美银证券发布研报称，邮储银行(01658,601658.SH)上半年净利润同比增长0.8%，较该行预期低0.9%。 拨备前利润同比增长14.6%，高于首季的6.2%，较预期高出8.3%，主要得益于员工成本同比下降7%。 股东权益回报率(ROE)同比下跌1.5个百分点至9.5%。一级资本充足率按季升131个基点至10.52%，因有 注资支持。受股权稀释影响，中期股息同比跌16.7%至0.123元人民币。该行微调2025至27年盈利预测， 分别下调1%至上调4%;目标价上调4%，H股目标价升至4.86港元，维持"跑输大市"评级;A股目标价升至 5.86元人民币，维持"中性"评级。 ...

美银证券发布研报称，邮储银行（601658）(01658,601658.SH)上半年净利润同比增长0.8%，较该行预 期低0.9%。拨备前利润同比增长14.6%，高于首季的6.2%，较预期高出8.3%，主要得益于员工成本同比 下降7%。股东权益回报率(ROE)同比下跌1.5个百分点至9.5%。一级资本充足率按季升131个基点至 10.52%，因有注资支持。受股权稀释影响，中期股息同比跌16.7%至0.123元人民币。该行微调2025至27 年盈利预测，分别下调1%至上调4%;目标价上调4%，H股目标价升至4.86港元，维持"跑输大市"评级;A 股目标价升至5.86元人民币，维持"中性"评级。 ...

Core Viewpoint - Bank of America Securities reports that Postal Savings Bank's net profit for the first half of the year grew by 0.8% year-on-year, which is 0.9% lower than the bank's expectations [1] Financial Performance - Pre-provision profit increased by 14.6% year-on-year, surpassing the first quarter's growth of 6.2% and exceeding expectations by 8.3%, primarily due to a 7% year-on-year decrease in employee costs [1] - Return on equity (ROE) declined by 1.5 percentage points to 9.5% year-on-year [1] - The Tier 1 capital adequacy ratio increased by 131 basis points quarter-on-quarter to 10.52%, supported by capital injections [1] Dividend and Stock Price Adjustments - Due to equity dilution, the interim dividend decreased by 16.7% year-on-year to 0.123 yuan [1] - The bank has adjusted its earnings forecasts for 2025 to 2027, with a downward revision of 1% and an upward revision of 4% [1] - The target price for H-shares has been raised to 4.86 HKD, maintaining an "underperform" rating, while the target price for A-shares has been increased to 5.86 yuan, maintaining a "neutral" rating [1]

（来源：经济日报） 转自：经济日报 "今年上半年，邮储银行实现营业收入1795.25亿元，同比增长1.47%，归母净利润492.28亿元，同比增 长0.85%，双双实现正增长。"中国邮政储蓄银行行长刘建军8月29日在该行2025年中期业绩发布会上表 示，与此同时，该行总资产、总负债均站上新台阶，分别突破18万亿元、17万亿元。 "成绩背后，是我们转型发展呈现出的韧性与活力，通过持续精耕细作，整体上实现了结构优化、均衡 稳健、风险可控、资本充足的高质量发展。"刘建军说。 具体来看，一是收入结构持续优化。在利息净收入方面，面对LPR（贷款市场报价利率）、存量房贷利 率下调的持续影响，邮储银行通过信贷规模增长和结构优化，以及负债成本管控，改善了利息净收入表 现，其中，公司贷款利息收入实现逆势正增，上半年同比增速达2.08%。在中间收入方面，该行夯实零 售中收的压舱石地位，发挥公司、资金板块中收的强补位作用，在"报行合一"后重回两位数增长，同比 增速达11.59%，在营收中的占比提高0.85个百分点。"特别值得一提的是，我们持续推进能力建设，银 团贷款、财务顾问、债券承销等方面均取得了突破式发展，公司板块中收同比增速 ...

Core Insights - Postal Savings Bank of China reported total assets of 18.19 trillion yuan as of June 30, 2025, a year-on-year increase of 6.47% [1] - Total liabilities reached 17.05 trillion yuan, up 6.21% from the end of the previous year [1] - Operating income was 179.446 billion yuan, reflecting a 1.50% year-on-year growth [1] - Net profit stood at 49.415 billion yuan, an increase of 1.08% compared to the previous year [1] Financial Performance - The bank's net interest margin was 1.70%, maintaining a leading position in the industry [1] - Total customer loans amounted to 9.54 trillion yuan, a growth of 6.99% year-on-year [1] - Customer deposits reached 16.11 trillion yuan, increasing by 5.37% from the previous year [1] Revenue Breakdown - Interest income contributed 139.058 billion yuan to the total operating income [1] - Non-interest income showed significant growth, with intermediary business income at 16.918 billion yuan, up 11.59% [1] - Other non-interest income was 23.470 billion yuan, reflecting a 25.16% increase [1] - The proportion of intermediary and other non-interest income in total operating income increased by 0.85 and 2.47 percentage points, respectively [1] Capital and Risk Management - Capital adequacy ratio was 14.57%, and core tier 1 capital adequacy ratio was 10.52%, both showing improvements from the previous year [2] - Non-performing loan ratio remained low at 0.92%, indicating strong asset quality [2] - Provision coverage ratio was 260.35%, demonstrating sufficient risk mitigation capacity [2]

Core Insights - The report highlights significant target price increases for several companies from August 25 to August 31, with notable gains for Zhongju Gaoxin, Jinshiyuan, and Longxin General, showing increases of 82.90%, 73.25%, and 71.76% respectively [1][2]. Group 1: Target Price Increases - Zhongju Gaoxin received a target price increase to 34.97 yuan, reflecting an 82.90% rise [2]. - Jinshiyuan's target price was raised to 75.00 yuan, indicating a 73.25% increase [2]. - Longxin General's target price reached 21.71 yuan, marking a 71.76% increase [2]. - Other companies with significant target price increases include Zhongchuan Special Gas (71.69%), Boss Electric (71.01%), and Hanwang Technology (70.28%) [2]. Group 2: Broker Recommendations - A total of 1,530 companies received broker recommendations during the same period, with Jinshiyuan receiving the highest number at 25 recommendations [3][4]. - Qingdao Beer followed closely with 24 recommendations, while Wuliangye received 23 [3][4]. Group 3: Rating Adjustments - During the period, 36 companies had their ratings upgraded, including Guangfa Securities, which was upgraded from "HOLD" to "Outperform" by China International Capital Corporation [5]. - Lu'an Mining's rating was raised from "Overweight" to "Buy" by Huatai Securities [5]. - Shandong Gold's rating was also upgraded from "Overweight" to "Buy" by Industrial Securities [5]. Group 4: Rating Downgrades - A total of 44 companies experienced rating downgrades, including Postal Savings Bank, which was downgraded from "Buy" to "Overweight" by Huatai Securities [6]. - Tiandi Source's rating was lowered from "Recommended" to "Cautious Recommendation" by Minsheng Securities [6]. - Canaan Intelligent's rating was adjusted from "Buy" to "Overweight" by Guojin Securities [6]. Group 5: First Coverage - Brokers issued 146 instances of first coverage, with companies like Deepin Technology and New Construction Co. receiving "Buy" and "Overweight" ratings respectively [7]. - Zhejiang Fu Holdings was rated "Buy" by Zhongyou Securities, while Meiyingsen received a "Hold" rating from Huafu Securities [7].

Core Viewpoint - The six major state-owned banks in China reported mixed financial results for the first half of 2025, with total operating income of approximately 1.83 trillion yuan and net profit attributable to shareholders of about 682.52 billion yuan, indicating a daily profit of around 3.73 billion yuan [1] Financial Performance Summary - The Industrial and Commercial Bank of China (ICBC) remains the most profitable, with operating income of 427.09 billion yuan, a year-on-year increase of 1.6%, but a net profit decline of 1.39% to 168.10 billion yuan [1][6] - Agricultural Bank, Bank of Communications, and Postal Savings Bank achieved both revenue and profit growth, while ICBC, China Bank, and Construction Bank experienced revenue growth without profit increases [1] - Total proposed dividends from the six banks exceed 200 billion yuan, with ICBC proposing 50.40 billion yuan, Construction Bank 48.61 billion yuan, Agricultural Bank 41.82 billion yuan, China Bank 35.25 billion yuan, Postal Savings Bank 14.77 billion yuan, and Bank of Communications 13.81 billion yuan [1] Market Performance - In the secondary market, five of the six major banks saw stock price increases this year, with Agricultural Bank's stock rising nearly 40%, surpassing ICBC to become the "A-share market capitalization champion" [2][3] Profitability Analysis - Agricultural Bank reported the highest net profit growth among the six banks, with a net profit increase of 2.66% to 139.51 billion yuan [4] - Bank of Communications and Postal Savings Bank also reported revenue and profit growth, with net profits of 46.02 billion yuan and 49.23 billion yuan, respectively [5] - In contrast, ICBC, China Bank, and Construction Bank faced profit declines despite revenue growth, with net profits of 168.10 billion yuan, 117.59 billion yuan, and 162.08 billion yuan, respectively [6] Interest Income and Fee Income - Only Bank of Communications saw an increase in net interest income, which rose by 1.20% to 85.25 billion yuan, while the other banks experienced declines in this area [6] - Fee and commission income showed mixed results, with Agricultural Bank, China Bank, Construction Bank, and Postal Savings Bank achieving positive growth, while ICBC and Bank of Communications reported declines [9][10] Net Interest Margin Trends - As of June 2025, Postal Savings Bank had the highest net interest margin at 1.70%, while China Bank and Bank of Communications fell below 1.3% [12] - Management from various banks indicated that net interest margins are stabilizing, with expectations of a gradual recovery in the second half of the year due to rising credit demand [13] Deposit Trends - The trend of increasing time deposits continues, with Agricultural Bank reporting a decrease in the proportion of demand deposits to 40.0% and Bank of Communications reporting a decrease to 31.27% [14]

Core Viewpoint - The trend of deposit "migration" is emerging, with residents shifting their bank deposits towards funds and wealth management products, as indicated by multiple brokerage reports. Despite an increase in total deposits, there are signs of funds flowing into the wealth management market, leading to significant growth in wealth management income for several banks [2][3][4]. Group 1: Deposit Trends - In the first half of the year, the total deposit balance of 13 major commercial banks reached 187.4 trillion yuan, an increase of 13.78 trillion yuan year-on-year, with personal deposits totaling 112.07 trillion yuan, up 11.9 trillion yuan year-on-year [3]. - The trend of deposit regularization continues, with the proportion of time deposits among these banks at approximately 59.7%, an increase from 58.48% in the previous year [8][9]. - However, in July, new deposits from households decreased by 1.1 trillion yuan, indicating a potential shift in deposit behavior [4]. Group 2: Wealth Management Growth - The wealth management business of banks is expanding, with significant growth in income from wealth management services. For example, Agricultural Bank's agency business income grew by 62.3% in the first half of the year [4][5]. - The total scale of bank wealth management products reached 30.67 trillion yuan by the end of June, with an estimated increase to 32.67 trillion yuan by the end of July [4][10]. Group 3: Cost of Deposits - The average cost of deposits for the 13 banks was 1.61% in the first half of 2025, a decrease of 34 basis points compared to the same period in 2024 [10]. - The decline in deposit rates is expected to improve the cost of liabilities for banks, with projections indicating a reduction in costs for various types of banks in the coming years [10][11]. Group 4: Net Interest Margin - The net interest margin for commercial banks continued to narrow, reaching 1.42% in the second quarter of 2025, reflecting ongoing pressure on banks' profitability [12][13]. - Most banks reported a decline in net interest margins, with the average margin for the 13 banks at 1.5%, down 12 basis points year-on-year [13][15].

2025.09. 01 第一财经还注意到，上半年存款定期化趋势依然存在。但业内认为，随着存款利率持续走低，加上定 存集中到期重定价，银行负债端成本有望较大幅度改善。Choice数据显示，今年上半年，上述13家 银行的存款平均成本率为1.61%，较2024年上半年下降34BP（基点）。 尽管如此，多数银行净息差仍存在压力。根据国家金融监督管理总局数据，2025年第二季度商业银 行净息差环比继续收窄，已降至1.42%。近期中期业绩发布会上，多家大行提及，主要是受LPR（贷 款市场报价利率）下调、存量房贷利率调整等因素影响。 银行存款是否"分流"？ 中国银河证券研究院在研报中表示，存款搬家是居民将银行存款转移到其他资产的过程，因此一要看 到存款下降，二要看到存款流向其他资产。 今年上半年，国内大行的存款是否出现下降？在财报中，并未有明显信号。 本文字数：3300，阅读时长大约5.5分钟 作者 | 第一财经 王方然 近期存款"搬家"声浪渐起，多份券商研报称，居民存款正持续向基金、理财等资管产品转移。 从最新财报来看，今年上半年，大行负债端仍"按兵不动"，13家主要商业银行个人存款余额合计为 112.07万亿元，同比增 ...

Core Insights - The six major state-owned banks in China reported a total net profit of 682.524 billion yuan for the first half of 2025, with a daily profit of 3.77 billion yuan [1] - All six banks experienced revenue growth in the first half of 2025, contrasting with two banks that saw revenue declines in 2024 [1] Financial Performance - In the first half of 2025, three of the six major banks reported a year-on-year decline in net profit, while all banks saw a recovery in operating income [3][5] - The net profit figures for the major banks are as follows: Industrial and Commercial Bank of China (ICBC) 168.103 billion yuan (down 1.4%), Agricultural Bank of China (ABC) 139.51 billion yuan (up 2.66%), China Construction Bank (CCB) 162.076 billion yuan (down 1.37%), Bank of China (BOC) 117.591 billion yuan (down 0.85%), Postal Savings Bank of China (PSBC) 49.228 billion yuan (up 0.85%), and Bank of Communications (BoCom) 46.016 billion yuan (up 1.61%) [4][5] Asset Quality - The non-performing loan (NPL) balance for the six major banks collectively increased in the first half of 2025, with the exception of PSBC, while the NPL ratios for five banks slightly decreased [2][6] - As of June 2025, the NPL ratios for the banks were as follows: ICBC 1.33% (down 0.01 percentage points), CCB 1.33% (down 0.01 percentage points), ABC 1.28% (down 0.02 percentage points), BOC 1.24% (down 0.01 percentage points), PSBC 0.92% (up 0.02 percentage points), and BoCom 1.28% (down 0.03 percentage points) [7][8] Net Interest Margin - The net interest margin for the six major banks continued to face pressure in the first half of 2025 due to factors such as the reduction in loan market quotation rates (LPR) and changes in deposit structures [9] - ICBC reported an annualized net interest margin of 1.16%, down 8 basis points year-on-year, while ABC's net interest yield was 1.32%, down 13 basis points [10][11] - PSBC had the highest net interest yield at 1.70%, but it also experienced the largest decline of 21 basis points [12] Management Outlook - Executives from the major banks provided insights on the future trajectory of net interest margins, with expectations of continued downward pressure but a potential stabilization in the latter half of the year [15][16][17]