Core Viewpoint - Postal Savings Bank of China (PSBC) has successfully completed a large-scale capital injection of 130 billion yuan through a targeted A-share issuance, which is expected to enhance its business development and credit issuance capabilities [1][7] Group 1: Deposit Competitiveness - PSBC has maintained a stable, low-cost, and diversified deposit core competitiveness, with corporate deposits increasing by 14.53% year-on-year, surpassing the industry average by 11 percentage points [3] - The bank's corporate deposit interest rate has decreased to 1.18%, down 14 basis points from the beginning of the year, while retail deposit interest rate is at 1.23%, down 22 basis points [3] - The bank has focused on low-cost interbank demand deposits, achieving over 120 billion yuan growth in interbank deposits in the first half of the year, contributing to effective balance sheet expansion [3] Group 2: Net Interest Margin Management - Following the asymmetric interest rate cut in May, PSBC reported a 1.95% quarter-on-quarter increase in net interest income for Q2, indicating a relief from margin pressure [4] - The bank improved its net interest income through credit scale growth, structural optimization, and cost control, with corporate loan interest income increasing by 2.08% year-on-year [4][5] - The bank's net interest margin showed resilience, with only a 1 basis point decline in the first half compared to the first quarter, reflecting effective management strategies [5] Group 3: Non-Interest Income Growth - PSBC's non-interest income from intermediary services grew by 11.59% year-on-year, outperforming comparable peers, with its share in total revenue increasing by 0.85 percentage points [6] - The bank achieved significant growth in corporate segment income, with a year-on-year increase of 42%, contributing to overall revenue growth [6] - Other non-interest income rose by 24.72% year-on-year, enhancing profitability and becoming a key growth driver [6] Group 4: Capital Adequacy and Fee Adjustments - The successful capital injection has improved PSBC's core Tier 1 capital adequacy ratio to 10.52%, up 0.96 percentage points from the previous year, strengthening its ability to serve the real economy and manage risks [7] - The bank has proactively adjusted agency fee rates for the first time since its listing, resulting in a 9% decrease in agency fees to 55.4 billion yuan, reflecting the effectiveness of its adjustments [7]