银行行业：国有行注资方案落地，补充资本促长期稳健发展

Investment Rating - The industry investment rating is "Positive" as it is expected to outperform the market benchmark index by more than 5% in the next six months [18]. Core Viewpoints - The recent capital injection plan by the state-owned banks aims to strengthen their core Tier 1 capital and enhance their ability to support the real economy, with a total of 520 billion yuan to be raised, of which the Ministry of Finance will subscribe for 500 billion yuan [1][2]. - The pricing of the capital increase is set between the market price and the net asset value per share, achieving a premium issuance, which reflects the Ministry of Finance's strong confidence and support for large commercial banks [3]. - Although there will be a short-term dilution of financial metrics such as ROE and dividend yield, the long-term benefits include improved capacity to serve the real economy and enhanced sustainable profitability [4][5]. Summary by Sections Capital Increase Details - The capital increase involves four major state-owned banks: CCB, BOC, ABC, and PSBC, with respective fundraising amounts of 105 billion, 165 billion, 120 billion, and 130 billion yuan. The Ministry of Finance will hold significant stakes post-issuance [2]. - The capital adequacy ratios for these banks will improve significantly, with increases of 0.48, 0.86, 1.27, and 1.51 percentage points, respectively [4]. Financial Impact - The static calculations indicate a dilution of ROE by 0.34, 0.62, 1.05, and 1.41 percentage points for CCB, BOC, ABC, and PSBC, respectively. The dividend yield will also be diluted, but the long-term outlook remains positive [4]. Market Outlook - The overall banking sector is expected to maintain a stable operating environment throughout the year, supported by proactive macroeconomic policies. There is a strong certainty for medium to long-term capital allocation in the banking sector [5].