PSBC(SH:601658) 虎嗅APP·2026-02-05 10:17Core Viewpoint - The article discusses the underperformance of Postal Savings Bank compared to other major banks in a generally bullish market for bank stocks in 2025, highlighting the challenges it faces in terms of valuation and business structure [2][3][4]. Group 1: Performance Comparison - In 2025, Agricultural Bank of China saw a stock price increase of 52.66%, while Postal Savings Bank only increased by 0.67%, slightly outperforming Bank of Communications at 0.37% [2][3]. - As of January 2026, Postal Savings Bank's price-to-book (PB) ratio was 0.6, significantly lower than Agricultural Bank's 0.86 [4]. Group 2: Financial Metrics - For the first three quarters of 2025, Postal Savings Bank reported a revenue growth of 1.82% and a net profit growth of 0.98%, placing it in the middle tier among state-owned banks [5]. - The bank led the six major banks in asset expansion speed during the same period, indicating competitive project acquisition capabilities [9]. Group 3: Risk and Asset Quality - Despite a relatively low non-performing loan (NPL) ratio, Postal Savings Bank has seen a rising trend in NPLs, with the ratio increasing from 0.9% at the beginning of the year to 0.94% by Q3 2025 [14][13]. - The bank's reliance on retail loans, which constitute over 50% of its credit portfolio, has exposed it to risks as retail loan demand declines [12][11]. Group 4: Strategic Changes and Leadership - The recent appointment of Lu Wei as the new president is expected to bring a shift in strategy, focusing on corporate banking to complement the bank's retail strengths [28][19]. - The article suggests that the transition to a more balanced business model will take time and may not yield immediate results [34][33]. Group 5: Wealth Management and Corporate Banking - Postal Savings Bank's wealth management capabilities are limited, with a significant portion of its assets under management (AUM) still in low-risk products, which restricts income potential [21][23]. - The bank's corporate loan growth has been strong, but it still lags behind major competitors in absolute scale and business capability [27][26]. Group 6: Future Outlook - The article posits that while the new leadership may bring hope for improvement, the bank's structural challenges will require gradual adjustments rather than quick fixes [34][30]. - The expectation is for a gradual enhancement in performance, focusing on corporate banking and wealth management, while addressing the risks associated with retail loans [36][34].