Core Viewpoint - The announcement of capital changes by state-owned banks, including the recent increase in registered capital by Bank of Communications, reflects a broader trend of capital replenishment among major state-owned banks in China, driven by regulatory support and market conditions [1][2][3] Group 1: Capital Changes - Bank of Communications has increased its registered capital by 14.101 billion RMB, changing from 74.263 billion RMB to 88.364 billion RMB following a specific issuance of A-shares [1] - This capital increase follows similar actions by other state-owned banks, including Bank of China and China Construction Bank, which also raised capital through targeted A-share issuances [1] Group 2: Capital Replenishment Trends - In 2023, major state-owned banks are actively replenishing capital, with a total planned fundraising of 520 billion RMB through targeted A-share issuances, as outlined in the government work report proposing the issuance of special government bonds [1][2] - The capital replenishment strategies of state-owned banks are characterized by a diversified approach, utilizing both internal profit retention and external financing methods such as targeted issuance and IPOs [2] Group 3: Importance of Capital Adequacy - The capital adequacy of systemically important banks (D-SIBs) is crucial for maintaining financial stability, with sufficient capital serving as a core defense against risks associated with being "too big to fail" [3] - The proactive capital replenishment by state-owned banks sends a positive signal to the market regarding prudent management and risk control, which helps stabilize market expectations and boost investor confidence [3]

12月15日，同方全球人寿保险有限公司(以下简称"同方全球人寿")发布公告称，该公司近日成功发行 2025年永续债5亿元，票面利率为2.95%。 天职国际会计师事务所保险咨询主管合伙人周瑾在接受《证券日报》记者采访时表示，近年来，险企普 遍尝试通过多种渠道补充资本，发行资本补充债和永续债是其主流方式。今年险企发债的结构整体偏向 永续债，但不同主体在方式选择上有所不同。 周瑾进一步分析称："今年险企发行的永续债规模增长明显，且很受大型险企青睐。这主要有两方面原 因，一是永续债可以归属为权益，属于核心资本，对资本补充的效果更坚实，能支撑长期的偿付能力需 求；二是永续债的发行门槛较资本补充债高，大中型险企更具备发行条件，中小型险企则更多选择发行 资本补充债。但由于永续债和资本补充债的发行条件存在差异，在发行规模上也会有一些限制，因此， 部分险企会考虑同时发行永续债和资本补充债来补充资本。" 展望未来，周瑾表示，保险行业的资本约束将会常态化，因此，险企也会持续探索多元化的资本补充方 式。同时，保险行业也会加速转向资本集约型的经营模式，优化业务结构和资产配置，从而提升资本利 用效率。 龙格认为，预计2026年保险行业资 ...

"偿二代"二期过渡期收官之际，2025年保险业资本补充迎进入"密集冲刺期"，增资发债合计规模突破1500亿元。 据金融界不完全统计，至12月15日，27家险企计划或获批增资超500亿元，既有头部机构平安人寿的百亿级增资，也有国联 人寿、三峡人寿等引入地方国资的特色案例。发债市场则以永续债为主导，23家险企发行或拟发行各类资本补充债券超 1000亿元，13笔永续债合计规模达634.7亿元，远超资本补充债规模。 这场千亿级资本 "输血" 行动，既是险企应对偿付能力下滑压力、满足监管要求的必然选择，也是行业优化资本结构、支撑 战略转型的主动布局，多元参与主体与创新补充路径正重塑保险业资本生态。 15家险企获批增资超350亿元 12家增资计划推进中 2025 年保险业增资市场呈现 "头部主导、主体多元" 的鲜明特征。据金融界不完全统计，截至12月15日，今年增资获批或计 划增资的险企数量达27家，涉及金额超500亿元，涵盖寿险公司、财险公司、健康险公司及再保险公司等险企类型。其中15 家已获批增资超350亿元，另有12家仍在推进中。获批增资的15家险企中，有7家险企增资完成后股东持股情况保持不变， 另有6家新增股东或 ...

Core Points - The Beijing Financial Regulatory Bureau has approved China-UK Life Insurance Co., Ltd. to issue perpetual capital bonds in the interbank bond market, with a maximum issuance scale of RMB 2 billion [2][4] - Additionally, the company is authorized to issue 10-year redeemable capital supplementary bonds, with a maximum issuance scale of RMB 1 billion [4] Group 1 - The approval allows China-UK Life Insurance to publicly issue perpetual capital bonds, adhering to relevant regulations set by the People's Bank of China and the China Banking and Insurance Regulatory Commission [2][4] - The company must complete the issuance within the permitted timeframe and submit a formal report on the issuance status within 10 working days after completion [2]

Core Viewpoint - The recent announcements from major state-owned banks regarding capital replenishment reflect a broader trend of capital enhancement among these institutions, with China Construction Bank (CCB) completing a significant issuance of A-shares to increase its registered capital [1][7]. Group 1: Capital Increase Details - China Construction Bank announced on December 9 that it completed the issuance of approximately 11.589 billion A-shares, raising its registered capital from RMB 2500.11 billion to RMB 2616.00 billion [1][4][7]. - The issuance was approved by the National Financial Regulatory Administration, allowing CCB to increase its registered capital by RMB 115.89 billion [4][7]. Group 2: Context of Capital Replenishment - The capital increase is part of a collective effort by major state-owned banks to enhance their capital bases, as highlighted in the government's work report which proposed issuing special government bonds worth RMB 500 billion to support these banks [7][15]. - In March, four major banks, including CCB, announced plans to issue A-shares to raise a total of RMB 4.1 trillion, with CCB aiming to raise up to RMB 1650 billion [7][15]. Group 3: Implications for Capital Adequacy - The capital increase is expected to directly improve the core Tier 1 capital adequacy ratio of CCB and other banks, which is crucial for risk management and supporting the real economy [7][16]. - While the increase in share capital may dilute earnings per share in the short term, it is anticipated to enhance the banks' competitive edge and long-term return expectations for investors [8][16].

责任编辑：曹睿潼 来源：今日建行 来源：今日建行 近日，中国建设银行2025年第三期二级债成功定价发行，规模400亿元，票面利率2.24%。本次发行 后，建设银行资本充足率预计将提升约0.2个百分点，有助于进一步夯实资本实力，提升服务实体经济 质效。 前期，建设银行积极稳妥推进发行筹备工作，发挥集团多牌照优势，广泛覆盖市场化投资机构，全面夯 实发行基础，以较强的市场化定价水平高效落地本次发行。 下一步，建设银行将继续扎实做好资本精细化、集约化管理，稳妥有序开展外部资本补充，增强资本韧 性，为更好服务国家重大战略、支持经济高质量发展、防范化解金融风险提供有力保障。 责任编辑：曹睿潼 近日，中国建设银行2025年第三期二级债成功定价发行，规模400亿元，票面利率2.24%。本次发行 后，建设银行资本充足率预计将提升约0.2个百分点，有助于进一步夯实资本实力，提升服务实体经济 质效。 前期，建设银行积极稳妥推进发行筹备工作，发挥集团多牌照优势，广泛覆盖市场化投资机构，全面夯 实发行基础，以较强的市场化定价水平高效落地本次发行。 下一步，建设银行将继续扎实做好资本精细化、集约化管理，稳妥有序开展外部资本补充，增强资本 ...

大额股权将被拍卖 这家拟上市银行迎来大额股权拍卖。12月30日10时，能兴控股持有的南海农商行共计6500万股股权将在阿里资产司法平台开拍，寻找新的"接盘方"，其中一 笔为5800万股股份，评估价为3.59亿元，起拍价2.51亿元；另一笔为700万股股份，评估价为4333万元，起拍价为3034万元。 值得注意的是，这两笔股权均为法人股，仅限具备法人资格的机构参与竞拍。南海农商行要求，受让方应依法设立，具有法人资格（在佛山市注册）；具有 良好的公司治理结构或有效的组织管理方式；财务状况良好，最近2个会计年度连续盈利，如取得控股权，应最近3个会计年度连续盈利。 在资质要求方面，南海农商行还提到了，应具备补充农村商业银行资本的能力，权益性投资余额不得超过本企业净资产的50%（含本次投资金额，合并会计 报表口径）；如取得控股权，权益性投资余额应不超过本企业净资产的40%（含本次投资金额，合并会计报表口径）。 北京商报记者注意到，这并非能兴控股首次尝试通过司法拍卖处置所持南海农商行股份，此前一笔800万股的股权原定于12月2日10时开拍，却因"案外人对 拍卖财产提出确有理由的异议"而被撤回。 在2024年12月之前，能 ...

本报（chinatimes.net.cn）记者张萌 卢梦雪 北京报道 山西银行迎来重要人事调整。 12月1日，该行发布公告称，原行长李颖耀因工作需要、另有任用，不再担任行长职务。邢毅将接任行 长一职，其任职资格尚待监管机构核准。 同日，该行官网消息显示，山西银行首任行长任凯以党委书记身份出席相关会议，标志着这位"老将"的 再度回归。 截至2025年6月末，山西银行资产总额由上年末的3590.88亿元下滑至3501.97亿元，资本充足率进一步降 至10.51%，仅略高于监管要求的10.5%红线。新一届领导班子甫一上任，即面临多重挑战。 高层更迭 山西银行于2021年4月28日正式挂牌开业，由原大同银行、长治银行、晋城银行、晋中银行和阳泉市商 业银行以新设合并方式组建而成。成立之初，高计亮出任该行党委书记、董事长，任凯担任党委副书 记、副董事长、行长。 2024年5月17日，山西银行发布公告称，任凯不再担任行长职务，拟聘李颖耀为新任行长——这也是该 行成立以来的第二任行长。此后，任凯转任山西农商联合银行党委书记、董事长。 时隔一年半，山西银行行长再度更迭。 2025年12月1日，该行公告称，李颖耀因工作需要、另有 ...

Core Insights - Both Dongguan Bank and Nanhai Rural Commercial Bank have experienced a decline in both revenue and net profit for the first three quarters of 2025, continuing the downward trend from the previous year [1][2][3] Financial Performance - Dongguan Bank reported revenue of 6.918 billion yuan, a year-on-year decrease of 9.39%, and a net profit of 2.544 billion yuan, down 20.66% [1][2] - Nanhai Rural Commercial Bank achieved revenue of 4.277 billion yuan, a decline of 8.73%, and a net profit of 1.865 billion yuan, down 17.08% [1][2] - The downward trend in performance was already evident in 2024, with Dongguan Bank's revenue at 10.197 billion yuan, down 3.69%, and net profit at 3.733 billion yuan, down 8.2% [2] Revenue Structure - Dongguan Bank's net interest income and financial investment income both saw negative growth, while its intermediary business net income reached a historical high [1][4] - Nanhai Rural Commercial Bank's intermediary business also showed recovery, with investment income increasing by 50.75%, accounting for 46.84% of total revenue [1][7] Capital Adequacy - As of September 2025, Dongguan Bank's core Tier 1 capital adequacy ratio was 9.13%, while Nanhai Rural Commercial Bank's was 12.51%, both showing a decline compared to the end of the previous year [9][10] IPO Status - Both banks' IPO applications have been suspended due to expired financial documents, with only these two banks remaining in the queue for listing in Guangdong [2][9]

Core Insights - Both Dongguan Bank and Nanhai Rural Commercial Bank have reported a continued decline in revenue and net profit for the first three quarters of 2025, reflecting a "double decline" trend [1][2][3] Financial Performance - Dongguan Bank achieved a revenue of 6.918 billion yuan, down 9.39% year-on-year, and a net profit of 2.544 billion yuan, down 20.66% year-on-year [1][2] - Nanhai Rural Commercial Bank reported a revenue of 4.277 billion yuan, down 8.73% year-on-year, and a net profit of 1.865 billion yuan, down 17.08% year-on-year [1][2] Revenue Structure - Dongguan Bank's net interest income and financial investment income both experienced negative growth, while its intermediary business net income reached a historical high [1][4] - Nanhai Rural Commercial Bank saw a 50.75% increase in investment income, which accounted for 46.84% of its revenue, despite a decline in net interest income [1][6] Capital Adequacy - As of September 2025, Dongguan Bank's core Tier 1 capital adequacy ratio was 9.13%, and Nanhai Rural Commercial Bank's was 12.51%, both showing a decline compared to the end of the previous year [8][9] IPO Status - Both banks' IPO applications have been suspended due to expired financial documents, with their performance lagging behind other A-share listed city commercial banks [2][3][8]