Core Viewpoint - Changsha Bank has successfully redeemed all of its high-interest preferred shares, optimizing its capital structure and reducing financing costs in a declining interest rate environment [1][2][3]. Group 1: Preferred Share Redemption - On December 26, Changsha Bank announced the redemption of its preferred shares, "Changyin You 1," which were issued in December 2019 for a total of 6 million shares and a scale of RMB 6 billion [1][2]. - The total payment for the redemption, including principal and dividends, amounted to RMB 6.2304 billion, and the shares have been officially delisted [2]. - The primary motivation for this redemption was cost optimization, as the preferred shares were issued during a high-interest period, and the current market conditions allow for lower-cost capital alternatives [2][3]. Group 2: Financial Performance - Since its listing in 2018, Changsha Bank has achieved continuous growth in both operating income and net profit attributable to shareholders for eight consecutive years [6]. - For the first three quarters of 2025, the bank reported operating income of RMB 19.721 billion, a year-on-year increase of 1.29%, and net profit of RMB 6.557 billion, up 6% [6]. - The bank's total assets reached RMB 1.24 trillion by the end of the third quarter of 2025, reflecting significant growth since its initial public offering [7]. Group 3: Capital Management and Debt Issuance - In 2025, Changsha Bank has actively issued various types of bonds, raising a total of RMB 14 billion to support its capital structure and business expansion [3]. - The bank's bond issuance includes a RMB 10 billion financial bond with a 3-year term and a 1.98% interest rate, aimed at optimizing its long-term asset-liability structure [3]. - The issuance of bonds and the redemption of preferred shares are part of a broader trend among banks to replace high-cost financing with lower-cost alternatives [4]. Group 4: Leadership Transition - On December 19, Changsha Bank announced a leadership change, with Zhao Xiaozhong stepping down as chairman and being succeeded by Zhang Man, who has extensive experience in the banking sector [8]. - The transition in leadership raises questions about the future performance and asset quality of the bank under Zhang Man's guidance [8].

Core Viewpoint - Changsha Bank has completed the redemption and delisting of its preferred shares, known as "Changyin Preferred 1," which were issued in December 2019 for a total of RMB 6 billion [1]. Group 1: Redemption Details - The bank issued 60 million preferred shares on December 20, 2019, with a total issuance size of RMB 6 billion [1]. - On December 25, 2025, the bank paid a total of RMB 623.04 million to the shareholders of "Changyin Preferred 1," covering the face value and dividends for the holding period from December 25, 2024, to December 24, 2025 [1]. - The preferred shares were officially canceled on December 25, 2025, as confirmed by the China Securities Depository and Clearing Corporation Limited Shanghai Branch [1].

Core Viewpoint - Changsha Bank (601577.SH) announced the redemption of all its issued preferred shares "Changyin You 1" on December 25, 2025, following a non-public issuance of 60 million shares amounting to RMB 6 billion on December 20, 2019 [1] Group 1 - The bank issued 60 million preferred shares with a total issuance size of RMB 6 billion on December 20, 2019 [1] - The preferred shares were fully redeemed on December 25, 2025, with a total payment of RMB 623.04 million to shareholders for the face value and dividends accrued from December 25, 2024, to December 24, 2025 [1] - The announcement regarding the redemption and delisting of the preferred shares was made on December 20, 2025 [1]

Core Viewpoint - Changsha Bank announced the redemption and delisting of its preferred shares "Changyin You 1" which were issued in December 2019, with a total issuance size of RMB 6 billion [1][3] Group 1 - The bank issued 60 million preferred shares on December 20, 2019, with the preferred share code 360038 [1][3] - On December 20, 2025, the bank announced the complete redemption and delisting of the preferred shares [1][3] - The total amount paid to shareholders for the redemption, including dividends from December 25, 2024, to December 24, 2025, was RMB 6,230.4 million [1][3] Group 2 - The preferred shares "Changyin You 1" were officially canceled on December 25, 2025, as confirmed by the Shanghai branch of China Securities Depository and Clearing Corporation [4]

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，发行规模为人民币 60 亿元（以下简 称"长银优 1"），优先股代码为 360038。 本行于 2025 年 12 月 20 日发布了《关于优先股全部赎回及摘牌 的公告》。本行已于 2025 年 12 月 25 日向 2025 年 12 月 24 日在中国 证券登记结算有限责任公司上海分公司（以下简称"中登上海分公司"） 登记在册的本行"长银优 1"优先股股东足额支付优先股票面金额及 2024 年 12 月 25 日至 2025 年 12 月 24 日持有期间的股息，共计人民 币 623,040 万元，赎回本行全部已发行的"长银优 1"优先股。 根据中登上海分公司提供的数据，"长银优 1"优先股已于 2025 年 12 月 25 日注销。本行"长银优 1"优先股的赎回及摘牌已完成。 特此公告。 证券代码：601577 证券简称：长沙银行 编号：2025-068 长沙银行股份有限公司 关于优先股全部赎回及摘牌完成的公告 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 ...

Core Viewpoint - The city commercial bank sector experienced a decline of 0.67% on December 26, with Xiamen Bank leading the drop, while the Shanghai Composite Index rose by 0.1% and the Shenzhen Component Index increased by 0.54% [1] Group 1: Market Performance - The closing price of Xiamen Bank was 7.56, reflecting a decrease of 2.45% with a trading volume of 139,200 shares and a transaction amount of 106 million yuan [2] - Other notable banks included Guizhou Bank at 5.90 (-1.17%), Ningbo Bank at 28.00 (-1.10%), and Chongqing Bank at 10.85 (-0.91%) [2] - The overall city commercial bank sector saw a net outflow of 59.97 million yuan from main funds, while retail funds experienced a net outflow of 80.69 million yuan [2] Group 2: Fund Flow Analysis - Hangzhou Bank had a main fund net inflow of 11.5 million yuan, but retail funds saw a net outflow of 76.27 million yuan [3] - Ningbo Bank recorded a main fund net inflow of 56.33 million yuan, while retail funds had a net outflow of 6.51 million yuan [3] - The overall trend indicates that while some banks attracted main fund inflows, retail investors were largely withdrawing their investments [3]

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 ...

Market Performance - The city commercial bank sector increased by 0.07% compared to the previous trading day, with Shanghai Bank leading the gains [1] - The Shanghai Composite Index closed at 3959.62, up 0.47%, while the Shenzhen Component Index closed at 13531.41, up 0.33% [1] Individual Stock Performance - Shanghai Bank (601229) closed at 9.96, up 0.61% with a trading volume of 291,300 shares and a transaction value of 290 million [1] - Other notable performers include: - Changsha Bank (601577) at 9.76, up 0.41% [1] - Xi'an Bank (600928) at 3.76, up 0.27% [1] - Hangzhou Bank (600926) at 15.36, up 0.26% [1] - Beijing Bank (601169) at 5.51, up 0.18% [1] Capital Flow Analysis - The city commercial bank sector experienced a net outflow of 111 million from institutional investors, while retail investors saw a net inflow of 121 million [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are increasing their positions [2] Detailed Capital Flow by Bank - Hangzhou Bank (600926) had a net inflow of 38.46 million from institutional investors, but a net outflow of 43.46 million from speculative funds [3] - Beijing Bank (601169) saw a net inflow of 23.41 million from institutional investors, with a net outflow of 18.77 million from speculative funds [3] - Guizhou Bank (601997) had a significant net inflow of 22.19 million from institutional investors, but a net outflow of 36.07 million from retail investors [3]

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。 ...