老铁们，帮主今早刷数据看到个扎心现象——今年新发基金都过千只了，市场看着热热闹闹，可你猜怎么着？有些基金公司愣是一年都没发出一只新产品！ 这行当的"贫富差距"，比咱想象的还离谱。 #多家中小公募"颗粒无收"# 先看两组数字：华夏基金今年发了86只产品，规模428亿；富国、鹏华也各发了60多只。可另一边，华宸未来、新沃这些公司，今年直接"交白卷"，一基未 发。更有甚者，像华宸未来已经三年没新基金问世，仓库里就躺着三只老产品撑场面。这哪是竞争？分明是"航母舰队"和"小舢板"的差距！ 为啥小公司混不下去？ 我琢磨出三条原因： 三是赛道卷不动。现在REITs、浮动费率基金、ETF全是技术活，小公司既烧不起钱搞系统，也抢不到项目资源，只能挤在传统主动管理赛道里饿肚子。 更惨的是存量危机 新基金发不出，老基金还天天警报响。淳厚基金今年有十几只产品拉清盘预警，天天忙着开持有人大会"保壳"。瑞达基金规模缩水到不足1亿，这哪是管基 金？简直像守着一个随时熄火的小卖部。 但你说小公司真没活路？也不尽然。华润元大8月发了只绿色债券基金，一把募了57亿。说明只要找准细分赛道，还是能撕开道口子。 给咱们投资者的启示 1. 选基金先看公 ...

10月30日，中国邮政储蓄银行股份有限公司（下称"邮储银行"）公布了2025年第三季度报告。三季 报显示，截至2025年9月末，邮储银行实现营业收入2650.80亿元，同比增长1.82%；净利息收益率 1.68%，保持行业优秀水平；中收同比增长11.48%，在营收中的占比提升0.75个百分点；实现净利润 767.94亿元，同比增长1.07%；不良贷款率0.94%，延续低位运行态势；核心一级资本充足率10.65%，较 上年末提升1.09个百分点，为稳健经营提供了坚实保障。 今年以来，邮储银行立足战略定位和资源禀赋优势，加快金融"五篇大文章"服务模式和服务体系建 设，全方位融入经济社会发展大局。 打造"服务升级+产品创新+公益关怀"的养老金融服务模式。邮储银行持续推进"523"综合营销服务 体系，助力构建"机构+社区+居家"三位一体的养老服务体系；线上升级手机银行个人养老金服务专 区，线下积极打造养老金融特色支行；服务55岁及以上中老年客户超3亿户，金融社保卡发卡量超1.3亿 张，个人养老金缴存规模稳定增长。 升级数字金融服务能力。邮储银行自主研发的第三代资金业务核心系统首批业务功能正式投产上 线，单笔交易审批用 ...

Core Viewpoint - The six major banks in China reported a combined net profit exceeding 1 trillion yuan for the first three quarters of 2025, indicating stable profit growth and improving asset quality, while facing pressure on net interest margins [1][2]. Group 1: Profit Growth - The six major banks achieved a total net profit of 1.07 trillion yuan, demonstrating strong profitability despite efforts to support the real economy [2]. - Agricultural Bank led the growth with a 3.03% year-on-year increase in net profit, while other banks showed varying growth rates: 1.90% for Bank of Communications, 1.08% for China Bank, and lower rates for Postal Savings Bank, China Construction Bank, and Industrial and Commercial Bank [2]. - All six banks reported year-on-year increases in operating income, with China Bank and Industrial and Commercial Bank both exceeding 2% growth [2]. Group 2: Asset Quality Improvement - The non-performing loan (NPL) ratios for all six banks decreased compared to the end of the previous year, enhancing their risk resilience [4]. - Postal Savings Bank had the best asset quality with an NPL ratio of 0.94%, while other banks maintained NPL ratios between 1% and 2% [4]. - Agricultural Bank had the highest provision coverage ratio at 295.08%, providing a solid buffer against potential credit risks [5]. Group 3: Net Interest Margin Pressure - The banking industry continues to face downward pressure on net interest margins, with Postal Savings Bank reporting a margin of 1.68%, despite being the highest among the six banks [5][6]. - The overall net interest margin for commercial banks was reported at 1.42% for Q2 2025, reflecting a decline from previous periods [6]. Group 4: Strategies for Margin Stabilization - Banks are focusing on optimizing asset structures and reducing costs on the liability side to address the pressure on net interest margins [7]. - There is a strategic emphasis on supporting key sectors such as manufacturing and green development, with Postal Savings Bank increasing its green loan balance significantly [7]. - Analysts expect a stabilization in net interest margins in the coming quarters, aided by policy support and proactive industry transformation [8].