ICBC(SH:601398) 光大证券研究·2025-12-01 23:04Core Viewpoint - The Financial Stability Board (FSB) has released the 2025 Global Systemically Important Banks (G-SIBs) list, with five major Chinese banks included, and the Industrial and Commercial Bank of China (ICBC) has been upgraded from Group 2 to Group 3 [4][5]. Group 1: G-SIBs List and Rankings - Five major Chinese banks, including ICBC, Bank of China, China Construction Bank, Agricultural Bank of China, and Bank of Communications, are included in the 2025 G-SIBs list [5]. - ICBC's capital requirement has increased by 0.5 percentage points due to its upgrade to Group 3, raising its additional capital requirement from 1.5% to 2% [5]. - Other four major banks maintain their additional capital requirements at 1.5%, while Bank of Communications remains at 1% [5]. Group 2: Score Changes and Future Prospects - The scores of the five major banks have increased by 9 to 33 points, indicating a potential for Bank of China to be upgraded in the future [5]. - ICBC and Bank of China scored above 300 points, with ICBC's score rising by 33 points to 332 and Bank of China's by 32 points to 314, just 16 points away from the Group 3 threshold [5]. - Agricultural Bank of China and China Construction Bank scored 272 and 259 points respectively, with stable group expectations in the short term [5]. - Bank of Communications scored 138 points, an increase of 9 points, remaining in Group 1 [5]. Group 3: Potential for Other Banks - The likelihood of China Merchants Bank entering the G-SIBs list has significantly increased, with its score rising by 19 points to 122, just 8 points shy of Group 1 [6]. - Other banks such as Industrial Bank and CITIC Bank have maintained stable scores, while Shanghai Pudong Development Bank's score has remained unchanged [6]. Group 4: Capital Adequacy and Regulatory Compliance - After the upgrade, ICBC's core Tier 1 capital adequacy ratio requirement increases to 9.5%, while its actual ratio stands at 13.6%, providing a buffer of 4.1 percentage points [7]. - All major banks meet the G-SIBs regulatory requirements, with safety margins ranging from 0.8 to 5.4 percentage points [7]. - The total loss-absorbing capacity (TLAC) requirements are also being met, with ICBC's total capital adequacy ratio at 19%, exceeding the required thresholds [7].