证券时报·2025-03-30 09:10Core Viewpoint - Four major state-owned banks in China announced plans to raise capital through A-share issuance to supplement their core tier one capital, with total fundraising amounts reaching up to RMB 4,200 billion [1][2]. Group 1: Capital Raising Announcements - The four banks involved are China Construction Bank (CCB), Bank of China (BOC), Bank of Communications (BoCom), and Postal Savings Bank of China (PSBC), with respective fundraising targets of RMB 1,050 billion, 1,650 billion, 1,200 billion, and 1,300 billion [1][2]. - The issuance of special government bonds to support these capital increases is imminent, as indicated by the Ministry of Finance [1][2]. Group 2: Government Support and Policy - The government plans to issue RMB 5,000 billion in special bonds to support the capital replenishment of large state-owned commercial banks, as outlined in the government work report [2]. - The approach to increasing core tier one capital was first mentioned on September 24, 2024, as part of a broader set of incremental policies [2]. Group 3: Capital Adequacy Ratios - As of the end of 2024, the core tier one capital adequacy ratios of five major state-owned banks showed varying degrees of improvement compared to mid-2024, with CCB achieving the highest increase of 0.47 percentage points, reaching 14.48% [3][4]. - The capital adequacy ratios for the six major banks are as follows: ICBC at 14.10%, ABC at 11.42%, BOC at 12.20%, CCB at 14.48%, BoCom at 10.24%, and PSBC at 9.28%, all exceeding the regulatory minimum requirements [4]. Group 4: Profit Growth and Loan Issuance - All six major state-owned banks reported positive net profit growth in 2024, with ABC showing the largest increase of 4.76%, reaching RMB 2,826.71 billion [4][5]. - The total new loans issued by the six major banks in 2024 amounted to approximately RMB 9.61 trillion, accounting for about 53.12% of the total industry loans [5]. Group 5: Future Outlook and Economic Support - The primary goal of increasing core tier one capital is to enhance the banks' ability to support the real economy, as the growth of risk-weighted assets is expected to outpace internal capital growth [6]. - The Ministry of Finance emphasized that bolstering the core tier one capital of state-owned banks will not only improve their operational stability but also enhance their credit issuance capacity, thereby supporting macroeconomic recovery and boosting market confidence [6].