2 1 Shi Ji Jing Ji Bao Dao·2025-07-01 10:46Group 1 - The core viewpoint of the articles highlights a significant acceleration in the capital replenishment process of small and medium-sized banks in the first half of 2025, with a notable increase in the issuance of "perpetual bonds" [1][2] - The issuance scale of "perpetual bonds" by small and medium-sized banks reached 154.56 billion yuan, marking a substantial year-on-year growth of 50% [1][2] - The capital adequacy ratios of small and medium-sized banks are under pressure, with the core Tier 1 capital adequacy ratio for commercial banks dropping to 10.7% as of the end of March, compared to 17.79% for state-owned banks [1][2] Group 2 - In the first half of 2025, a total of 52 "perpetual bonds" were issued across the industry, amounting to 812.56 billion yuan, with small and medium-sized banks accounting for 33 issuances totaling 154.56 billion yuan [2][3] - The issuance structure shows that small and medium-sized banks issued 584.6 billion yuan in subordinated bonds and 961 billion yuan in perpetual bonds, with interest rates generally above 2.0% [2] - The issuance pace of "perpetual bonds" by small and medium-sized banks has accelerated, with a peak issuance of 55.8 billion yuan in April and a record monthly issuance of 40.4 billion yuan in June [2][3] Group 3 - City commercial banks played a dominant role in the issuance of "perpetual bonds," with 22 city commercial banks successfully issuing bonds totaling 148.1 billion yuan, representing 95.8% of the total issuance by small and medium-sized banks [3] - Major city commercial banks such as Jiangsu Bank, Beijing Bank, Nanjing Bank, and Hangzhou Bank led in issuance scale, with Jiangsu Bank issuing 30 billion yuan in perpetual bonds [3][4] - The core capital adequacy ratios of these leading city commercial banks are below the industry average, indicating a pressing need for capital replenishment [4] Group 4 - Several small and medium-sized banks have received regulatory approval for capital tool issuance, including Lanzhou Bank, which was approved to issue up to 5 billion yuan in perpetual bonds [4][6] - The approval for bond issuance reflects the urgent capital replenishment needs of regional small and medium-sized banks, contrasting with the significant capital increases seen in state-owned banks [4][6] - Recommendations have been made to establish a long-term mechanism to support capital replenishment for small and medium-sized banks, including broadening the scope of local government special bonds and optimizing shareholder qualifications [11]