半年20家！城商行密集增资破解资本“紧箍咒”

Core Viewpoint - The recent increase in registered capital among city commercial banks is driven by regulatory pressures, business expansion needs, and risk management requirements, highlighting the urgency for capital replenishment in the sector [2][3][5] Group 1: Regulatory Environment - Regulatory authorities have intensified capital constraints, mandating that small and medium-sized banks maintain a core Tier 1 capital adequacy ratio of no less than 8.5%, with higher standards for systemically important banks [2] - The implementation of the "Commercial Bank Capital Management Measures" has led to more prudent risk asset measurement, further consuming capital space [2] Group 2: Business Expansion Needs - Economic recovery and accelerated credit issuance, particularly in support of local infrastructure and small enterprises, have led to a rapid increase in risk-weighted assets, continuously consuming capital [2] - The marketization of interest rates has compressed interest margins, significantly weakening the internal capital accumulation capacity of banks [2] Group 3: Risk Management Requirements - The adjustment in the real estate market, local government debt risks, and exposure to credit risks in certain industries necessitate a thicker capital buffer to absorb potential losses [2][3] - As of early 2026, 39 out of 123 city commercial banks had risk ratings in the "yellow" or "red" zones, with capital adequacy ratios nearing or below regulatory red lines [3] Group 4: Capital Supplementation Tools - In addition to registered capital changes, perpetual bonds and subordinated debt are also important tools for banks to supplement capital, with nearly 60 banks issuing 71 perpetual bonds totaling 825 billion yuan from January 2025 to January 2026 [4] - However, many city commercial banks face challenges in utilizing these alternative capital supplementation tools due to low credit ratings and high market issuance costs [4] Group 5: Government Involvement - Government-led capital increases are seen as the most feasible and direct solution for capital replenishment, serving as a crucial tool for managing local financial risks and promoting the development of city commercial banks [5]