记者观察｜核心一级资本充足，大行为何还“补血”？

Core Viewpoint - The article discusses the recent capital injection of 520 billion yuan into China's major state-owned banks, highlighting the positive market response and the necessity for these banks to bolster their core tier one capital despite already meeting regulatory requirements [1][2][3]. Group 1: Market Reaction - On the first trading day after the announcement of the capital injection, the stock prices of the four major state-owned banks rose: China Construction Bank increased by 3.64%, Bank of China by 1.82%, Bank of Communications by 1.22%, and Postal Savings Bank by 0.19% [1]. - The capital increase is seen as a significant event, setting a record for the largest single-batch equity financing in China's banking sector [2]. Group 2: Capital Adequacy and Growth - The new capital injection is expected to enable banks to support an additional 4 trillion yuan in credit, leveraging an 8x multiplier effect, which is considered more effective than a reserve requirement cut [3]. - As of the end of 2024, the core tier one capital adequacy ratios of the six major state-owned banks are projected to exceed regulatory minimum requirements by more than 1.5 percentage points, with China Construction Bank having the highest ratio at 14.48% [3]. Group 3: Necessity for Capital Supplementation - Despite adequate capital ratios, the necessity for capital supplementation arises from the high growth rate of total assets, which reached approximately 188.55 trillion yuan, representing a year-on-year increase of 7.6%, outpacing the average growth rates of commercial banks and other financial institutions [4]. - The need for capital is further justified by the increasing risk-weighted assets and the potential decline in return on equity (ROE), which could weaken the banks' internal capital generation capacity [5]. Group 4: Investment Strategies and Innovations - The article highlights the shift towards capital-intensive investment strategies, such as equity investments in technology sectors, which require more capital and are part of the banks' efforts to support emerging industries [5][8]. - The recent pilot programs for equity investments by financial asset investment companies have shown positive results, with signed agreements exceeding 350 billion yuan across 18 cities [6][7]. Group 5: Broader Economic Impact - The capital injection is not only aimed at increasing credit volume but also at enhancing the quality of financial support to the real economy, particularly in innovative sectors like technology and green finance [9].