东京 — — 日本邮政控股在2015年上市后股价多年低迷，但今年因股价飙升40%，超越日经股指平均30%的涨幅，重新吸引了投资者的注意。
TOKYO -- Shares of Japan Post Holdings languished for years after the company went public in 2015, but they have recaptured investor attention this year by surging 40% and outpacing the Nikkei Stock Average's 30% gain.
“日本邮政是日本最大的价值股之一，拥有大量高质量资产组合，”一位总部位于香港的对冲基金投资组合经理表示。其子公司日本邮政银行的市净率约为1.1，而日本邮政控股一直徘徊在0.6左右，低于账面价值。
"Japan Post is one of Japan's biggest value stocks, with a large portfolio of high-quality assets," said a portfolio manager at a Hong Kong-based hedge fund. Japan Post Bank, a subsidiary, trades at a price-to-book ratio of around 1.1, while Japan Post Holdings has consistently traded around 0.6, below book value.
市场对该股的看法正在发生变化。海外投资者尤其活跃，截至6月底，其持股比例达到28%。这使其超过了散户投资者的21%，仅次于日本政府的36%持股比例。
Market views of the stock are changing. Overseas investors have been particularly active buyers, with their ownership reaching 28% as of the end of June. That puts them ahead of retail investors, at 21%, and second only to the Japanese government's 36% stake.
日本邮政控股在2015年上市时，所发行的80%股份售予了国内投资者，主要是个人投资者。但该公司如今已不再仅仅是散户投资者为追求高股息而持有的股票。
When Japan Post Holdings went public in 2015, 80% of the shares offered were sold to domestic investors, mainly individuals. But the company no longer is simply a stock held by retail investors seeking high dividends.
“公司上市时，没有机构投资者对其抱有高期望，”一家日本资产管理公司的策略师表示，对股价的变化感到惊讶。股价多年低于其IPO首日价格1631日元，但截至周三，已升至2300日元以上。
"No institutional investor had high expectations for the company when it listed," said a strategist at a Japanese asset management firm, expressing surprise at how the shares have changed. The stock remained below its IPO debut price of 1,631 yen for years, but had climbed above 2,300 yen as of Wednesday.
日本邮政仍面临挑战，包括在人口减少、社区空心化的情况下证明其农村邮政网络的合理性，以及持续不断的丑闻。但投资者对日本邮政控股持积极态度，看好其房地产资产的增长潜力。
Japan Post still faces challenges, including justifying its postal network in rural areas as populations decline and communities empty out, as well as a continuing series of scandals. But investors are keen on Japan Post Holdings thanks to the growth potential of its real estate holdings.
截至3月底，日本邮政集团拥有账面价值为1.4万亿日元（约88.4亿美元）的土地，其中约30%用于出租房产。正在开发或考虑开发用途的土地占总比例的10%以上，包括东京市中心的优质地段。
As of the end of March, Japan Post Group owned land with a book value of 1.4 trillion yen ($8.84 billion), about 30% of which is being used for rental properties. Land under development or being considered for development accounts for more than 10% of the total, including prime sites in central Tokyo locations.
该公司的股份相对于其所拥有的资产而言似乎价格低廉。其在日本邮政银行持有的大约50%的股权价值为5.5万亿日元，而其在日本邮政保险持有的股权价值约为9000亿日元。两项持股的总价值大约相当于日本邮政控股约6.5万亿日元的市值。
The company's shares appear inexpensive relative to the assets it owns. Its roughly 50% stake in Japan Post Bank is worth 5.5 trillion yen, while its stake in Japan Post Insurance is valued around 900 billion yen. Together, the two holdings are worth about the same as Japan Post Holdings' market capitalization of around 6.5 trillion yen.
加上该公司在美国的Aflac持股以及价值1.6万亿日元的产生收入的租赁房地产，其资产总价值升至约9万亿日元，超过其市值2万亿日元以上。考虑到未来可能开发的房地产价值，市场对日本邮政控股的估值可能被视为远低于其资产价值。
Adding the company's stake in U.S.-based Aflac and 1.6 trillion yen worth of income-producing rental properties lifts the value of its assets to around 9 trillion yen, more than 2 trillion yen above its market cap. Considering the value of properties that could be developed in the future, the market's valuation of Japan Post Holdings could be seen as substantially below the value of its assets.
日本邮政长期对扩大房地产业务表现出兴趣。2017年，它曾考虑收购野村不动产控股，但后来放弃了该计划。
Japan Post has long shown interest in expanding its real estate business. In 2017, it considered acquiring Nomura Real Estate Holdings but abandoned the plan.
该公司在5月宣布的中期经营计划中，再次详细阐述了将房地产作为收入关键来源的战略。日本邮政表示，它将搬迁邮件收集和投递设施以及公司宿舍，然后对腾出的场地进行再开发。9月，该公司举行了首次专门针对房地产业务的投资者说明会，凸显了其承诺。
In its medium-term business plan announced in May, the company again detailed a strategy to make real estate a key source of earnings. Japan Post said it would relocate mail collection and delivery facilities as well as company housing and then redevelop vacated sites. In September, the company held its first investor briefing dedicated to the real estate operation, underscoring its commitment.
随着利率上升抑制房地产行业，主要房地产开发商的股票表现疲软。三井不动产的股票较2025年末下跌20%，而三菱地产下跌10%。相比之下，日本邮政不仅在东京市中心，而且在其他主要城市中心已拥有房地产。这意味着它无需大幅增加借贷来扩充房地产组合。这些较高的利率有助于提升其子公司日本邮政银行的收益。
Shares of major real estate developers have struggled as rising interest rates hamper the sector. Mitsui Fudosan shares are down 20% from the end of 2025, while Mitsubishi Estate is down 10%. Japan Post, in contrast, already owns properties not only in central Tokyo, but also in other major urban centers. That means it does not need to sharply lift borrowing to build up its property portfolio. Those higher interest rates have worked to boost earnings at subsidiary Japan Post Bank.
“日本邮政控股在损益表和资产负债表两方面都能获益，”IwaiCosmo证券的高级分析师川崎智明说道。这意味着该公司既能从繁荣的房地产市场中受益，也能从利率上升的趋势中获利。
"Japan Post Holdings benefits on both the profit-and-loss statement and the balance sheet sides," said Tomoaki Kawasaki, senior analyst as IwaiCosmo Securities. That means the company stands to benefit from both a strong real estate market and rising interest rates.
“股东结构的变动起到了关键作用，”一位与日本邮政集团关系密切的人士指出。随着多次股票发行，目前日本邮政控股公司超过60%的股份、日本邮政银行及日本邮政保险约一半的股份均由公众股东持有。该人士称，如今集团对外部监督愈发重视，也更加注重如何提升企业价值。
"The changing shareholder base has played a major role" in the business strategy shift, a person affiliated with Japan Post Group said. Following successive offerings, more than 60% of Japan Post Holdings stock and around half of Japan Post Bank and Japan Post Insurance stock are held by public shareholders. The group has become more conscious of outside scrutiny and how it can increase corporate value, the person said.
“如今，距离日本邮政首次上市已过去11年，即便那些高价买入且长期承受亏损的散户投资者，从股价表现来看也都获得了回报，”松井证券的首席市场分析师久保智一郎说道。
Now, 11 years after Japan Post's initial listing, even retail shareholders who bought at high prices and sat on longtime losses "have all been rewarded, judging by the share price," said Tomoichiro Kubota, chief market analyst at Matsui Securities.