Asset Quality - The asset quality of the six banks remained stable, with a collective decrease in non-performing loan ratios and a high provision coverage ratio, indicating strong risk mitigation capabilities [4]. - PSBC reported the lowest non-performing loan ratio at 0.92% among the six banks [4]. Group 3: Asset Scale - All six banks experienced steady growth in total assets, with ICBC's total assets surpassing 52 trillion yuan, reaching 52.32 trillion yuan, maintaining its leading position in the industry [3]. Group 4: Net Interest Margin - The banks faced pressure on net interest margins due to factors such as the reduction in loan market quotation rates (LPR) and changes in deposit structures, leading to a general contraction in interest income [5]. - Management from various banks indicated efforts to stabilize interest income through adapting to interest rate changes and diversifying non-interest income sources, with expectations for marginal stabilization in net interest margins in the second half of the year [5][6].

Core Insights - Mobile banking has evolved from a simple financial tool to a comprehensive service platform, emphasizing banks' overall service capabilities [1][3] - The competition for customer acquisition on mobile platforms is intensifying, with major state-owned banks leading in personal mobile banking user numbers [1][2] Group 1: Personal Mobile Banking Performance - As of June 2023, Industrial and Commercial Bank of China (ICBC) leads with 600 million personal mobile banking users, followed by Agricultural Bank of China (ABC) with 586 million, and China Construction Bank (CCB) with 432 million [1] - Postal Savings Bank of China (PSBC) has 386 million personal mobile banking customers, while Bank of China (BOC) has over 302 million signed customers [1] - Among joint-stock banks, Ping An Bank's mobile app has 17.8 million registered users, a 2% increase from the end of 2022 [1] Group 2: Corporate Mobile Banking Development - Corporate mobile banking is focusing on enhancing payment, cross-border finance, and foreign exchange services, with ICBC reporting 17.87 million corporate mobile banking clients and 7.59 million monthly active users [2] - Agricultural Bank of China's corporate mobile banking registered clients increased by 960,000 to 9.7 million [2] - BOC is promoting a multi-version service system for corporate mobile banking, enhancing features for cross-border finance [2] Group 3: Digital Transformation and Ecosystem Development - The trend in mobile banking development is characterized by "dual-core driving and ecological integration," with personal banking focusing on user scale and experience, while corporate banking emphasizes specialized services [3] - Banks are deepening AI applications and exploring various mobile banking scenarios to enhance online service quality [4] - The adaptation to the HarmonyOS system is becoming standard, with banks like PSBC and CCB launching features that improve user experience and operational efficiency [4][5] Group 4: User Experience and Future Directions - Banks are encouraged to build sustainable user experience management systems and enhance customer experience through AI-driven solutions [6] - The focus is on creating personalized financial solutions and improving service delivery through advanced technology [6]

日本长期以来以"现金为王"著称，但随着数字货币的发展步伐加快，日本正呼吁紧跟这一趋势，以应对 国内支付方式向无现金化迅速转型的局面。当地时间周一，日本邮储银行（601658）表示，将在2026财 年末推出数字日元，以方便储户进行数字金融交易。此举凸显出，越来越多的日本商家正利用区块链技 术来简化金融交易。 由法定日元1：1支持 日本邮储银行是日本散户存款最多的银行，该行拥有1.2亿个储户账户，这些账户上共持有约190万亿日 元的存款。该行此举将能够方便其储户使用代币更轻松地进行代币化证券结算。日本邮储银行在声明中 表示，该行将为其储户推出DeCurret DCP公司开发的数字货币"DCJPY"。DeCurrent DCP公司由日本最 大的金融公司三菱日联金融集团等多家机构支持。 一旦推出，日本邮储银行的储户可以将日元兑换成数字日元DCJPY，用于数字证券和其他基于区块链 的资产的即时交易，兑换过程不收取任何费用。 该计划的目标是在下一个财政年度内，帮助用户使用数字日元购买公司债券等小规模金融产品。考虑到 交易结算时间能够从几天缩短到即时，此举有望吸引更多年轻消费群体。日本邮储银行和DeCurrent DCP公 ...

Core Insights - Postal Savings Bank of China (PSBC) has shown remarkable growth in corporate banking, with a 14.83% increase in corporate loans and over 41.62% growth in corporate intermediary income in the first half of 2025, outperforming other major state-owned banks [1][3] - The bank's non-performing loan ratio for corporate loans stands at 0.49%, significantly lower than the industry average of 0.91% [1][5] - PSBC's total assets exceeded 18 trillion yuan, indicating a robust expansion strategy aimed at becoming a leading large retail bank [1][3] Corporate Banking Performance - As of June 2025, PSBC's corporate loans increased by 541.1 billion yuan, reaching a total of 4.19 trillion yuan, ranking sixth among domestic commercial banks [3][4] - The bank's corporate deposits grew by 229.6 billion yuan, with a 13.86% increase, totaling 1.89 trillion yuan [3][4] - Compared to other major banks, PSBC's corporate loan growth exceeded the average growth of 8.32% by 6.51 percentage points [3][4] Growth Metrics - PSBC's corporate customer financing total (FPA) reached 6.43 trillion yuan, reflecting a 15.72% increase from the beginning of the year, with a 65% growth over three years [4][5] - The bank's corporate loan and deposit net increases, as well as corporate intermediary income, have all more than doubled over the past three years [4][5] Strategic Focus - The bank's corporate banking strategy emphasizes a balanced business structure, with corporate finance being a key driver for achieving this balance [1][12] - PSBC's management has identified four strategic keywords for its corporate banking approach: integration, high efficiency, differentiation, and finance+ [8][9][10] Market Positioning - PSBC has strategically focused on underserved markets, targeting sectors such as technology finance and green finance, with significant loan balances in these areas [5][10] - The bank's corporate loan yield remains approximately 30 basis points higher than comparable peers, while its cost of liabilities is about 20 basis points lower [5][6] Future Growth Potential - The bank acknowledges a 20 percentage point gap in corporate income contribution compared to peers, indicating substantial growth potential [13] - PSBC is actively pursuing the establishment of a financial asset investment company (AIC) to enhance its comprehensive service capabilities in corporate finance [14] Digital Transformation - The bank is leveraging AI and big data to enhance its corporate banking operations, achieving a 261% year-on-year increase in approved amounts through advanced credit assessment technologies [14] - The implementation of a smart investment banking ecosystem has significantly reduced transaction times, showcasing the bank's commitment to digital innovation [14]

Core Viewpoint - Postal Savings Bank of China (PSBC) has demonstrated remarkable growth in its corporate banking sector, achieving a company loan growth of 14.83% and a corporate intermediary income growth of over 41.62% in the first half of 2025, significantly outperforming other major state-owned banks [1][2]. Group 1: Corporate Banking Performance - PSBC's corporate loans increased by 5410.98 billion yuan in the first half of 2025, reaching a total of 4.19 trillion yuan, ranking sixth among domestic commercial banks [2]. - The bank's corporate deposit growth was also notable, with an increase of 2296.23 billion yuan, marking a 13.86% rise to 1.89 trillion yuan [2]. - The bank's corporate loan non-performing ratio stands at 0.49%, which is 0.91 percentage points lower than the average of other state-owned banks [1][5]. Group 2: Growth Trajectory - Over the past five years, PSBC's corporate loans have grown by 115%, surpassing 4 trillion yuan, while corporate intermediary income has increased more than sixfold from 2020 to 2024 [1][3]. - The total financing amount for corporate clients reached 6.43 trillion yuan by the end of June 2025, reflecting a growth of 15.72% year-to-date [3]. - The bank's corporate customer base has expanded significantly, with a 65% increase over three years [3]. Group 3: Strategic Focus - PSBC has strategically targeted key national sectors, providing services to over 100,000 technology enterprises and achieving a technology loan balance exceeding 930 billion yuan [4]. - The bank's green finance loans reached 958.639 billion yuan, growing by 11.59% compared to the previous year, indicating a focus on sustainable finance [4]. - The proportion of loans to small and micro enterprises is among the highest among state-owned banks, with a balance of 1.72 trillion yuan [4]. Group 4: Revenue Composition - In the first half of 2025, PSBC's corporate loan interest income grew by 2.08%, while corporate intermediary income surged by 41.62%, with investment banking income increasing by 48% and transaction banking income by 34% [6]. - The contribution of corporate intermediary income has transformed from a weakness to a major revenue driver for the bank [6]. Group 5: Strategic Keywords - The bank's corporate strategy is encapsulated in four keywords: integration, high efficiency, differentiation, and finance+ [7][8][9]. - The integration strategy focuses on deepening relationships with key corporate clients and enhancing service offerings across various financial needs [7]. - High efficiency is achieved through streamlined processes and technology, improving customer response and approval times [8]. - Differentiation involves targeting niche markets with high potential but insufficient financial supply, while finance+ represents a shift towards providing comprehensive solutions that integrate financial services with industry needs [9]. Group 6: Future Growth Potential - PSBC's corporate banking sector is seen as a critical growth area, with management acknowledging a 20 percentage point gap in income contribution compared to peers, indicating significant growth potential [10]. - The establishment of a financial asset investment company (AIC) is expected to enhance the bank's service capabilities in the corporate sector [11][12]. - The integration of AI and big data into corporate banking operations is enhancing asset identification and operational efficiency, positioning PSBC for continued growth [12].

Group 1 - The core viewpoint of the report is that Wanlian Securities has given Postal Savings Bank (601658.SH, latest price: 6.21 yuan) an "overweight" rating due to strong credit growth and a decrease in the provision coverage ratio [1][1][1] Group 2 - The report highlights that credit growth remains at a high level, indicating robust lending activity within the bank [1] - It notes a decline in the provision coverage ratio on a month-on-month basis, which may suggest changes in risk management practices [1] - The report emphasizes that the banking industry is significantly influenced by macroeconomic conditions, monetary policy, and regulatory policies, which can impact the bank's operations, including net interest margin and asset quality expectations [1][1][1]

Investment Rating - The investment rating for Postal Savings Bank is maintained as "Add" [4] Core Views - The performance of Postal Savings Bank has shown a recovery with a 1H25 revenue growth of 1.5%, pre-provision profit growth of 14.9%, and net profit growth of 0.8%, all improving compared to 1Q25 [2] - The bank's net interest income decreased by 2.7% year-on-year, but the decline has narrowed compared to 1Q25. Net fee income increased by 11.6%, driven mainly by rapid growth in investment banking and wealth management [2] - Non-interest income grew by 25.2% year-on-year, primarily due to contributions from investment net income [2] - The adjustment of savings agency fee rates has led to a 5.2 percentage point decrease in business management fee rates [2] - Loan growth remains robust at 10.5% year-on-year, with total assets growing by 10.8% year-on-year [2] - The bank's core Tier 1 capital adequacy ratio improved to 10.52%, up 1.31 percentage points quarter-on-quarter, supporting future asset deployment [2] - The non-performing loan ratio stood at 0.92% at the end of 1H25, with a provision coverage ratio of 260%, down 5.8 percentage points quarter-on-quarter [3] - The forecast for net profit from 2025 to 2027 is adjusted to 882.47 billion, 905.1 billion, and 933 billion respectively, with year-on-year growth rates of 2.04%, 2.56%, and 3.08% [3][4] Summary by Sections Financial Performance - 1H25 operating revenue was 354.86 billion, with a growth rate of 1.74% expected for 2025 [4] - Net profit for 2025 is projected at 88.25 billion, with a growth rate of 2.04% [4] - The bank's net interest income for 2025 is estimated at 290.03 billion, with a slight decrease in interest income [4] Asset Quality - The non-performing loan generation rate increased slightly to 0.93%, with retail loan non-performing rates at 1.53% [3] - The bank's total loans are projected to reach 9,688.65 billion by the end of 2025 [4] Valuation Metrics - The price-to-book (PB) ratios for 2025, 2026, and 2027 are projected at 0.71, 0.66, and 0.62 respectively [3][4]