國盛證券:維持郵儲銀行(1658.HK)買入評級 成立直銷銀行打開零售業發展空間
郵儲銀行(1658.HK)公告稱擬成立全資子公司--郵惠萬家銀行。國盛證券指,這是第一家由國有大行發起設立的獨立法人直銷銀行,具有“服務普惠”的特性。
報告指,看好郵惠萬家銀行的前景,維持郵儲銀行(1658.HK)買入評級。認為螞蟻和騰訊作為戰略投資者入股郵儲銀行,互聯網戰略股東有望為後續直銷銀行的場景獲客、產品服務創新等方面帶來協同。此外,自身零售客户基礎,提供了發展“土壤”。郵惠萬家採取,獨立法人模式,預計將從傳統銀行的體制機制中脱離出來,經營思路上全面擁抱互聯網。
又指,郵惠萬家銀行的發展,未來將在一定程度上“反哺”郵儲銀行。1)零售業務拓展:郵惠萬家銀行的拓展將進一步豐富公司的金融服務場景,有利於信用卡引流(6月末信用卡結存卡量為3342萬張,佔零售客户滲透率僅為5.6%,遠低於同業42%的水平)、夯實存款基礎等;2)與網點協同,進一步釋放網點產能:公司目前80%以上的網點仍為郵儲集團的代理網點,直銷銀行後續若能與代理網點進行業務協同(如客户經理推進產品的交叉營銷,以及線上獲客後進一步加強線下的服務範圍等),將提升網點的運營效率,打開公司的業務發展空間。

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