互联网型民营银行同业存单发行忙，资本补充仍迎大考

Core Viewpoint - Internet-based private banks are actively issuing interbank certificates of deposit (CDs) to manage liabilities and support capital replenishment, reflecting their asset expansion while maintaining balance sheet stability [1][11]. Group 1: Issuance and Growth of Interbank CDs - Internet-based private banks, including WeBank, SuShang Bank, XinNet Bank, and JinCheng Bank, have significantly increased the issuance of interbank CDs in 2025 compared to the previous year, with most banks experiencing growth in issuance scale and a decline in interest rates [1][3]. - WeBank issued 53 batches of interbank CDs totaling 154.52 billion yuan in 2025, a 340% increase from the previous year [3]. - SuShang Bank issued 87 batches of interbank CDs totaling 11.02 billion yuan, a slight increase of 15.3 million yuan year-on-year, while XinNet Bank's issuance decreased by 20.8 million yuan [3][4]. Group 2: Interest Rate Trends - The interest rates for interbank CDs have generally declined during the reporting period, influenced by abundant market liquidity and loose monetary policy [5][10]. - For instance, the reference yield for a one-year CD from XinNet Bank was 1.8% as of August 5, down from approximately 2.1% at the end of 2024 [5]. Group 3: Capital Replenishment Strategies - Banks are utilizing various methods for capital replenishment, including issuing perpetual bonds and engaging in asset securitization, while interbank CDs also play a role in funding support [4][11]. - The issuance scale of interbank CDs reflects each bank's funding strategy and operational planning, indicating flexibility in capital replenishment approaches [4]. Group 4: Asset and Liability Management - The demand for asset expansion remains strong, driven by the growth of inclusive finance and small business loans, leading banks to enhance their active liability management [6][9]. - WeBank's total assets reached 651.776 billion yuan by the end of 2024, with a year-on-year growth of 21.7%, while its loan issuance increased by 5.18% [7][8]. Group 5: Challenges in Capital Adequacy - Internet-based private banks face challenges in maintaining capital adequacy ratios amid expanding business scales, with WeBank's capital adequacy ratio reported at 12.7% as of Q1 2025, down from 13.81% a year earlier [11]. - The tightening of regulations and the upcoming "assisted lending regulations" pose additional challenges for these banks, potentially impacting their asset structures [12].