如何看待本次四大行定增？

Investment Rating - The industry investment rating is "Recommended" [2][9] Core Viewpoints - The purpose of the recent capital increase is to provide space for serving the real economy, as the core Tier 1 capital adequacy ratios of major state-owned banks are under pressure due to credit expansion and international regulatory tightening [2][3] - The capital increase will directly enhance the core Tier 1 capital adequacy ratios of the four banks, optimizing their capital structure and aligning with the government's strategy to strengthen the financial system's stability [2][4] - The capital increase price is below the book value per share (BPS), leading to a decrease in BPS post-issuance, but the issuance price has a premium of 24%-33% compared to recent closing prices, indicating policy support for the long-term value of state-owned banks [3][4] Summary by Sections Event Overview - On March 30, 2025, four major state-owned commercial banks announced a plan to raise a total of 520 billion yuan through a targeted issuance of A-shares, with the Ministry of Finance as a core subscriber [1][2] Analysis and Judgment - The core Tier 1 capital adequacy ratios of major banks are currently within the regulatory requirements, but future pressures are anticipated due to various factors [2] - The capital increase is expected to alleviate financial risks and support technological advancements, which are crucial for the banks' long-term operations [4][6] Capital Increase Details - The capital increase price is set below the BPS, resulting in a decline in BPS for the banks, with the lowest decline being 1% for China Construction Bank and the highest being 5% for Bank of Communications [3][5] Investment Recommendations - Despite short-term pressures on BPS and return on equity (ROE), the capital increase is expected to support stock prices and improve the operating environment for banks, making bank stocks attractive due to their low valuation and high dividend yield [6]