Group 1 - The core viewpoint of the news is that the city commercial bank sector experienced a decline, with a drop of 0.28% on December 9, led by Changsha Bank [1] - The Shanghai Composite Index closed at 3909.52, down 0.37%, while the Shenzhen Component Index closed at 13277.36, down 0.39% [1] - The individual stock performance within the city commercial bank sector is detailed in a table, indicating varied movements among different banks [1] Group 2 - On the capital flow front, the city commercial bank sector saw a net outflow of 60.11 million yuan from main funds, while retail funds had a net inflow of 41.12 million yuan [2] - Speculative funds recorded a net inflow of 18.99 million yuan into the city commercial bank sector [2] - A table is provided that outlines the specific capital flow for individual stocks within the city commercial bank sector [2]

Group 1 - The city commercial bank sector experienced a decline of 0.31% on December 8, with Shanghai Bank leading the drop [1] - The Shanghai Composite Index closed at 3924.08, up 0.54%, while the Shenzhen Component Index closed at 13329.99, up 1.39% [1] - Key individual stock performances in the city commercial bank sector included Xiamen Bank rising by 3.32% and Shanghai Bank falling by 1.43% [1][2] Group 2 - The net inflow of main funds into the city commercial bank sector was 129 million yuan, while retail investors saw a net outflow of 156 million yuan [2] - The table of fund flows indicated that Jiangsu Bank had a net outflow of 56.86 million yuan from main funds, while Hangzhou Bank had a net inflow of 49.79 million yuan [3] - The overall trend showed that retail investors were withdrawing funds from several banks, with notable outflows from Suzhou Bank and Qingdao Bank [3]

Group 1 - The fund "CICC Alpha Preferred Mixed Securities Investment Fund" will open for daily subscription, redemption, conversion, and regular investment business starting from December 11, 2025 [1][27] - The minimum subscription amount for the fund is set at 10 yuan (including subscription fees) for both initial and additional subscriptions through various channels [3][4] - The fund management company reserves the right to adjust subscription limits and fees, with prior announcement as per regulatory requirements [4][6] Group 2 - Redemption requests must be for at least 10 fund shares, and if the remaining balance falls below this threshold, the fund management has the right to redeem all shares in the account [7] - Different redemption fee rates apply for A and C class fund shares, with specific percentages allocated to the fund property based on the holding period [8][9] - The fund management may implement a swing pricing mechanism during large redemptions to ensure fair valuation [8][9] Group 3 - The fund allows for conversion between specified funds managed by the same management company, with conversion fees applicable [9][10] - Investors can cancel their conversion requests before the end of the trading day, but not afterward [12][13] - The fund management retains the right to interpret the rules regarding conversion business [14] Group 4 - Regular investment business is available only to individual investors who have activated online trading [15][16] - The subscription fee rate for regular investment is the same as for ordinary subscription [17] - Investors are advised to read relevant documents before engaging in regular investment business [18] Group 5 - The fund management company and its sales institutions are responsible for the sale and management of the fund, with detailed contact information provided for various sales channels [20][21][22] - The net asset value of the fund will be disclosed on the following day after each open day through specified channels [26] - The fund is a contract-based open-end securities investment fund managed by CICC Fund Management Co., Ltd. [27]

Investment Rating - The report maintains a "Recommended" investment rating for the banking sector, indicating a positive outlook for the industry in the near term [1]. Core Insights - The positioning of the digital RMB is expected to advance, with significant potential in the payment sector. The People's Bank of China (PBOC) is working on optimizing the management system for digital RMB, which may evolve from a cash-like payment instrument (M0) to broader monetary categories (M1, M2) [2][8]. - Infrastructure development for digital RMB is progressing, with the establishment of international and operational centers in Shanghai and Beijing, respectively. As of September 2025, the cumulative transaction amount in pilot areas reached 14.2 trillion yuan, with 2.25 billion personal wallets opened [3][8]. - The banking sector is expected to see a systematic recovery in valuations in 2026, transitioning from a defensive to a growth-oriented investment logic. Key investment themes include high dividend yields and low valuations, particularly as risk-free interest rates decline [9]. Summary by Sections Industry Overview - The banking sector comprises 42 listed companies with a total market capitalization of approximately 1.15 trillion yuan, representing 13.04% of the market [4]. - The average daily trading volume for A-shares was 10,583.60 billion yuan, reflecting a 0.65% increase from the previous week [8]. Performance Metrics - The absolute performance of the banking sector over the past month is 5.0%, with a relative performance of 2.8% compared to the benchmark [5]. - The report highlights that the banking index underperformed the CSI 300 index by 2.46 percentage points during the week [8]. Investment Recommendations - The report suggests focusing on three main investment lines: 1. State-owned banks and major commercial banks like China Merchants Bank. 2. Quality joint-stock banks and city commercial banks with improving net interest margins and credit costs. 3. City commercial banks benefiting from regional policies and showing significant performance potential [9]. - Specific banks recommended for investment include China Merchants Bank, CITIC Bank, and several city commercial banks such as Chengdu Bank and Chongqing Bank [9][10].

Redemption Announcement - The company plans to fully redeem 60 million preferred shares, with a total value of RMB 6 billion, on December 25, 2025 [1][5]. - The redemption price will include the face value of the preferred shares plus any declared but unpaid dividends [2]. - Payment to shareholders will occur on the redemption date, covering the face value and dividends accrued from December 25, 2024, to December 24, 2025 [4]. Approval and Procedures - The company's board of directors has authorized the necessary actions for the redemption process, including compliance with legal and regulatory requirements [5]. - The company has received no objections from the relevant regulatory authority regarding the redemption of the preferred shares [5].

证券研究报告·固定收益·固收点评 固收点评 20251206 二级资本债周度数据跟踪 （20251201-20251205） [Table_Tag] [Table_Summary] 观点 ◼ 一级市场发行情况： 本周（20251201-20251205）银行间市场及交易所市场共新发行二级资本 债 3 只，发行规模为 500.00 亿元。发行年限为 10Y；发行人性质为地方 国有企业、中央金融企业；主体评级为 AAA；发行人地域为安徽省、北 京市、四川省。 ◼ 二级市场成交情况： 本周（20251201-20251205）二级资本债周成交量合计约 1949 亿元，较 上周增加 164 亿元，成交量前三个券分别为 25 中行二级资本债 02BC （118.26 亿元）、25 工行二级资本债 02BC（87.73 亿元）和 25 长沙银 行二级资本债 01（85.56 亿元）。 分发行主体地域来看，成交量前三为北京市、上海市和湖南省，分别约 为 1410 亿元、100 亿元和 88 亿元。 从到期收益率角度来看，截至 12 月 5 日，5Y 二级资本债中评级 AAA-、 AA+、AA 级到期收益率较上周涨跌幅分别为 ...

Group 1 - The "Star Business Connect" financial service matching event for private enterprises was held on December 5, 2025, focusing on addressing financing needs for startups [1] - A total of 33 private enterprises in Changsha reported financing needs amounting to 5.03 billion yuan during the event, with Changsha Bank presenting various financial policies and products [3] - The event aims to alleviate common financing issues faced by quality SMEs, such as difficulty in obtaining financing, high costs, and slow processes, by fostering collaboration between government, enterprises, and financial institutions [6] Group 2 - Changsha Bank plans to provide a comprehensive "one-stop, full-process" solution for private enterprises, tracking their needs dynamically and ensuring timely delivery of policy benefits [6] - Since 2022, the Changsha Federation of Industry and Commerce has organized 14 themed events under the "Star Business Connect" series, benefiting nearly 5,000 private entrepreneurs and promoting high-quality development of the private economy [7] - The "1+N" Star Business Service System, integrating resources from government, private enterprises, chambers of commerce, academic institutions, and financial organizations, has been recognized as one of the top ten excellent practices nationwide for optimizing the development environment for private enterprises [7]

证券代码：601577 证券简称：长沙银行 编号：2025-059 优先股代码：360038 优先股简称：长银优 1 长沙银行股份有限公司 关于赎回优先股的第二次提示性公告 本行董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 长沙银行股份有限公司（简称"本行"）于 2019 年 12 月 20 日 非公开发行 6,000 万股优先股（以下简称"本次优先股"），发行规 模为人民币 60 亿元，优先股简称"长银优 1"，优先股代码为 360038， 经本行董事会审议通过，本行拟于 2025 年 12 月 25 日全额赎回本次 优先股，现将有关赎回事宜提示如下： 2025 年本次优先股派息日，即 2025 年 12 月 25 日。 四、付款时间及方法 本行于 2025 年 12 月 25 日向本次优先股股东支付其所持有的优 先股票面金额和 2024 年 12 月 25 日至 2025 年 12 月 24 日持有期间的 股息。 1 五、赎回程序 本行 2019 年第一次临时股东大会审议并通过了《关于提请股东 大会授权董事会及董事会授权人士办 ...

Investment Rating - The report maintains an "Outperform" rating for the banking industry [5][6]. Core Insights - The banking industry's net interest margin (NIM) is expected to reach its bottom level around 1.2% to 1.3%, indicating a potential end to the current downtrend in NIM [1][42]. - The report predicts a decline in the Loan Prime Rate (LPR) by approximately 10 basis points (bps) in 2026, which will likely lead to a year-on-year decrease in NIM of about 5 to 8 bps [2][3]. - The monetary policy for 2026 is characterized as "reasonable and ample" with a focus on precise adjustments, aiming to balance economic growth and financial stability [3][67]. Summary by Sections Investment Recommendations - Focus on high-quality stocks that are expected to see an inflection point in NIM, such as Ningbo Bank and Changshu Bank, while also considering stocks with attractive dividend yields like China Merchants Bank and Industrial and Commercial Bank of China [4][5]. NIM Analysis - The report estimates that the NIM for 2026 will narrow by approximately 2 to 5 bps, marking the likely end of the current downtrend cycle [66]. - The projected decline in loan rates is about 24 bps, which will negatively impact NIM by approximately 15 bps, while deposit rates are expected to decrease by 14 to 17 bps, providing a positive impact on NIM of about 10 to 13 bps [66][60]. Monetary Policy Outlook - The monetary policy framework for 2026 emphasizes a balanced approach, with the LPR expected to decrease by 10 bps, contingent on economic conditions [3][68]. - The report highlights that maintaining stability in NIM and deposit rates will be a key objective for the People's Bank of China in 2026 [71][72].

Core Viewpoint - Changsha Bank has fully redeemed its secondary capital bonds issued in December 2020, amounting to RMB 6 billion, exercising its conditional redemption right as stipulated in the bond's terms [1]. Group 1 - The bank issued secondary capital bonds worth RMB 6 billion from December 1 to December 3, 2020 [1]. - The bonds included a provision for the issuer's conditional redemption right, allowing for partial or full redemption on the last day of the fifth interest period, which is December 3, 2025 [1]. - As of the date of the announcement, the bank has exercised its redemption right and fully redeemed the bonds [1].