银行资本补充需求居高不下 “二永债”发行规模创历史新高

Group 1 - The core viewpoint of the articles highlights the significant increase in capital replenishment activities among commercial banks, particularly through the issuance of secondary capital bonds and perpetual bonds, with a record issuance scale of approximately 1.76 trillion yuan in 2025 [2][3][4] - As of January 13, 2025, 39 banking institutions have received regulatory approval for changes in registered capital, primarily involving city commercial banks, rural commercial banks, and rural credit cooperatives [2] - The trend of "redeeming old for new" is prevalent, where banks are opting to redeem higher-interest perpetual bonds and replace them with new bonds at lower interest rates, thereby optimizing their liability structure and reducing interest costs [4][5] Group 2 - The issuance of secondary capital bonds saw a total of approximately 934.67 billion yuan in 2025, a year-on-year decrease of 2.8%, while perpetual bonds reached 825 billion yuan, reflecting a year-on-year increase of about 17% [3] - Large and medium-sized banks dominate the issuance of these bonds, with state-owned banks and joint-stock banks accounting for about 80.4% of the total issuance [3][4] - The capital replenishment needs of banks are expected to continue into 2026, with capital adequacy ratios for state-owned and joint-stock banks showing a decline compared to the beginning of 2025 [7][8] Group 3 - A total of 36 small and medium-sized banks have received approval for capital increase or targeted fundraising plans in 2025, indicating a shift towards equity financing due to operational pressures [5][6] - Some smaller banks face challenges in capital replenishment due to issues such as governance and shareholder dispersion, leading to increased pressure on capital adequacy ratios [6] - Analysts suggest that regulatory requirements for capital replenishment tools should be adjusted to better suit the needs of small and medium-sized banks, including relaxing financial metrics and regulatory ratings [7][8]