Core Viewpoint - China Postal Savings Bank is actively seizing opportunities in the wave of digital transformation, enhancing its digital capabilities and leveraging technology to drive its operations forward [1] Digital Construction - The bank has upgraded its core systems, including personal, corporate, and credit card systems, and completed the third-generation core system for fund business [1] - The mobile banking platform has been fully adapted to the HarmonyOS, offering high-frequency services that require no installation and enabling quick transfers through gesture interaction and AI recognition [1] Data Value Release - The bank is building a unique data asset foundation, processing over 30 billion behavioral data transactions daily through more than 100,000 batch operations, enhancing its capabilities in intelligent outbound calls and fraud prevention [1] - In proactive credit granting, the bank utilizes a comprehensive data asset system to drive a new paradigm of intelligent outbound calls, reaching out to 1.3 million customers daily [1] - For fraud risk prevention, the bank has developed a full-chain anti-fraud model system, leveraging a vast real-time risk feature library to create a panoramic view of customer fraud risks [1] - The bank processes approximately 127 million transaction data daily for anti-money laundering, employing advanced technologies like knowledge graphs and large models to monitor suspicious transactions [1] AI Ecosystem Development - The bank's "Youzhi" large model integrates multiple mainstream models, optimizing performance through model distillation and enhancing multimodal capabilities [1] - A dedicated team has been formed to focus on AI development, creating a comprehensive plan that encompasses infrastructure, platform tools, service capabilities, and application scenarios [1] Future Development Plans - The bank has initiated the "15th Five-Year" IT planning process to outline its technological development blueprint, aiming to elevate its technological capabilities and contribute to high-quality financial development [1]

Core Viewpoint - The six major state-owned banks in China have reported stable and balanced operating indicators for the first half of 2025, with overall asset quality showing improvement [1][2]. Group 1: Financial Performance - The total net profit attributable to shareholders of the six banks reached approximately 682.52 billion yuan, with Agricultural Bank, Postal Savings Bank, and Bank of Communications achieving both revenue and net profit growth year-on-year [1][2]. - Industrial and Commercial Bank of China (ICBC) led with a net profit of 168.10 billion yuan, followed by China Construction Bank (CCB) with 162.08 billion yuan, and Agricultural Bank with a net profit of 139.51 billion yuan, marking a year-on-year increase of 2.70% [2]. - All six banks reported year-on-year revenue growth, with China Bank leading at 3.76%, followed by CCB at 2.15%, and ICBC at 1.60% [2]. Group 2: Asset Quality - As of June 2025, five banks reported a decrease in non-performing loan (NPL) ratios compared to the end of 2024, with Postal Savings Bank having the lowest NPL ratio at 0.92% [3]. - The capital adequacy ratios of three banks increased, with ICBC at 19.54%, Bank of Communications at 16.59%, and Postal Savings Bank at 14.57% [3]. Group 3: Dividend Plans - All six major banks plan to implement mid-term cash dividends, with ICBC proposing a distribution of 1.414 yuan per 10 shares, Agricultural Bank 1.195 yuan, and CCB 1.858 yuan per 10 shares [4].

Core Viewpoint - Shanghai's new housing policy has led to a reduction in mortgage rates for existing loans and a minimum rate of 3.09% for new second-home loans, aligning them with first-home rates [1][3]. Group 1: New Mortgage Rates - The new policy eliminates the distinction between first and second home mortgage rates in Shanghai, with the specific rate determined by the market rate pricing mechanism and individual bank conditions [2][10]. - The minimum mortgage rate for new second-home loans in Shanghai is set at 3.09%, which is consistent with the first-home loan rate [3][2]. Group 2: Existing Mortgage Adjustments - Existing mortgage rates can be adjusted for eligible borrowers, particularly if their current rate exceeds the national average by more than 30 basis points [4][11]. - For example, a second-home loan with a current rate of 3.45% could potentially be reduced to 3.36% [6][4]. - The adjustment process will not incur any fees and will begin on September 1, 2025 [7][14]. Group 3: Implementation and Communication - Banks in Shanghai, including major institutions like ICBC and Bank of China, have issued announcements regarding the new mortgage rate adjustments [1][9]. - Borrowers can check their eligibility for rate adjustments through their respective banks starting September 1, 2025 [12][13].

Group 1: Banking Sector Performance - In the first half of 2025, 42 A-share listed banks achieved operating income exceeding 2.9 trillion yuan, a year-on-year increase of over 1% [1] - The net profit attributable to shareholders reached 1.1 trillion yuan, reflecting a year-on-year growth of 0.8% [1] - The six major banks reported a combined revenue of 1.8 trillion yuan and a net profit of 682.52 billion yuan, with Agricultural Bank, Bank of Communications, and Postal Savings Bank achieving growth in both revenue and net profit [1] Group 2: Interest Margin and Dividend Distribution - The pace of interest margin contraction is slowing, with banks taking measures to reduce liability costs and balance development across volume, price, and structure [1] - The six major state-owned banks announced a total cash dividend of 204.66 billion yuan for the mid-year, with ICBC proposing a dividend of 1.414 yuan per 10 shares, totaling approximately 50.40 billion yuan, the highest among listed banks [1] Group 3: A-share Market Overview - As of August 29, the A-share market saw over 800 listed companies propose dividend plans, with a total proposed dividend amount exceeding 630 billion yuan, marking a historical high [2][3] - Compared to the previous year, 704 companies proposed a total of over 580 billion yuan in dividends, indicating an increase in coverage and total dividend amounts [2][3] Group 4: Institutional Investment Trends - Institutional funds have shown a preference for high-dividend assets, with insurance capital making 30 stake acquisitions this year, the second-highest since 2015 [4] - The focus of these acquisitions is primarily on the banking and public utility sectors, which typically exhibit high dividend yields [4] - Looking ahead, the attractiveness of high-dividend assets is expected to continue to grow, supported by favorable domestic policies and monetary conditions [4]

Core Viewpoint - The six major state-owned banks in China reported mixed performance in their 2025 mid-year results, with a total net profit of 682.5 billion yuan, reflecting stable asset quality despite challenges in net interest margin [1][3]. Financial Performance - The total operating income of the six banks reached 1.833 trillion yuan, with all banks showing year-on-year growth in operating income [3]. - Individual bank performances include: - Industrial and Commercial Bank of China: Operating income of 427.09 billion yuan, net profit of 168.10 billion yuan [1][3]. - Agricultural Bank of China: Operating income of 369.94 billion yuan, net profit of 139.51 billion yuan [1][3]. - Bank of China: Operating income of 329.00 billion yuan, net profit of 117.59 billion yuan [1][3]. - China Construction Bank: Operating income of 394.27 billion yuan, net profit of 162.08 billion yuan [1][3]. - Bank of Communications: Operating income of 133.37 billion yuan, net profit of 46.02 billion yuan [1][3]. - Postal Savings Bank: Operating income of 179.45 billion yuan, net profit of 49.23 billion yuan [1][3]. - The Agricultural Bank of China showed the highest growth in net profit at 2.66% year-on-year, while the other three banks experienced declines [3]. Net Interest Margin Outlook - Banks are implementing strategies to stabilize net interest margins, with expectations of a continued decline but at a reduced rate [2][4]. - Management from various banks indicated that proactive measures are being taken to adapt to interest rate changes and broaden non-interest income sources [3][4]. Dividend Plans - All six banks announced mid-term dividend plans despite varying performance results: - Industrial and Commercial Bank of China plans to distribute 1.414 yuan per 10 shares, totaling approximately 50.40 billion yuan [4][5]. - Agricultural Bank of China plans to distribute 1.195 yuan per 10 shares, totaling about 41.82 billion yuan [5]. - Bank of China plans to distribute 1.094 yuan per 10 shares, totaling around 35.25 billion yuan [5]. - China Construction Bank plans a mid-term dividend of approximately 48.61 billion yuan [5]. Asset Quality and Risk Management - The asset quality of the six banks remains stable, with non-performing loan ratios showing slight improvements or stability [5]. - Non-performing loan ratios as of June 30 are as follows: - Industrial and Commercial Bank of China: 1.33% - Agricultural Bank of China: 1.28% - Bank of China: 1.24% - China Construction Bank: 1.33% - Bank of Communications: 1.28% - Postal Savings Bank: 0.92% [5]. Strategic Focus Areas - The banks are focusing on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, to enhance service to the real economy [6][7]. - For instance, China Construction Bank reported a technology loan balance of 5.15 trillion yuan, growing by 16.81% year-on-year [6]. - Agricultural Bank of China reported a green loan balance of 5.72 trillion yuan, with significant new issuances in green financial products [7].

Core Insights - The six major state-owned banks in China reported a total net profit of 682.5 billion yuan for the first half of 2025, with asset quality showing improvement [1][2] - Banks are expected to stabilize net interest margin (NIM) in the second half of the year, although a decline in NIM is still anticipated, but at a reduced rate [1][2] Financial Performance - The total operating income of the six banks exceeded 1.8 trillion yuan, with individual contributions as follows: ICBC 427.09 billion yuan, Agricultural Bank 369.94 billion yuan, Bank of China 329.00 billion yuan, China Construction Bank 394.27 billion yuan, Bank of Communications 133.37 billion yuan, and Postal Savings Bank 179.45 billion yuan, all showing year-on-year growth [2] - Net profit for each bank was as follows: ICBC 168.10 billion yuan, Agricultural Bank 139.51 billion yuan, Bank of China 117.59 billion yuan, China Construction Bank 162.08 billion yuan, Bank of Communications 46.02 billion yuan, and Postal Savings Bank 49.23 billion yuan, with Agricultural Bank showing the highest growth rate of 2.66% [2] Interest Margin Management - Banks are actively adapting to interest rate changes to stabilize interest income and are exploring non-interest income sources to alleviate NIM pressure [2] - ICBC's Vice President noted that the reduction in NIM is expected to be sustainable due to improved asset-liability management strategies [3] - CCB's CFO indicated that while there is still downward pressure on NIM, the decline is expected to narrow due to changes in monetary policy [3] Dividend Plans - All six banks announced mid-term dividend plans, with ICBC proposing a cash dividend of 1.414 yuan per share, totaling approximately 50.40 billion yuan [3][4] - Agricultural Bank plans to distribute 1.195 yuan per share, amounting to about 41.82 billion yuan [4] - Bank of China suggested a dividend of 1.094 yuan per share, totaling around 35.25 billion yuan, maintaining a high payout ratio of 30% [4] Asset Quality - The non-performing loan (NPL) ratios for the banks as of June 2025 were as follows: ICBC 1.33%, Agricultural Bank 1.28%, Bank of China 1.24%, China Construction Bank 1.33%, Bank of Communications 1.28%, and Postal Savings Bank 0.92%, with most banks showing a slight decrease in NPL ratios [4] Strategic Focus - The banks are focusing on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, to enhance service to the real economy [5][6] - CCB reported a technology loan balance of 5.15 trillion yuan, growing by 16.81% year-on-year, while Bank of China reported a technology loan balance of 4.59 trillion yuan [5][6] - Agricultural Bank's green loan balance reached 5.72 trillion yuan, with significant growth in green financing activities [6]

Core Insights - The six major state-owned banks in China reported their 2025 mid-year results, showing steady growth in total assets but a mixed performance in net profits, with some banks experiencing slight adjustments in their earnings [1][2] - All six banks announced mid-term dividend plans, with total cash dividends expected to exceed 200 billion yuan, indicating a commitment to returning value to shareholders [1] Financial Performance - In the first half of 2025, the six banks collectively achieved a net profit attributable to shareholders of over 680 billion yuan, with Industrial and Commercial Bank of China (ICBC) leading with total assets surpassing 52 trillion yuan [2] - Agricultural Bank of China reported a 2.7% year-on-year increase in net profit, while China Bank's net profit slightly decreased by 0.85% [2] - Construction Bank's operating income grew by 2.95%, but its net profit fell by 1.37%, while other banks like Bank of Communications and Postal Savings Bank also reported modest growth in net profits [2] Asset Quality - The non-performing loan (NPL) ratios for the banks showed a stable or declining trend, with ICBC and Construction Bank both at 1.33%, and Postal Savings Bank at a low of 0.92% [3] - The overall asset quality appears to be improving across the major banks, indicating effective risk management practices [3] Dividend Plans - The proposed dividend distributions include approximately 50.396 billion yuan from ICBC, 41.823 billion yuan from Agricultural Bank, and 35.25 billion yuan from China Bank, among others, with a total exceeding 200 billion yuan [3] - Most banks maintain a dividend payout ratio around 30%, reflecting their stable financial performance and commitment to shareholder returns [3] Investment Appeal - The banking sector's high dividend yield of 3.69% and stable dividend policies enhance its attractiveness to investors, especially in a low-interest-rate environment [3]

Core Insights - The six major state-owned banks in China reported a total net profit of 682.5 billion yuan for the first half of 2025, with asset quality showing steady improvement [1][2] - Banks are expected to implement comprehensive measures to stabilize net interest margin (NIM) within a reasonable range, although a decline in NIM is still anticipated in the second half of the year, but at a reduced rate [1][2] Financial Performance - The total operating income of the six banks exceeded 1.8 trillion yuan, with individual contributions as follows: Industrial and Commercial Bank of China (427.09 billion yuan), Agricultural Bank of China (369.94 billion yuan), Bank of China (329.00 billion yuan), China Construction Bank (394.27 billion yuan), Bank of Communications (133.37 billion yuan), and Postal Savings Bank of China (179.45 billion yuan) [2] - All six banks achieved year-on-year growth in operating income, with notable net profit figures: ICBC (168.10 billion yuan), ABC (139.51 billion yuan), BOC (117.59 billion yuan), CCB (162.08 billion yuan), BOCOM (46.02 billion yuan), and PSBC (49.23 billion yuan) [2] - Agricultural Bank of China showed the fastest net profit growth at 2.66% year-on-year, while other banks experienced varying degrees of decline [2] Interest Margin Management - Banks are actively adapting to interest rate changes to stabilize interest income and are exploring non-interest income sources to alleviate NIM pressure [2][3] - ICBC's Vice President noted that the reduction in NIM has shown sustainable trends due to comprehensive assessments and asset-liability management strategies [3] - CCB's CFO indicated that while there is still downward pressure on NIM, the decline is expected to gradually narrow due to improvements in monetary policy tools [3] Dividend Plans - All six banks announced mid-term dividend plans, with ICBC proposing a cash dividend of 1.414 yuan per 10 shares, totaling approximately 50.40 billion yuan [4] - ABC plans to distribute 1.195 yuan per 10 shares, amounting to about 41.82 billion yuan [4] - BOC suggested a cash dividend of 1.094 yuan per 10 shares, with a total dividend of approximately 35.25 billion yuan [4] - CCB plans to distribute around 48.61 billion yuan in mid-term dividends, maintaining a 30% payout ratio [4] Asset Quality - The asset quality of the six banks remains stable, with non-performing loan (NPL) ratios as of June 30: ICBC (1.33%), ABC (1.28%), BOC (1.24%), CCB (1.33%), BOCOM (1.28%), and PSBC (0.92%) [5] Strategic Focus - The banks are focusing on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, to enhance service to the real economy [6] - CCB reported a technology loan balance of 5.15 trillion yuan, growing by 16.81% year-on-year, while BOC's technology loan balance reached 4.59 trillion yuan [6][7] - ABC's green loan balance stood at 5.72 trillion yuan, with significant growth in green financing activities [7]

Core Viewpoint - The six major state-owned banks in China reported a total net profit of 682.5 billion yuan for the first half of 2025, with asset quality showing improvement. The banks are expected to stabilize net interest margin (NIM) in the second half of the year, despite anticipated declines [1][2]. Financial Performance - The six banks achieved a combined operating income exceeding 1.8 trillion yuan, with individual contributions as follows: Industrial and Commercial Bank of China (427.09 billion yuan), Agricultural Bank of China (369.94 billion yuan), Bank of China (329.00 billion yuan), China Construction Bank (394.27 billion yuan), Bank of Communications (133.37 billion yuan), and Postal Savings Bank of China (179.45 billion yuan) [2]. - Net profit figures for the banks were as follows: Industrial and Commercial Bank of China (168.10 billion yuan), Agricultural Bank of China (139.51 billion yuan), Bank of China (117.59 billion yuan), China Construction Bank (162.08 billion yuan), Bank of Communications (46.02 billion yuan), and Postal Savings Bank of China (49.23 billion yuan). Agricultural Bank of China showed a net profit growth of 2.66% year-on-year [2]. Interest Margin Management - Banks are facing pressure on net interest margins due to a low interest rate environment. Management teams are implementing strategies to stabilize interest income and expand non-interest income sources [2]. - The Industrial and Commercial Bank of China reported a sustainable reduction in NIM decline, attributed to improved asset-liability management and adjustments in deposit rates [3]. - China Construction Bank anticipates continued downward pressure on NIM but expects the rate of decline to narrow due to changes in monetary policy and interest rate transmission mechanisms [3]. Dividend Plans - All six banks announced mid-term dividend plans, with specific proposals including: Industrial and Commercial Bank of China (1.414 yuan per 10 shares), Agricultural Bank of China (1.195 yuan per 10 shares), and Bank of China (1.094 yuan per 10 shares) [3][4]. Asset Quality - The asset quality of the six banks remains stable, with non-performing loan (NPL) ratios as of June 30 being: Industrial and Commercial Bank of China (1.33%), Agricultural Bank of China (1.28%), Bank of China (1.24%), China Construction Bank (1.33%), Bank of Communications (1.28%), and Postal Savings Bank of China (0.92%) [4]. Focus Areas - The banks are concentrating on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, to enhance service to the real economy [5]. - China Construction Bank reported a technology loan balance of 5.15 trillion yuan, growing by 16.81% year-on-year, while Bank of China reported a technology loan balance of 4.59 trillion yuan, with over 160,000 credit accounts for technology enterprises [5][6]. - Agricultural Bank of China has strengthened its green finance capabilities, with a green loan balance of 5.72 trillion yuan and significant issuance of green financial bonds [6].

银行营业收入（亿元） 同比变化归母净利润（亿元） 同比变化 工商银行 4270.92 1.57% 1681.03 -1.39% 农业银行 3699.37 0.85% 1395.1 2.66% 中国银行 3290.03 3.76% 1175.91 -0.85% 建设银行 3942.73 2.15% 1620.76 -1.37% 交通银行 1333.68 0.77% 460.16 1.61% 邮储银行 1794.46 1.50% 492.28 0.85% 合计 18331.19 6825.24 数据来源/相关银行2025年中期业绩报告制表/石诗语张佳琳 （文章来源：中国证券报） ...