证券研究报告 | 2025年12月05日 银行业 2026 年经营展望：价格篇 优于大市 货币政策相机抉择，净息差下降尾声 目前大行净息差底线水平约 1.2%~1.3%，已在底线附近。（1）净息差底线思 维的必要性：从资本平衡、盈亏平衡以及风险定价机制等角度而言，净息差 维持一个合理水平是守住经济增长和金融稳定必要条件。（2）大行净息差 底线测算：首先，确定经济增速目标以及对应的银行业总资产增速。预计"十 五五"期间名义 GDP 增速为 6.0%~6.9%，对应的 M2 增速需要维持在约 7.0%~8.0%；根据 M2 派生方式，银行业总资产扩张速度约 6.0%~7.0%。然后， 资本角度测算，大行 ROE 底线约 7%~8%，据此测算净息差底线约 1.2%~1.3%。 若 LPR 下降 10bps，存款利率不调降，2026 年净息差同比下降约 5~8bps。 （1）首先，不考虑 LPR 继续下降，模型测算结果显示，2026 年贷款利 率下降约 24bps，存款利率下降约 14~17bps，对应的存贷业务拖累净息 差下降约 2~5bps。（2）不过我们判断 2026 年 LPR 大概率下降 10bps， 存款 ...

2020年12月1日至12月3日，长沙银行股份有限公司（简称"本行"或"发行人"）发行了规模为人民币60亿 元的二级资本债券（以下简称"本期债券"），并于2020年12月3日发布了《长沙银行股份有限公司关于 发行2020年二级资本债券的公告》。根据本期债券募集说明书相关条款的规定，本期债券设有发行人有 条件赎回权，发行人有权在本期债券第5个计息年度的最后一日（即2025年12 月3日）部分或全部赎回 本期债券。 截至本公告日，本行已行使赎回权，全额赎回了本期债券。 特此公告。 长沙银行股份有限公司董事会 证券代码：601577 证券简称：长沙银行 编号：2025-058 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2020年二级资本债券赎回完成的公告 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。 2025年12月4日 ...

Core Viewpoint - The recent increase in institutional research on local listed banks, particularly city and rural commercial banks, is driven by improving fundamental indicators, investment value, and market performance, with a generally optimistic outlook on net interest margins and dividend prospects [1][3]. Group 1: Institutional Research Activity - As of December 3, 12 listed banks have received 195 research visits from 81 institutions since November, a significant increase from October's 58 visits [1][2]. - The banks involved in this round of research are all regional institutions, including Ningbo Bank, Hangzhou Bank, and others [2]. - Year-to-date, 25 banks have been researched, with Ningbo Bank and Hangzhou Bank leading in the number of visits, receiving 323 and 285 visits respectively [3]. Group 2: Outlook on Net Interest Margins - Institutions are focusing on dividend plans, net interest margin outlooks, and response measures during their research [4]. - Despite a historical low net interest margin of 1.42% as of Q3, many banks express optimism about future trends, citing potential stabilization [4][5]. - Banks are adjusting their asset-liability structures and reducing deposit rates to manage the pressure on net interest margins [5]. Group 3: Dividend Stability and Plans - The upcoming mid-term dividends for A-share listed banks in 2025 have become a focal point for institutions, with banks like Ningbo Bank and Zhangjiagang Bank implementing mid-term dividends for the first time [6]. - Several banks, including Suzhou Bank, maintain a stable cash dividend ratio of over 30%, indicating a commitment to providing consistent returns to shareholders [6]. - Banks are advised to balance their operational performance with dividend frequency, ensuring that dividend policies are aligned with profitability and capital adequacy [7].

Core Viewpoint - Changsha Bank has announced the full redemption of its 2020 subordinated capital bonds amounting to 6 billion yuan on December 3, 2025 [1][3]. Summary by Relevant Sections - **Bond Redemption Details** - The subordinated capital bonds were issued from December 1 to December 3, 2020 [1][3]. - According to the terms outlined in the prospectus, Changsha Bank has the right to partially or fully redeem the bonds on the last day of the fifth interest period, which is December 3, 2025 [1][3]. - The bank has opted to exercise its redemption right and will fully redeem the bonds [1][3].

证券代码：601577 证券简称：长沙银行 编号：2025-058 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 2020 年二级资本债券赎回完成的公告 长沙银行股份有限公司董事会 2025 年 12 月 4 日 1 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。 2020 年 12 月 1 日至 12 月 3 日，长沙银行股份有限公司（简称"本 行"或"发行人"）发行了规模为人民币 60 亿元的二级资本债券（以 下简称"本期债券"），并于 2020 年 12 月 3 日发布了《长沙银行股 份有限公司关于发行 2020 年二级资本债券的公告》。根据本期债券 募集说明书相关条款的规定，本期债券设有发行人有条件赎回权，发 行人有权在本期债券第 5 个计息年度的最后一日（即 2025 年 12 月 3 日）部分或全部赎回本期债券。 截至本公告日，本行已行使赎回权，全额赎回了本期债券。 特此公告。 ...

格隆汇12月3日丨长沙银行(601577.SH)公布，2020年12月1日至12月3日，本行发行了规模为人民币60 亿 元的二级资本债券，并于2020年12月3日发布了《长沙银行股份有限公司关于发行2020年二级资本债券 的公告》。根据本期债券募集说明书相关条款的规定，本期债券设有发行人有条件赎回权，发行人有权 在本期债券第5个计息年度的最后一日（即2025年12月3日）部分或全部赎回本期债券。 截至本公告日，本行已行使赎回权，全额赎回了本期债券。 ...

Group 1 - The city commercial bank sector increased by 0.43% on December 2, with Jiangsu Bank leading the gains [1] - The Shanghai Composite Index closed at 3897.71, down 0.42%, while the Shenzhen Component Index closed at 13056.7, down 0.68% [1] - Jiangsu Bank's closing price was 10.95, reflecting a 1.67% increase, with a trading volume of 1.7435 million shares and a transaction value of 1.897 billion [1] Group 2 - The city commercial bank sector experienced a net outflow of 316 million from institutional funds, while retail investors saw a net inflow of 421 million [2][3] - The trading data for various banks showed mixed performance, with Ningbo Bank declining by 0.69% and Guizhou Bank remaining unchanged [2] - Shanghai Bank had a net outflow of 46.6477 million from institutional funds, while retail investors contributed a net inflow of 2.33839 million [3]

Core Points - Changsha Bank has successfully issued a secondary capital bond totaling 8 billion RMB, approved by the regulatory authorities [1][2] - The bond has a fixed interest rate of 2.36% and a maturity period of 10 years, with a conditional redemption option at the end of the fifth year [1] Summary by Sections - **Bond Issuance Details** - The bond issuance was approved at the bank's second extraordinary general meeting in 2024 [1] - The total issuance amount is 8 billion RMB, with the bond being recorded on November 27, 2025, and payment completed on December 1, 2025 [1] - **Use of Proceeds** - The funds raised from this bond issuance will be used to supplement the bank's secondary capital, in accordance with applicable laws and regulatory approvals [2]

以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 最新公告列表 《长沙银行股份有限公司关于二级资本债券发行完成的公告》 截至2025年12月1日收盘，长沙银行（601577）报收于9.76元，较前一交易日上涨1.24%，最新总市值为 392.5亿元。该股当日开盘9.64元，最高9.83元，最低9.62元，成交额达2.43亿元，换手率为0.62%。 近日，长沙银行发布关于二级资本债券发行完成的公告。公告显示，长沙银行股份有限公司2024年第二 次临时股东大会批准发行不超过80亿元人民币二级资本债券，经监管部门批准，已于全国银行间债券市 场成功发行"长沙银行股份有限公司2025年二级资本债券"。本期债券于2025年11月27日簿记建档，2025 年12月1日完成缴款，发行总规模为人民币80亿元，为10年期固定利率债券，票面利率2.36%，在第5年 末附有条件的发行人赎回权。募集资金将用于补充本行二级资本。 ...

Core Viewpoint - Changsha Bank (601577) is focusing on optimizing its public business, particularly in infrastructure and industry support, while also managing its liabilities and improving investment returns [1][2][3][4]. Group 1: Business Focus - The bank is prioritizing infrastructure business optimization in line with national policies to enhance modern infrastructure systems [2]. - It aims to penetrate key local projects and industry chains, providing targeted marketing and financial services [2]. - The bank is also focusing on supporting traditional industries in technological upgrades and fostering new industrial clusters [2]. Group 2: Liability Management - The bank anticipates a steady improvement in liability costs over the next three years, emphasizing the management of high-cost deposits [3]. - Strategies include pricing authority, quota management, and performance assessments to encourage low-cost deposits [3]. Group 3: Investment Performance - The bank reported a significant increase in investment income due to proactive market engagement and adjustments in investment strategies [4]. - The investment strategy focuses on optimizing asset allocation and enhancing trading activities to capitalize on market fluctuations [4]. Group 4: Financial Performance - For the first three quarters of 2025, the bank's main revenue reached 19.721 billion, a year-on-year increase of 1.29%, with net profit rising to 6.557 billion, up 6.0% [6]. - In Q3 2025 alone, the bank's main revenue was 6.472 billion, reflecting a 0.68% increase year-on-year, while net profit for the quarter was 2.229 billion, up 7.88% [6]. Group 5: Market Sentiment - Over the past 90 days, seven institutions have rated the stock, with six buy ratings and one hold rating, indicating positive market sentiment [7]. - The average target price set by institutions is 10.42 [7].