【邮储银行行长刘建军：5月非对称降息缓解息差压力 已处置表内外不良贷款本息473亿元】智通财经8 月29日电，今日下午，邮储银行在京举行2025中期业绩发布会。在谈及净息差时，邮储银行行长刘建军 明确指出，5月份的非对称降息后，银行的息差压力有了明显缓解。同时，上半年通过信贷规模增长和 结构优化、负债成本管控实现了利息净收入表现的改善。此外，上半年，该行加大清收处置力度，以多 元化处置提增贡献，处置表内外不良贷款本息473亿元，同比增长超过50%。（智通财经记者 彭科峰） 转自：智通财经 ...

Investment Rating - The report maintains an "Overweight" rating for the banking and securities sectors [11][14]. Core Insights - The approval of floating rate funds and the asymmetric interest rate cut are expected to create investment opportunities, particularly in the banking sector, followed by securities and insurance [2][14]. - The People's Bank of China (PBOC) has lowered the 1-year and 5-year Loan Prime Rate (LPR) by 10 basis points, which, along with a larger cut in deposit rates, is aimed at reducing financing costs for the real economy and alleviating pressure on bank interest margins [3][15]. - The first batch of new floating rate fund products has been approved, with fee rates set at 1.2%, 1.5%, and 0.6%, which strengthens the alignment of interests between fund managers and investors [2][40]. Summary by Sections Banking Sector - The PBOC's interest rate cuts are expected to lower financing costs for the real economy and help banks manage their interest margins better. The report highlights structural opportunities within the banking sector [3][15]. - Key recommended banks include Hangzhou Bank, Chengdu Bank, Shanghai Bank, and China Merchants Bank, with various ratings from "Buy" to "Overweight" [4][49]. - The banking index increased by 0.60%, while the overall market index (CSI 300) rose by 0.77% [15]. Securities Sector - The report indicates that the China Securities Regulatory Commission (CSRC) supports the listing of quality unprofitable tech companies and the return of quality red-chip tech firms to the domestic market, which may gradually alleviate pressure on investment banking operations [3][39]. - Recommended securities firms include CITIC Securities, Guotai Junan, and China Galaxy Securities, with ratings of "Buy" [4][49]. - The approval of floating rate funds is expected to enhance the market's stability and support the growth of quality tech enterprises [39][40]. Insurance Sector - The insurance sector showed mixed performance, with China Pacific Insurance rising by 2% and New China Life Insurance falling by 2% [3][45]. - The report suggests focusing on quality leading insurance companies such as China Pacific Insurance, China Ping An, and AIA Group for potential investment [4][45]. - The overall market sentiment regarding liquidity improvement is expected to continue attracting funds into the insurance sector [45].

Group 1 - The core viewpoint of the article emphasizes the asymmetric interest rate cuts benefiting the bond market, particularly highlighting the significant growth of the 10-year government bond ETF (511260) by over 30% this year [1] - According to China International Capital Corporation (CICC), the downward adjustment of deposit rates creates more room for long-term interest rate declines, which is favorable for the bond market [1] - The decline in deposit rates is expected to lead to lower rates in other cash-like instruments, which will help reduce banks' funding costs and further support the downward trend in actual interest rates [1] Group 2 - The 10-year government bond ETF (511260), established on August 4, 2017, is currently the only 10-year government bond ETF in the market, with a scale exceeding 3.4 billion yuan and good liquidity [1] - Investors are advised to actively allocate to Chinese bonds, including extending duration to seek higher capital gains as the yield curve steepens [1]

Investment Rating - The report maintains an "Overweight" rating for the banking sector [7] Core Views - The asymmetric interest rate cuts have alleviated pressure on interest margins, with the central bank lowering the 1-year and 5-year Loan Prime Rate (LPR) by 10 basis points [1] - The reduction in deposit rates has a more significant impact than the LPR cuts, providing a net positive effect on banks' interest margins and net profit growth [2] - The banking sector is expected to benefit from a favorable policy environment aimed at economic recovery, with structural opportunities in high-quality banks [5] Summary by Sections Interest Rate Adjustments - The central bank's recent interest rate cuts are expected to positively influence banks' interest margins, with estimated impacts of +2.3 basis points and +1.4 basis points on interest margins for 2025 and 2026, respectively [2][22] - The reduction in deposit rates has been more pronounced than the LPR cuts, with large banks reducing rates across various deposit terms [2][3] Deposit Trends - The banking sector is approaching a peak in deposit re-pricing, which is expected to improve funding costs as significant amounts of fixed-term deposits mature [3] - Despite the positive adjustments in deposit rates, there are concerns about the attractiveness of deposit products, which may lead to liquidity risks for banks [4] Policy Environment - Recent policy measures, including interest rate cuts and structural monetary tools, are expected to support economic stability and improve the banking environment [5] - The report highlights the potential for high dividend yields in large banks, making them attractive for investment [5] Stock Recommendations - The report recommends several banks for investment, including: - Hangzhou Bank (600926 CH) - Overweight - Shanghai Bank (601229 CH) - Buy - Chengdu Bank (601838 CH) - Buy - Chongqing Rural Commercial Bank (3618 HK) - Buy - China Merchants Bank (600036 CH) - Buy - Industrial Bank (601166 CH) - Buy - Agricultural Bank of China (601288 CH) - Overweight [9][24]