Core Viewpoint - The motivation for listed banks to redeem existing "high-interest" preferred shares is increasing in a low-interest-rate environment, aiming to save on interest costs [1][4]. Group 1: Redemption of Preferred Shares - Changsha Bank announced the redemption of 6 billion yuan of its preferred shares "Changyin You 1" on December 25, 2025, marking it as the fifth bank to redeem preferred shares in December [1][4]. - A total of 9 banks have redeemed preferred shares since 2025, with a cumulative redemption amount exceeding 1,000 billion yuan [4][5]. - The redemption actions include banks such as Nanjing Bank (4.9 billion yuan), Shanghai Bank (20 billion yuan), and Beijing Bank (4.9 billion yuan) [3][4]. Group 2: Market Trends and Supply - The total outstanding preferred shares of banks is 6,453.5 billion yuan, accounting for 99.58% of the preferred share market [5]. - Since 2020, the issuance of new preferred shares has nearly halted, leading to a gradual reduction in the outstanding volume [5][6]. - The introduction of perpetual bonds in 2019 has diversified the capital supplement tools available to banks, reducing the attractiveness of preferred shares [5][6]. Group 3: Investment Dynamics - Preferred shares are becoming increasingly scarce, making them a valuable asset for asset management institutions, including public funds and insurance funds [8][9]. - As of June 2025, approximately 3,079 billion yuan of bank preferred shares were held by wealth management products, representing 40.66% of the total outstanding preferred shares [8]. - The liquidity of bank preferred shares remains low compared to other capital supplement tools, with a low turnover rate in the market [9].

来源：行长要鉴 长沙银行迎来重要人事更替。 随着赵小中到龄退休卸任董事长，原行长张曼当选新任董事长，成为该行成立以来首位女性"掌门人"， 也是目前A股上市银行中唯一一位在任女董事长。 这一调整，标志着"赵小中时代"正式落幕，但从接任人选来看，长沙银行并未选择激进转向，而是一次 明显强调稳定与延续性的内部接棒。 01 长沙银行迈入"张曼时代" 赵小中执掌长沙银行多年，其任期内推动该行迈入万亿资产规模，战略取向与经营风格对银行影响深 远。在此背景下，董事长更替本身就具有明显的阶段性意义。 张曼并非外部引入。其早在2000年前后加入长沙银行，历任支行负责人、总行副行长，在副行长岗位上 任职七年，并于2024年9月升任行长。相较"空降式"调整，这种成长路径意味着其对长沙银行资产结 构、风险特征及既有战略具有高度熟悉度。 图为张曼 这一延续性已在业绩层面初见成效。在10月下旬该行召开的三季度工作会议暨2026年全面预算启动大会 上，张曼系统回顾了前三季度的经营情况。她指出，尽管外部环境复杂多变，全行主要指标仍保持"总 体平稳、稳中有进"，经营工作"攻坚克难、难中有为"。 截至2025年9月末，长沙银行总资产达到1243 ...

证券之星消息，12月25日城商行板块较上一交易日上涨0.07%，上海银行领涨。当日上证指数报收于 3959.62，上涨0.47%。深证成指报收于13531.41，上涨0.33%。城商行板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 601229 | 上海银行 | 9.96 | 0.61% | 29.13万 | 2.90亿 | | 601577 | 长沙银行 | 9.76 | 0.41% | 9.92万 | 9678.88万 | | 600928 | 西安银行 | 3.76 | 0.27% | 12.98万 | 4884.62万 | | 600926 | 杭州银行 | 15.36 | 0.26% | 1 34.38万 | 5.29亿 | | 601169 | 北京银行 | 5.51 | 0.18% | 90.14万 | 4.98亿 | | 6000109 | 南京银行 | 11.32 | 0.09% | 23.45万 | 2.67亿 | | 616009 | 江苏银行 | 1 ...

以上理财产品信息仅供参考，具体应以《产品说明书》等销售文件为准。本文不构成任何投资建议，投 资者据此操作，风险自担。 12月23日，据长沙银行（601577）披露，该行发行的金芙蓉2025年长福净值42期（工资代发专享）封闭 式净值型理财产品认购期为2025年12月23日—2025年12月29日。认购起点金额为1万元人民币，产品发 行规模下限为2000万元，上限为10亿元。产品类型为固定收益类，内部风险评级为中等风险，产品期限 450天，业绩比较基准（扣除各项费用后的年化收益率）为2.25%-3.05%。 注：业绩比较基准不是预期收益率，不代表产品的未来表现和实际收益，不构成对产品收益的承诺。 ...

Core Viewpoint - Under the low interest rate environment, listed banks are increasingly motivated to redeem existing "high-yield" preferred shares to save on interest costs [1] Group 1: Bank Actions - Changsha Bank announced it will redeem 6 billion yuan of its preferred shares "Changyin You 1" on December 25 and terminate its listing [1] - In December alone, five banks, including Changsha Bank, Beijing Bank, Shanghai Bank, Hangzhou Bank, and Nanjing Bank, have announced the redemption of preferred shares, totaling 45.8 billion yuan [1] - Including previous redemptions by Industrial and Commercial Bank of China, Bank of China, Industrial Bank, and Ningbo Bank, the number of banks redeeming preferred shares since 2025 has increased to nine [1] Group 2: Market Trends - Since 2020, the issuance of new preferred shares by banks has nearly stagnated, indicating a shift in capital management strategies [1] - The accelerated redemption and delisting of existing preferred shares have led to a significant reduction in their outstanding volume [1] - The willingness of commercial banks to redeem preferred shares to optimize their capital structure has been continuously reinforced [1] - Asset management institutions view the scarcity of bank preferred shares as increasingly prominent [1]

证券时报记者谢忠翔 低利率环境下，上市银行赎回存量"高息"优先股以节省付息成本的动力愈发增强。近日，长沙银行公告 称，将于12月25日赎回60亿元优先股"长银优1"，并终止挂牌。 证券时报记者注意到，12月以来，包括长沙银行在内，已有北京银行、上海银行、杭州银行和南京银行 等5家银行先后宣布对旗下优先股进行赎回，合计规模达458亿元。若加上此前的工商银行、中国银行、 兴业银行和宁波银行，2025年以来赎回优先股的银行数量已增加至9家。 多位研究人士表示，优先股作为银行资本工具，自2020年以后银行对其新发已几乎停滞。同时，伴随着 存量银行优先股的加速赎回并退市，存量规模愈发减少。近年来，商业银行为优化资本结构，赎回优先 股的意愿更是不断强化。在资管机构看来，银行优先股的配置稀缺性也进一步凸显。 9家银行年内赎回超1000亿 12月19日，长沙银行公告显示，该行于2019年12月非公开发行的60亿元优先股"长银优1"，将于2025年 12月25日派发优先股息后全部赎回，并终止挂牌。 据证券时报记者统计，今年以来已有2家国有大行、1家股份行和6家城商行对优先股进行赎回，包括境 内优先股7期共1118亿元、2期境外 ...

Group 1 - The core point of the article is the resignation of Zhao Xiaozhong, the chairman of Changsha Bank, due to age-related retirement, and the appointment of Zhang Man as the new chairman, marking a significant leadership change in the bank [2][3] - Zhao Xiaozhong has been a key figure in Changsha Bank since its establishment in 1997, serving in various leadership roles and achieving significant milestones such as asset scale exceeding 1 trillion yuan [2][5] - Zhang Man's appointment as chairman represents an internal promotion strategy, making her the only female chairman among A-share listed city commercial banks [2][3] Group 2 - Changsha Bank has not made a clear arrangement for the position of president, and Zhang Man will continue to serve as president alongside her new role [3] - The bank's asset scale reached 1.24 trillion yuan by the end of September, but it has faced challenges with revenue growth, showing a slight increase of only 1.29% year-on-year for the first three quarters [5][7] - The bank's net interest margin has decreased by 28 basis points compared to the end of 2024, indicating pressure on its interest income [7] Group 3 - The bank's net interest income has declined by 2.94% year-on-year, marking the largest drop since its listing, while non-interest income has increased by 15.03% [7][8] - Credit impairment losses have risen significantly, from 5.167 billion yuan in 2019 to 8.805 billion yuan in 2024, impacting profit margins [8] - The non-performing loan ratio stood at 1.18% as of the end of September, with a notable increase in overdue loans, indicating potential asset quality concerns [8] Group 4 - Changsha Bank has been focusing on retail transformation since 2017, but the average yield on personal loans has been declining, with the proportion of retail loans decreasing to 31.86% by mid-2024 [10] - The bank's corporate credit has become the main driver of loan growth, with a sustained growth rate of over 15% since 2020, accounting for 67.19% of total loans as of mid-2024 [11]

记者丨边万莉 编辑丨周炎炎 万亿城商行迎来人事更迭。 12月19日，长沙银行（601577.SH）披露公告，董事长赵小中因到龄离任正式提交辞呈，董事会同步选 举现任行长张曼为新任董事长候选人，其任职资格待国家金融监督管理总局湖南监管局核准，在此之前 将由张曼代为履行董事长职责。 值得注意的是，拟任董事长的张曼是一位女士，待监管核准后，或成为A股城商行在任的唯一一位女性 董事长。A股上市银行中还有一位掌舵农商行的女性董事长，为江阴银行董事长宋萍。 在赵小中离任的同时，长沙银行迅速完成新任核心负责人的选举工作。12月19日下午，该行董事会审议 通过相关议案，同意选举现任董事张曼为第八届董事会董事长候选人。不过，张曼的董事长任职资格尚 需报国家金融监督管理总局湖南监管局核准，任期将自核准之日起至第八届董事会届满之日止。 为保障经营管理的连续性，经全体董事一致推举，在监管部门核准张曼董事长任职资格前，由张曼代为 履行董事长职务。公开简历显示，张曼是一位银行业"女将"，出生于1972年5月，拥有本科学历、工商 管理硕士学位，具备中级会计师、中级经济师职称，金融行业从业经验丰富。 张曼职业生涯起步于中国农业银行长沙县支行 ...

值得注意的是，拟任董事长的张曼是一位女士， 待监管核准后，或成为A股城商行在任的唯 一一位女性董事长。A股上市银行中还有一位掌舵农商行的女性董事长，为江阴银行董事长宋 萍。 作为湖南省最大的法人金融企业、湖南省首家上市银行，长沙银行成立于1997年5月25日，并 于2018年9月26日在上海证券交易所主板上市。截至2024年末，长沙银行省内外分行13家（含 广州分行）、长沙地区直属支行17家，控股湘西长行村镇银行、宜章长行村镇银行，发起设 立湖南首家消费金融公司——长银五八消费金融公司，成立湖南长银数科有限公司，共有持 牌营业网点411家，实现了湖南县域的全覆盖。 12月19日，因到龄离任，赵小中申请辞去董事长、董事，董事会战略与可持续发展委员会主 任委员及委员、董事会消费者权益保护委员会委员等全部职务，同时不再担任公司法定代表 人，辞职后将不再在该行担任任何职务。公告显示，赵小中目前已完成全部工作交接，辞职 报告自送达董事会之日起生效。截至公告披露日，赵小中持有该行股份49000股，不存在应履 行未履行的承诺事项。 作为长沙银行的"元老级"人物，赵小中自银行成立之初便加入了公司。2015年9月，赵小中出 任 ...

Group 1: Leadership Transition - Zhang Man has officially taken over as the new chairman of Changsha Bank, marking a significant leadership change and becoming the only female chairman among A-share listed city commercial banks [2] - Her appointment reflects the gradual increase in the proportion of female executives in China's financial industry [2][6] Group 2: Career Background - Zhang Man's career spans 33 years, starting in 1992 at Agricultural Bank of China, where she gained 14 years of grassroots experience before joining Changsha Bank in 2006 [3] - Over nearly 20 years at Changsha Bank, she has held various positions, including branch manager and vice president, showcasing a clear and steady career progression [3] Group 3: Current Financial Status - As of the end of Q3 2025, Changsha Bank's total assets reached 1.24 trillion yuan, with operating income of 19.721 billion yuan and net profit of 6.618 billion yuan, while maintaining a non-performing loan ratio of 1.18% and a provision coverage ratio of 311.88% [4] - The bank is facing challenges such as deepening interest rate marketization, accelerated digital transformation, and intensified regional competition [4] Group 4: Legacy of Zhao Xiaozhong - The former chairman Zhao Xiaozhong left a significant mark on Changsha Bank, achieving county-level coverage in Hunan and surpassing the 1 trillion yuan asset milestone during his tenure [5] - His experience in risk control and strategic planning has provided a solid foundation for his successor [5] Group 5: Gender Diversity in Leadership - Zhang Man's rise increases the number of female chairpersons in A-share and H-share listed banks to four, indicating a slow but steady change in gender structure within the financial industry [6] - The presence of female leaders like Zhang Man highlights the importance of professional capability over gender in career advancement [6] Group 6: Future Directions for Changsha Bank - Established in 1997, Changsha Bank has evolved from 16 city credit cooperatives to a trillion-yuan city commercial bank, with Zhang Man's leadership potentially signaling new development strategies [7] - The bank may focus on deepening its local market presence, enhancing inclusive finance, and accelerating technological empowerment as viable directions for future growth [7]