邮储银行表示，本次吸收合并有助于进一步优化该行管理及业务架构，巩固数字化转型成效，提高运营 效率，降低管理成本。邮惠万家银行为邮储银行全资子公司，其财务报表已按100%比例纳入邮储银行 合并报表范围，本次吸收合并事项不会对该行财务状况和经营成果产生影响。 北京商报讯（记者 孟凡霞 周义力）12月30日，邮储银行发布公告，为实现战略整合、优化资源配置、 降低管理成本，该行于2025年10月9日召开2025年第二次临时股东大会，审议通过了邮储银行吸收合并 中邮邮惠万家银行有限责任公司（以下简称"邮惠万家银行"）的议案。近日，邮储银行收到《国家金融 监督管理总局关于中国邮政储蓄银行股份有限公司吸收合并中邮邮惠万家银行有限责任公司的批复》， 国家金融监督管理总局已批准邮储银行吸收合并邮惠万家银行，并承接其清产核资后的资产、负债、业 务和员工。 ...

本次吸收合并有助于进一步优化本行管理及业务架构，巩固数字化转型成效，提高运营效率，降低管理 成本。邮惠万家银行为本行全资子公司，其财务报表已按100%比例纳入本行合并报表范围，本次吸收 合并事项不会对本行财务状况和经营成果产生影响，不会损害本行及股东的利益。 本行将严格按照上述批复文件和有关法律法规要求办理吸收合并事宜，并督促邮惠万家银行完成法人机 构终止相关事宜。 格隆汇12月30日丨邮储银行(601658.SH)公布，为实现战略整合、优化资源配置、降低管理成本，本行 于2025年10月9日召开2025年第二次临时股东大会，审议通过了本行吸收合并中邮邮惠万家银行有限责 任公司（以下简称邮惠万家银行）的议案。近日，本行收到《国家金融监督管理总局关于中国邮政储蓄 银行股份有限公司吸收合并中邮邮惠万家银行有限责任公司的批复》（金复〔2025〕774号），国家金 融监督管理总局已批准本行吸收合并邮惠万家银行，并承接其清产核资后的资产、负债、业务和员工。 ...

本次吸收合并有助于进一步优化本行管理及业务架构，巩固数字化转型成效，提高运营效率，降低管理 成本。邮惠万家银行为本行全资子公司，其财务报表已按100%比例纳入本行合并报表范围，本次吸收 合并事项不会对本行财务状况和经营成果产生影响，不会损害本行及股东的利益。 格隆汇12月30日丨邮储银行(01658.HK)公告，为实现战略整合、优化资源配置、降低管理成本，中国邮 政储蓄银行股份有限公司(以下简称本行)于2025年10月9日召开2025年第二次临时股东大会，审议通过 了本行吸收合并中邮邮惠万家银行有限责任公司(以下简称邮惠万家银行)的议案。近日，本行收到《国 家金融监督管理总局关于中国邮政储蓄银行股份有限公司吸收合并中邮邮惠万家银行有限责任公司的批 复》(金复〔2025〕774号)，国家金融监督管理总局已批准本行吸收合并邮惠万家银行，并承接其清产 核资后的资产、负债、业务和员工。 ...

12月22日，吉利汽车（0175.HK）发布公告，宣布正式完成对极氪智能科技控股有限公司的私有化及合 并，极氪自此成为吉利汽车全资附属公司，并于纽交所退市。 这不仅是一笔资本层面耗时7个半月的交易收官，更标志着吉利汽车战略整合聚焦阶段性取得成果，发 展进入全新阶段，一个融合了汽车制造底蕴与科技基因的"0175"正式成型。 在极氪退市前最后一个交易日（12月19日），其股价收于26.73美元/股，总市值定格在68.5亿美元。 随着整合完成，资本市场会更加关注纳入极氪后的吉利汽车集团，其价值轨道将如何重塑。毕竟一个市 值逼近500亿元的高端豪华汽车科技公司的并入，撬动的远不止其本身的价值。 更引人注意的是，强化电动、科技属性的吉利汽车，是否会重启回归A股两地上市进程，也值得关注。 01 《汽车K线》认为，此番整合，其核心战略价值在于极氪高端化、智能化资产与吉利汽车的深度融合， 以及为吉利在海外资本市场运作提供了实战经验。 这也为吉利汽车同时锁定了规模确定性、盈利改善弹性与高端科技资产三重变量，"一个吉利"的协同逻 辑开始从战略叙事，走向财务兑现。 自品牌诞生起，极氪便定位豪华纯电市场，平均单车售价近30万元，其产 ...

Core Viewpoint - Changcheng Huaxi Bank has undergone significant personnel changes with the resignation of its president Yu Guowen and vice president Geng Hong due to "work needs," marking the beginning of strategic integration following the acquisition by Sichuan Bank, which now holds a 40.92% stake and is the largest shareholder [1][8]. Personnel Changes - Yu Guowen and Geng Hong submitted their resignations, with the bank expressing gratitude for their contributions in various areas including business development and risk management [2][4]. - The new president, Wang Ning, has extensive banking experience spanning 34 years and previously held various positions at Sichuan Bank and China Construction Bank [6][7]. Shareholding and Strategic Integration - Sichuan Bank acquired a 40.92% stake in Changcheng Huaxi Bank on July 30, 2023, and completed the share transfer by September 30, 2023 [8][10]. - The timing of the personnel changes closely follows this acquisition, indicating a strategic reorientation for the bank under Sichuan Bank's leadership [10]. - Sichuan Bank aims to leverage synergies with Changcheng Huaxi Bank to support local economic development and enhance operational efficiency [8][9]. Future Developments - Following the acquisition, Changcheng Huaxi Bank plans to undergo a rebranding process, distancing itself from the "Changcheng" brand and its associated intangible assets [10]. - Regulatory authorities have emphasized the need for Sichuan Bank to establish robust internal control systems to manage risks associated with this new partnership [10].

Group 1 - The core point of the article is that Postal Savings Bank of China (PSBC) is merging with its wholly-owned subsidiary, Postal Bank of China, to optimize management and business structure [1] Group 2 - The merger aims to achieve strategic integration by incorporating the online operational experience of Postal Bank of China into PSBC, enhancing its online business capabilities [1] - The merger will optimize resource allocation, as the business resources and talent from Postal Bank of China will inject new momentum into PSBC's development [1] - The merger is expected to reduce management costs, allowing PSBC to allocate resources to more complementary areas and improve overall operational efficiency [1]

Core Viewpoint - Postal Savings Bank of China (PSBC) is merging with its wholly-owned subsidiary, Postal Huinong Bank, to optimize management and business structure, which will enhance operational efficiency and resource allocation [1] Group 1: Strategic Integration - The merger will integrate Postal Huinong Bank's online operational experience into PSBC, providing a strong complement to its online business [1] Group 2: Resource Optimization - Post-merger, the business resources and talent from Postal Huinong Bank will inject new momentum into PSBC's development [1] Group 3: Cost Reduction - The merger is expected to effectively lower management costs for PSBC, allowing the bank to allocate resources to more complementary areas and improve overall operational efficiency [1]

Core Viewpoint - Geely Automobile has demonstrated strong performance in the first half of 2025, with significant revenue growth and a notable increase in core net profit, despite challenges in net profit due to foreign exchange losses and other factors [1][2]. Financial Performance - Total revenue for the first half of 2025 reached 150.28 billion RMB, a year-on-year increase of 26.5%, marking a historical high [1]. - Net profit attributable to shareholders was 9.29 billion RMB, down 13.9% year-on-year; however, core net profit, excluding foreign exchange gains and other one-time items, was 6.66 billion RMB, up 102% year-on-year [1]. - In Q2 alone, the company achieved revenue of 77.79 billion RMB, with year-on-year and quarter-on-quarter increases of 28.4% and 7.3%, respectively [1]. - The overall gross margin slightly decreased by 0.3 percentage points to 16.4%, attributed to the increased sales of economical new energy vehicles and intensified industry price competition [1][2]. Cost Management - Selling and administrative expense ratios decreased by 1.0 and 0.7 percentage points to 5.6% and 1.9%, respectively, indicating effective scale effects and channel integration [2]. - R&D investment decreased by 8.6% to 8.35 billion RMB, primarily focused on new energy and intelligent technology, with an R&D expense ratio down by 1.1 percentage points to 6.6% [2]. - Despite a decrease in average selling price by 14,000 RMB to 96,000 RMB, the core net profit per vehicle increased by 37% to 4,724 RMB [2]. Sales Performance - Total sales volume reached 1.409 million vehicles, a year-on-year increase of 47.4%, significantly outpacing the domestic passenger vehicle industry's growth of 13% [2]. - New energy vehicle sales surged to 725,000 units, up 126.5%, accounting for 51.5% of total sales [2]. - The company has raised its sales target for the year to 3 million vehicles, increasing the growth rate forecast from 25% to 38% [2]. International Expansion - The company exported 184,000 vehicles, a decrease of 7.7% year-on-year, primarily due to challenges in the Eastern European market; however, new energy vehicle exports increased by 146% to 40,000 units [3]. - Geely has established five overseas regions to accelerate its international strategy, focusing on organizational structure, resource allocation, after-sales service, and product planning [3]. Strategic Moves - Geely announced plans to privatize Zeekr (ZK.N), making it a wholly-owned subsidiary, which is part of its strategy to streamline operations and enhance synergies among its brands [3][4]. - The company plans to launch 10 new models in 2025, with positive market feedback for recently launched models indicating strong potential for future sales [4]. Investment Outlook - Based on the latest financial data and projections, the company has adjusted its EPS estimates for 2025, 2026, and 2027 to 1.537, 1.852, and 2.320 RMB, respectively [5]. - The target price has been adjusted to 24.3 HKD, corresponding to projected P/E ratios of 14.4, 12, and 9.6 for 2025, 2026, and 2027 [5].

Core Viewpoint - The company is expected to experience significant profit growth driven by the release of new models and strategic integration, with net profit forecasts for 2025-2027 adjusted upwards due to anticipated strong performance in the second half of 2025 [1][2] Group 1: Financial Performance - The company raised its 2025 annual sales target to 3 million units, supported by the platform-based cost advantages and the introduction of popular models [2] - In Q2 2025, the company reported revenue of 77.8 billion RMB, a year-on-year increase of 28%, primarily driven by a 47% increase in quarterly deliveries to 705,000 units [1] - The net profit for Q2 2025 reached 3.62 billion RMB, with core net profit estimated between 2.44 billion and 2.65 billion RMB, reflecting a year-on-year growth of approximately 42%-55% [1] Group 2: Product and Market Strategy - The upcoming launch of several new models, including the fifth-generation Emgrand and Galaxy A7, is expected to enhance delivery growth, with the Galaxy A7 already achieving over 30,000 pre-orders since its launch [2] - The company is focusing on smart upgrades and a clear product matrix through Zeekr Technology, targeting the luxury market with new models like the Zeekr 9X and Lynk & Co 10 EM-P [2] - The global expansion strategy aims for a more than 30% increase in export sales in the second half of 2025, supported by strategic integrations and operational efficiencies [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][11]. Core Insights - The company is expected to experience high growth driven by the release of potential new vehicles and strategic integration, which will facilitate profit release from the second half of 2025 onwards [6][7]. - The net profit forecasts for 2025-2027 have been adjusted upwards to 156.6 billion, 179.7 billion, and 215.7 billion RMB, respectively, corresponding to EPS of 1.7, 1.9, and 2.2 RMB [6]. - The company has raised its annual sales target for 2025 to 3 million vehicles, supported by the platform-based cost advantages and the launch of several new models [7]. Financial Summary and Valuation Metrics - Revenue for 2023 is projected at 179.204 billion RMB, with a year-on-year growth of 21.1%. By 2025, revenue is expected to reach 330.103 billion RMB, reflecting a growth rate of 37.4% [7]. - The net profit for 2023 is estimated at 5.308 billion RMB, with a significant increase of 213.3% in 2024, followed by a slight decrease of 5.9% in 2025 [7]. - The gross margin is expected to improve from 15.3% in 2023 to 17.1% by 2027, while the net margin is projected to rise from 3.0% to 5.4% over the same period [7].