兴业证券指出，上市银行中期分红方案陆续落地。从分红节奏来看，今年中期分红时点整体提前。四大 行公告中期分红时点，其中A股派息时间均提前到2025年12月中旬，H股派息时间在2026年1月下旬。伴 随着上市银行中期分红工作的逐步展开，持等对股息较为重视的资金或加大对银行股的财置投资力度， 推动板块估值的修复。 内银股早盘回暖，截至发稿，民生银行（600016）(01988)涨3.56%，报4.36港元；邮储银行（601658） (01658)涨2.88%，报5.71港元；中国银行（601988）(03988)涨2.36%，报4.77港元；建设银行（601939） (00939)涨1.85%，报8.28港元。 消息面上，据数据统计，截至11月19日，42家上市银行中已有13家完成中期分红实施或进入实施阶段， 另有13家银行公布了分红方案，合计分红金额达到2637.90亿元。与此同时，还有6家上市银行的中期分 红事项已通过年度股东大会审议，等待董事会公布具体方案。 ...

每经编辑|杜宇 11月20日电，A股早盘银行板块延续强势，中国银行（SH601988）涨超4%，续创历史新高，总市值超2万亿元。 邮储银行、光大银行、建设银行、中信银行等涨幅靠前。 | 建设银行 v | | | | | | --- | --- | --- | --- | --- | | 601939 LT 沪股通 | | | | | | 9.84 市值-2.57万亿 量比 4.91 501 9.81 | | | | | | 保 9.45 流通 941.14亿 换 | | 0.92% | | | | 0.29 3.05% 开 9.48 市盈™ 7.59 额 | | 8.52 Z | | | | 港股 8.250 1.48% H/A溢价率 -23.45% 溢价分析 | | | | | | 分时 | | | | | | 均价:9.68 最新:9.81 0.29 +3.05% | | | | | | --------- +3.36% 大单 9.89 *749 9.84 --- | | | | | | 季5 | 9.85 5989 | | | | | 卖4 | | 9.84 3823 | | | | 卖3 | | 9. ...

Core Viewpoint - Postal Savings Bank of China (PSBC) has shown a stock price increase of 7.97% year-to-date, with a recent trading performance indicating a slight uptick in share price and significant trading volume [2][3]. Financial Performance - As of September 30, 2025, PSBC reported a net profit of 765.62 billion yuan, reflecting a year-on-year growth of 0.98% [3]. - The bank's main revenue sources are personal banking (65.15%), corporate banking (22.71%), and funding operations (12.10%) [2]. Stock Market Activity - On November 20, PSBC's stock price rose by 2.09%, reaching 5.85 yuan per share, with a trading volume of 3.02 billion yuan [1]. - The stock has experienced a 0.69% increase over the last five trading days, but a decline of 2.50% over the past 20 days and 4.88% over the last 60 days [2]. Shareholder Information - The number of shareholders decreased by 13.09% to 142,600, while the average number of shares held per shareholder increased by 15.29% to 478,570 shares [3]. - Major shareholders have seen a reduction in holdings, with Hong Kong Central Clearing Limited holding 520 million shares, down by 422 million shares from the previous period [4].

Core Viewpoint - Zhuzhou, Hunan, is a significant industrial city in China, known for its comprehensive industrial sectors and numerous achievements, with Jin Xin Group being a key player supported by Postal Savings Bank of China in its growth journey [1] Group 1: Company Growth and Development - Jin Xin Group, founded in 2009 by Shen Jinkui, has evolved from a single trade entity into a diversified industrial cluster encompassing hard alloys, new energy, and precision molds, exporting to over 50 countries [1] - The company faced challenges in scaling operations, particularly in 2018 when it experienced a surge in orders but lacked working capital, which was addressed by a timely loan of 570,000 yuan from Postal Savings Bank [2] - In 2019, Jin Xin Group aimed to transition from extensive to refined production, necessitating the purchase of facilities and advanced equipment, leading to a mortgage loan of over 5.8 million yuan from the bank [2] Group 2: Financial Support and Impact - In 2025, rising tungsten powder prices posed a significant challenge for Jin Xin Group, impacting cash flow and production capabilities [3] - Postal Savings Bank proactively provided customized financial services, granting a total credit of 700,000 yuan to Jin Xin Group and its subsidiaries, effectively addressing the liquidity gap [3] - The financial support included government interest subsidies amounting to 240,000 yuan over two years, significantly reducing financing costs and enabling the company to focus on production expansion [3] Group 3: Commitment to Local Economic Development - Postal Savings Bank has consistently adhered to its mission of serving the real economy, providing practical and efficient financial services to support local enterprises like Jin Xin Group [4] - The recent "dual credit + interest subsidy" service exemplifies the bank's ability to meet specific corporate needs and assist in overcoming financial challenges [4] - The bank plans to continue focusing on the industrial development needs of Zhuzhou, offering more precise credit solutions and efficient services to foster local economic growth [4]

Core Viewpoint - The People's Bank of China has reported an ongoing optimization of the credit structure, with significant growth in various loan categories, indicating a focus on inclusive finance and support for small and micro enterprises [1][2][3] Group 1: Credit Structure Optimization - As of the end of September, loans for technology, green projects, inclusive finance, elderly care, and digital economy sectors have seen year-on-year growth rates of 11.8%, 22.9%, 11.2%, 58.2%, and 12.9% respectively, all surpassing the overall loan growth rate [1] - The balance of inclusive loans for small and micro enterprises reached 36.5 trillion yuan, a year-on-year increase of 12.1%, while inclusive agricultural loans totaled 14.1 trillion yuan, with an increase of 1.2 trillion yuan since the beginning of the year [2] - Major state-owned banks are playing a crucial role, with their inclusive loan contributions accounting for nearly 50% of the total industry [2] Group 2: Policy Support and Financial Innovation - The government continues to enhance support for inclusive finance through structural monetary policy tools, aiming to improve the accessibility and coverage of financing for small and micro enterprises [3][6] - Banks are innovating financial products tailored to the operational characteristics and needs of small and micro enterprises, significantly improving loan disbursement efficiency through digital service channels [3][5] - Digital technology is being widely adopted to reduce service costs and address key issues such as information asymmetry and high costs in inclusive finance [5][6] Group 3: Case Studies and Practical Applications - In Anqiu City, Shandong Province, a local bank provided a specialized "Ginger Loan" to a small enterprise, demonstrating proactive service and tailored financial solutions that resulted in significant profitability for the business [4] - The Agricultural Bank of China has launched an online inclusive product system, "Nongyin e-loan," which has greatly enhanced the efficiency of loan processing [5] Group 4: Future Directions - Experts suggest that the next phase of high-quality development in inclusive finance should focus on enhancing quality and efficiency, with policies aimed at optimizing the financing ecosystem and maintaining reasonable growth in loans for small and micro enterprises [7] - Banks are expected to continue upgrading services and integrating various data sources to improve risk management and service quality for small and micro enterprises [7]

Core Insights - The financial support from Postal Savings Bank is significantly enhancing the development of the cultural and tourism industry across various regions in China, facilitating project upgrades and improving service capabilities [1][2][3][4]. Group 1: Financial Support and Impact - In Shandong Qufu, the "Nishan Sacred Site" is attracting a large number of visitors due to unique educational projects, supported by over 800 million yuan in loans from Postal Savings Bank [1]. - In Guizhou Bijie, the renovation of the Zhi Jin Cave scenic area, funded by 30 million yuan from Postal Savings Bank, has led to a substantial increase in visitor numbers [1]. - As of the end of October this year, the wholesale loan scale directed towards the cultural and tourism sector by Postal Savings Bank has increased by 38% compared to the end of last year [1]. Group 2: Innovative Financial Products - In Xi'an, the Postal Savings Bank provided nearly 10 million yuan in loans to 20 local homestay businesses, addressing their funding shortages and enabling significant revenue growth during the summer [2]. - The "Meizhou Homestay Loan" in Fujian has a maximum limit of 500,000 yuan, with a simple process and flexible terms, while the "Ancient City Business Circle Loan" in Yunnan supports local merchants in optimizing operations [2]. Group 3: Project Upgrades and Diverse Offerings - In Guangdong Shaoguan, a loan of 190 million yuan was issued to support the upgrade of cable cars and boats, enhancing the overall tourism experience [3]. - In Tibet Lhasa, a strategic partnership was formed to promote the large-scale epic performance "Princess Wencheng," showcasing the integration of culture and tourism [3]. - Postal Savings Bank is expanding its financial support to include non-material cultural heritage protection and cultural creative development, enhancing the management efficiency and consumer experience in the tourism sector [3]. Group 4: Commitment to Industry Development - In Dali, Yunnan, a dyeing craftsman expanded his workshop with the support of Postal Savings Bank, while in Zhejiang, the bank provided credit loans to local "old brand" enterprises [4]. - The "Chao You Ancient City" comprehensive management platform launched in Guangdong integrates various tourism services, reflecting the bank's commitment to driving industry growth through innovative financial solutions [4]. - Postal Savings Bank aims to continue deepening the integration of finance and tourism, contributing to rural revitalization and regional economic development [4].

Core Insights - The news highlights the significant role of Postal Savings Bank in supporting the cultural and tourism industry through targeted financial services, which has led to the enhancement of various tourist attractions and the overall industry transformation [1][2][3][4]. Group 1: Financial Support for Cultural and Tourism Projects - In Shandong Qufu, the "Nishan Sacred Site" has attracted many visitors due to unique educational projects, supported by over 800 million yuan in loans from Postal Savings Bank [1]. - In Guizhou Bijie, the renovation of the Zhi Jin Cave scenic area, funded by 30 million yuan from Postal Savings Bank, has significantly improved visitor reception capacity [1]. - As of the end of October this year, the wholesale loan scale directed towards the cultural and tourism sector by Postal Savings Bank has increased by 38% compared to the end of last year [1]. Group 2: Addressing Funding Challenges for Businesses - In Xi'an, a local inn operator received a 1 million yuan credit loan within three days, enabling significant upgrades and increased summer revenue [2]. - Postal Savings Bank has issued nearly 10 million yuan in loans to 20 local inn businesses in Xi'an, effectively addressing their funding shortages [2]. - Various regions, including Fujian and Yunnan, have seen the introduction of specialized loan products to support the local hospitality industry, enhancing financial backing for the integration of culture and tourism [2]. Group 3: Upgrading Major Projects and Diversifying Tourism Offerings - In Guangdong Shaoguan, Postal Savings Bank provided a loan of 190 million yuan to support the upgrade of tourist facilities, enhancing the overall visitor experience [3]. - In Tibet Lhasa, a strategic partnership was formed to promote a large-scale cultural performance, showcasing the integration of culture and tourism [3]. - The bank's financial support has evolved from aiding small businesses to participating in significant cultural tourism projects, thereby improving management efficiency and consumer experience [3]. Group 4: Innovative Financial Services and Future Directions - In Dali, Yunnan, artisans have expanded their workshops with the help of Postal Savings Bank, which also supports local traditional enterprises with innovative credit products [4]. - The bank has launched a comprehensive management platform for tourism services in Guangdong, integrating various aspects of the visitor experience [4]. - Postal Savings Bank aims to continue its deep integration of finance and tourism, contributing to rural revitalization and regional economic development [4].

Core Insights - The report indicates a challenging environment for perpetual bonds in the banking sector, with both supply and demand expected to remain weak in 2026 [2][3] - The net supply of perpetual bonds is projected to stabilize at a low level, with significant contributions from TLAC bonds [2][3] - Demand for bank perpetual bonds is facing challenges due to regulatory changes and market conditions, impacting their attractiveness [2][3] Supply - The net supply of perpetual bonds has decreased significantly, with 2025's issuance at 1.38 trillion yuan, down from previous years, and net financing dropping to 363 billion yuan [8][12] - The supply is expected to remain low in 2026, with net financing projected to be around 400-500 billion yuan, characterized by a decline in large banks' issuance and an increase from smaller banks [2][3] - TLAC bonds are anticipated to provide some relief to the supply side, with a projected net supply of around 300 billion yuan in 2026 [2][3] Demand - Bank perpetual bonds continue to be a crucial component of the credit bond market, but demand is weakening due to regulatory changes and market dynamics [2][3] - The implementation of new accounting standards for insurance companies may reduce their investment capacity in perpetual bonds, although the overall impact is expected to be manageable [2][3] - The demand from banks for self-managed investments is likely to stabilize, while mutual funds may face challenges due to new fee regulations, impacting their allocation to perpetual bonds [2][3] Valuation - The report highlights the potential for a shift in the relative valuation of perpetual bonds due to weak supply and demand dynamics [3][3] - Credit spreads for perpetual bonds may face upward pressure if participation from funds and insurance companies diminishes, with projected spreads for 3-year AAA-rated bonds in the range of 25-60 basis points [3][3] - The valuation of different bond types is expected to diverge, with higher-grade bonds potentially facing upward pressure on spreads [3][3] Strategy - The report suggests a tactical approach to trading opportunities in high-grade bank perpetual bonds, with a focus on price differences between new and existing bonds [3][3] - For mid-sized banks' perpetual bonds, it is recommended to actively monitor value propositions while being cautious of non-redemption risks [3][3] - TLAC bonds are noted for their dual value in both allocation and trading, with a particular emphasis on floating rate bonds [3][3]

Group 1 - The core viewpoint of the articles highlights the growth and innovation of De Sheng Robotics, a company established in 2018, which has become a national-level "specialized, refined, distinctive, and innovative" small giant enterprise focusing on robotics and high-end intelligent equipment [1][3] - De Sheng Robotics has developed advanced technologies such as the pre-torque robot for pipe fittings and automatic thread detection, indicating its commitment to continuous investment in product research and development [1] - The company faced funding challenges, which were addressed by a tailored loan of 20 million yuan from the Postal Savings Bank of China, aimed at supporting high-quality "specialized, refined, distinctive, and innovative" enterprises [3] Group 2 - The Postal Savings Bank of Shandong Province reported a 30.70% year-on-year increase in technology enterprise loans in the first ten months of the year, reflecting a growing trend in financial support for technology-driven companies [3] - The construction of a "technology flow" evaluation system by the Construction Bank of Shandong Province assesses the value of enterprises' intellectual property through various dimensions, including the proportion of invention patents and their market conversion value [4] - The Shandong Provincial Financial Supervision Administration has accelerated the establishment of the country's first pilot area for financial reform in science and technology, promoting the transformation of scientific and technological "soft power" into financial "hard assets" with a total financing support of 35.2 billion yuan [4]

Core Insights - The banking industry is entering a new phase of digital finance development driven by AI applications, enhancing the integration of technology and business operations [2] - There is a significant increase in technology investment among major banks, with a focus on optimizing governance structures and resource management [3][4] - AI is reshaping competitive dynamics in the banking sector, enabling smaller banks to leverage technology for innovation and growth [2] Technology Investment and Governance - In 2024, the total technology investment by six major state-owned banks exceeded 120 billion yuan, marking a 2.15% year-on-year increase, with a total of over 111,000 technology personnel, up 19.34% from the previous year [3][4] - The technology investment of these six banks accounts for over 50% of the total technology spending in the banking industry, which exceeds 200 billion yuan [4] - Some banks, such as China Construction Bank and Ping An Bank, have reported a decrease in technology investment, indicating a shift towards optimizing technology resource management [5][6] AI Application and Innovation - AI applications are accelerating the integration of business and technology, with various banks launching innovative projects across different scenarios [2][6] - Smaller banks like Qingdao Bank and Hunan Bank have demonstrated significant innovation capabilities through AI, winning multiple awards in recent fintech competitions [2] Talent Development and Resource Allocation - The proportion of technology personnel in major banks has increased, reflecting a growing emphasis on talent as a core resource for digital finance development [9][10] - Banks are adopting dual pathways for cultivating composite talents, focusing on both external recruitment and internal mechanisms to enhance the integration of technology and business [11][12] - The shift towards "business-technology co-creation" is emphasized, with banks encouraging deeper involvement of business units in technology development processes [13]