Precoded spatial modulation (PSM) is well-known for its simple receiver design and superior error performance. To fully inherit its advantages and overcome its unfeasibility to mmWave hybrid massive multi-input multi-output (mMIMO) systems, a novel hybrid PSM (hPSM) is carefully proposed. Except for a similar digital design, hPSM distinctly differs from PSM for its dependence on the analog part of the mmWave mMIMO transceivers. Moreover, unlike PSM where the relevant design suffices to be restricted on a single subcarrier, hPSM requires joint consideration across all subcarriers. Thanks to our judicious design, the error performance of hPSM is optimized and demonstrated to be advantageous over its non-hPSM counterpart. Meanwhile, the overall design is compatible with prevalent hybrid mmWave systems and enjoys a low implementation complexity.