Core Viewpoint - Minsheng Bank emphasizes a strategy of avoiding "involution" competition, focusing on high-quality and sustainable development through strategic execution and customer-centric approaches [1][2]. Financial Performance - In the first half of 2025, Minsheng Bank reported a total operating income of 72.384 billion yuan, a year-on-year increase of 7.83%, with both net interest income and non-interest income showing growth [1]. - The net interest margin for the bank was 1.39%, reflecting a slight year-on-year increase of 1 basis point despite overall industry pressure [1][7]. Strategic Focus - The bank is committed to deepening customer management and enhancing services to the real economy, with a focus on strategic customer groups that have reached a loan and deposit scale of 12 trillion yuan and 15 trillion yuan, respectively [1][2]. - Minsheng Bank's strategy includes a focus on five key areas to balance quantity, price, and quality instead of pursuing extensive scale expansion [2]. Retail Business Growth - The retail business has shown significant growth, with the number of strategic customers increasing by 36.62% year-on-year, and the financing balance reaching 374.319 billion yuan [2][4]. - The bank's retail assets under management (AUM) have seen substantial growth, with the AUM for clients with over 20,000 yuan exceeding the total increase for the previous year [5][6]. Asset and Liability Management - The bank is focusing on optimizing asset quality and managing liabilities effectively, with a decrease in interest-bearing liabilities cost to 1.93%, down 34 basis points from the beginning of the year [2][8]. - The non-performing loan (NPL) ratio stood at 1.48%, with a slight increase of 0.01 percentage points from the end of the previous year, while the real estate sector showed improvement with a reduction in NPLs [8]. Future Outlook - Minsheng Bank plans to continue enhancing customer management and accelerating digital transformation to promote high-quality development in the second half of the year [9]. - The bank has proposed a mid-term dividend plan, intending to distribute a cash dividend of 1.36 yuan per 10 shares to shareholders [9].

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]