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中国邮政储蓄制度的变迁

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所属报告：

邮储银行-首次覆盖报告：业务模式独特改善潜力可期-221024（37页）.pdf

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5.1. 生息资产带动，成本拖累 ..................................................... 33 5.2. 近年来盈利能力明显提升 ..................................................... 33 6. 投资建议与风险提示 .................................................................. 34 6.1. 盈利预测：未来 3 年有望保持 15%左右的净利润增速........... 34 6.2. 绝对估值：DDM 模型估值结果为 1.06 倍 PB ........................ 34 6.3. 相对估值：当前估值处于较低水平 ....................................... 35 6.4. 投资建议 ............................................................................. 35 6.5. 风险提示 ............................................................................. 36 邮储银行 ( 6 0 1 6 5 8 ) 1. 公司概况：年轻的国有行，与邮政集团深度绑定 1.1. 我国邮政储蓄制度的变迁与发展邮政储蓄制度并非中国特色，纵观世界主要发达国家现代邮政银行，均脱胎于各国邮政体系，由最初基于网点渠道便利开展的简单存汇业务逐渐发展为邮政集团旗下的全业务型金融机构。从日本、法国、新西兰等发达国家邮政银行的发展经验看，有如下几个共同特征：一是依托渠道的天然优势，主攻零售银行业务，定位于大众客群；二是由邮政内部机构向独立银行发展，反哺受困于传统邮政业务萎缩的邮政集团；三是经营稳健但效率缺失，邮政银行几乎都依赖于原有的邮政体系和网点协助，产生了较大的内部交易成本和运营支出。我国邮政储蓄向独立商业银行的转变不仅同样展现了这样的特征，还体现了一些独特的政策思路：要建立储蓄资金反哺农村的渠道，把邮储银行变成农村金融服务的重要组成部分，农村储蓄网点不仅要基本保留，还要不断充实，以此提高农村金融服务的覆盖面和满足度。

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