Core Viewpoint - Postal Savings Bank of China announced the election of Mr. Lu Wei as an executive director during its first extraordinary shareholders' meeting of 2026 [1] Group 1 - The extraordinary shareholders' meeting took place on January 19, 2026 [1] - The proposal for Mr. Lu Wei's election was approved by the shareholders [1]

Core Insights - The average cost of personal deposits is a key indicator of banks' liability costs, with lower rates indicating stronger competitiveness in attracting deposits [1][7]. Group 1: Ranking of Banks by Deposit Cost - The banks with the lowest average cost of personal deposits are primarily state-owned large banks and some retail-focused joint-stock banks, with China Merchants Bank leading at 1.18% for the 2025 mid-year report [2][8]. - Following China Merchants Bank are China Postal Savings Bank at 1.23% and Agricultural Bank of China at 1.38%, benefiting from extensive branch networks and strong customer bases [2][8]. - The top six banks all have costs below 2%, indicating strong deposit cost control capabilities [2][8]. Group 2: Cost Trends and Observations - A notable trend is the general decline in average deposit costs across most banks when comparing 2024 annual reports to 2025 mid-year reports, with China Merchants Bank decreasing from 1.44% to 1.18% [6][12]. - This decline reflects a reduction in liability cost pressures for the banking industry, positively impacting net interest margins and profitability [6][12]. - However, lower deposit costs must align with asset yield and risk management capabilities, as a healthy bank seeks to balance these factors [12]. Group 3: Challenges for Joint-Stock and Regional Banks - Joint-stock banks and regional commercial banks generally face higher average deposit costs, often exceeding 2%, which can challenge their net interest margin management [5][11]. - National joint-stock banks like Industrial Bank and Minsheng Bank have costs ranging from 2.11% to 2.18%, while some regional banks experience even greater cost pressures [5][11].

Group 1 - Postal Savings Bank of China held its first extraordinary shareholders' meeting of 2026, where the election of Mr. Lu Wei as an executive director was approved [1] - The bank's board of directors also approved the adjustment of the composition of its specialized committees, electing Lu Wei as the chairman and member of the Social Responsibility and Consumer Rights Protection Committee, a member of the Strategic Planning Committee, and a member of the Nomination and Remuneration Committee [1] - Lu Wei's committee positions will take effect upon the approval of his directorship qualification by the National Financial Regulatory Administration [1]

Core Viewpoint - Insurance capital is transitioning from a "barbarian at the gate" to a "strategist in the boardroom," with a focus on long-term investments rather than short-term financial gains, as evidenced by a record 41 public shareholding increases in 2025, the highest in nearly a decade [1][16][19] Group 1: Investment Trends - In 2025, insurance capital engaged in 41 public shareholding increases, more than double the average of recent years, indicating a significant shift in investment strategy [2][16] - The majority of these shareholding increases (over 85%) occurred in H-shares, driven by their substantial valuation discounts and smoother acquisition mechanisms [1][19] - Insurance companies are increasingly focusing on financial stocks, particularly banks, as they seek certainty, safety, and valuation flexibility in a complex market environment [1][9] Group 2: Regulatory Environment - Recent regulatory changes have opened up opportunities for insurance capital in equity investments, shifting from restrictions to encouragement of long-term investments [4][18] - The optimization of solvency regulatory standards has expanded the space for equity investments, allowing insurance companies to better match their long-term liabilities with asset returns [4][18] Group 3: Financial Performance - Insurance companies have reported significant increases in investment income, with 11 companies showing positive growth in 2025, including a remarkable 687.16% increase for New China Life [11][26] - The overall investment yield for major insurers has risen, with Ping An Life and China Life reporting increases exceeding 400% in investment income [12][26] Group 4: Strategic Focus - Insurance capital is not only focusing on traditional financial sectors but is also investing in high-tech fields such as renewable energy, advanced manufacturing, and biotechnology, reflecting a strategic alignment with national economic transformation [9][23] - The long-term nature of insurance capital aligns well with companies that have solid fundamentals and stable cash flows, allowing insurers to share in corporate growth and dividends [3][17]

中经记者 秦玉芳 广州报道 在渐近投资研究院院长、首席经济学家朱振鑫看来，适度宽松的货币政策已经执行了较长时间，再加上 实体经济需求依然偏弱，所以流动性总量基本够用，甚至是过于宽松的，利率尤其是实体信贷利率依然 处于历史低位。在这种情况下进行结构性宽松更为合理，既能更有效地支持实体经济，也可以更有效地 避免货币空转。 结构性降息背景下，如何确保资金有效实现精准滴灌？在薛洪言看来，为确保资金精准直达、防止空转 或挪用，监管部门需构建全链条配套体系。这包括强化激励约束机制，例如将工具使用与银行相关考核 挂钩，并对违规行为采取收回资金等约束措施；建立精细化的台账监管制度，要求银行对相关贷款单独 核算、逐笔登记并追踪资金流向；同时借助征信系统等平台实现跨部门信息共享以核查真实用途。 此外，薛洪言指出，还需完善风险分担机制，通过政府性融资担保等方式降低银行风险顾虑，从而确保 资金真正流入目标领域。"可以合并设立2000亿元科技创新与民企债券风险分担工具，强化风险共 担。"娄飞鹏表示。 朱振鑫也强调，为了精准支持，除了加强银行的日常监管之外，还可以通过财政出台一些配套支持政 策，让银行更有动力去放贷，也让企业和居民更有能 ...

Core Viewpoint - Postal Savings Bank of China announced the election of Lu Wei as the chairman of the Board's Social Responsibility and Consumer Rights Protection Committee, as well as a member of the Strategic Planning Committee and the Nomination and Compensation Committee. His roles will take effect upon approval of his directorship by the National Financial Supervision Administration [1][5]. Group 1 - The Board of Directors of Postal Savings Bank held a meeting on January 19, 2026, where 16 directors were present, and the meeting complied with relevant laws and regulations [2][6]. - The meeting was chaired by Chairman Zheng Guoyu, and the proposal to adjust the composition of the Board's specialized committees was approved unanimously with 16 votes in favor [2][6]. - Lu Wei's election to the specialized committee positions will commence once his directorship is approved by the National Financial Supervision Administration [1][3].

Core Viewpoint - The international gold price has reached a historic high, exceeding $4,690 per ounce, leading to a surge in demand for gold and other precious metals, while the availability of bank safety deposit boxes has become critically low, especially in major cities like Beijing, Shanghai, Guangzhou, and Shenzhen [1][7]. Group 1: Gold Price and Demand - The spot gold price increased by approximately 70% in 2025, driving a significant rise in consumer investment demand for gold bars and other precious metals [2][8]. - As demand for gold rises, the difficulty in renting safety deposit boxes has become more pronounced, with reports of waiting times extending up to five to six years for certain banks [1][8]. Group 2: Supply Constraints of Safety Deposit Boxes - The supply of safety deposit boxes is characterized by static growth, as banks primarily view this service as a means to maintain high-net-worth clients rather than a profit center, leading to limited resource allocation [2][5]. - High renewal rates and slow turnover of safety deposit boxes exacerbate the supply shortage, creating a rigid gap in availability [3][9]. Group 3: Bank Strategies and Challenges - Banks face challenges in increasing the supply of safety deposit boxes due to low profitability, high operational costs, and the expensive nature of building new secure storage facilities [5][11]. - Current strategies include optimizing existing resources and implementing technology upgrades to improve space utilization, but these measures are gradual and unlikely to resolve the supply-demand imbalance in the short term [6][12].

Core Viewpoint - Postal Savings Bank of China (01658.HK) announced the election of Lu Wei as the chairman of the Board's Social Responsibility and Consumer Rights Protection Committee, as well as a member of the Board's Strategic Planning Committee and Nomination and Remuneration Committee [1] Group 1 - Lu Wei's committee positions will take effect upon the approval of his directorship qualifications by the National Financial Regulatory Administration [1] - Following Lu Wei's official appointment, Yao Hong will no longer serve as the acting chairman of the Social Responsibility and Consumer Rights Protection Committee [1]

Group 1 - Postal Savings Bank of China (601658) announced the election of Mr. Lu Wei as the chairman and member of the Board's Social Responsibility and Consumer Rights Protection Committee, as well as a member of the Board's Strategic Planning Committee and Nomination and Remuneration Committee [1] - Mr. Lu Wei's committee positions will take effect upon the approval of his directorship qualification by the National Financial Supervision Administration [1] - Following Mr. Lu Wei's official appointment, Ms. Yao Hong will no longer serve as the acting chairman of the Board's Social Responsibility and Consumer Rights Protection Committee [1]

Group 1 - Postal Savings Bank of China (01658) announced the election of Mr. Lu Wei as the chairman and member of the Board's Social Responsibility and Consumer Rights Protection Committee, as well as a member of the Board's Strategic Planning Committee and Nomination and Remuneration Committee, effective from the date of approval of his directorship qualification by the National Financial Supervision Administration [1] - Upon Mr. Lu Wei's official appointment, Ms. Yao Hong will no longer serve as the acting chairman of the Board's Social Responsibility and Consumer Rights Protection Committee [1]