来源：晋才晋商 国家金融监督管理总局晋中监管分局12月2日发布批复，同意山西寿阳农村商业银行和山西平遥农村商业银行的定向募股方案。批复文件要求两行"严格审 核股东资质，确保新增股东符合要求，入股资金来源真实合规"。 在全国范围内，仅2024年就有超过60家中小银行获准通过增资扩股补充资本，且以农村商业银行为主。这一数据揭示了当前中小银行面临的普遍资本压 力。 01 批复核心内容 根据批复文件，监管机构对两家农商行的定向募股方案提出了明确而具体的要求。最核心的一点是：严格审核股东资质，确保新增股东符合规定条件，并 保证入股资金来源真实合规。 监管机构特别强调，两家银行必须报批持股达到规定比例的股东资格。这体现了监管对银行股权结构的审慎管理态度，避免不合格股东进入银行体系。 定向募股作为一种资本补充工具，正被越来越多中小银行采用。这种募资方式不仅能补充银行核心一级资本，还能引入战略投资者，优化股权结构。 02 两家银行基本情况 山西寿阳农商行成立于2011年，注册资本5亿元人民币，法定代表人为王亚鹏。该行在寿阳县域内共设立26个分支机构，目前21个处于存续状态。 天眼查数据显示，寿阳农商行股东包括企业法人股和自然 ...

个人观点，仅供观看 2025年12月1日，工商银行（601398）披露2025年中期利润分配方案，宣布每10股派发现金红利1.414元（含税），合计派息503.96亿元。这一消息公布后， 工行股价当日下跌0.25%，报收8.09元，总市值28833.3亿元。 作为A股市值最大的银行，工行此次分红规模再创历史同期新高，但市场反应却略显冷淡。这不禁让人疑问：千亿分红为何难阻股价回调？国有大行30%的 分红率是否可持续？ 从历史数据看，工商银行已连续十年维持30%左右的分红率。2024年该行全年分红1097.73亿元，其中中期分红511.09亿元，末期分红586.64亿元。2025年中 期分红金额虽同比微降1.4%，但仍是A股市场最大规模的单笔分红。 值得注意的是，此次分红预案需提交股东大会审议，A股股息预计2025年12月15日支付，H股则要等到2026年1月26日，这种"A H股不同步派息"的安排，可 能加剧短期股价波动。 工商银行的分红方案并非孤例。数据显示，2025年中期六大国有银行合计拟派现2046.57亿元，占17家已披露分红方案银行总额的86%。其中建设银行以 486.05亿元居次，农业银行、中国银行 ...

Core Points - Hangzhou Bank has successfully issued the "Hangzhou Bank Co., Ltd. 2025 Perpetual Capital Bonds (Phase II)" in the national interbank bond market, with regulatory approval [1] - The bond issuance was completed on November 27, 2025, with a total scale of RMB 10 billion and an initial coupon rate of 2.32% for the first five years, which will be adjusted every five years [1] - The funds raised from this bond issuance will be used to supplement the bank's other Tier 1 capital, subject to applicable laws and regulatory approvals [1]

Core Points - Suzhou Bank has announced the issuance of its "2025 Perpetual Capital Bonds (First Phase)" with an issuance scale of RMB 2 billion [2] - The bonds have a fixed interest rate of 2.36% for the first five years, with adjustments every five years thereafter, and the issuer has a conditional redemption right after the fifth year [2] - The funds raised will be used to supplement the bank's other Tier 1 capital, subject to applicable laws and regulatory approvals [2]

Core Viewpoint - Xinjiang Bank is actively expanding its capital and consolidating its position in the regional banking sector through a series of strategic moves, including a significant capital increase and the absorption of another bank, while also preparing for an IPO to enhance its financial capabilities and support local economic development [2][3][4][5]. Capital Increase and Shareholder Changes - Xinjiang Bank's capital increase plan has been approved, raising its total share capital from 79.06 billion shares to 122.23 billion shares through a targeted fundraising of 43.17 billion shares [3][4]. - Xinjiang Financial Investment Group will become the largest shareholder with a 30.9% stake after acquiring 37.77 billion shares [3][4]. Mergers and Acquisitions - The bank has received approval to absorb Xinjiang Huihe Bank, which will dissolve, with all its assets, liabilities, and operations being taken over by Xinjiang Bank [4]. - This merger reduces the number of city commercial banks in Xinjiang to four, indicating a trend towards consolidation in the regional banking sector [4]. IPO Preparation - Xinjiang Bank was included in the 2025 annual reserve list of companies for potential IPOs, marking it as a key financial institution for future capital market engagement [5]. - The bank has initiated the process of hiring financial advisors for its IPO, indicating a proactive approach to enhance its market presence [6]. Financial Health and Strategic Focus - As of September 2025, Xinjiang Bank's capital adequacy ratios have declined, highlighting the need for capital replenishment amid rapid credit growth [6]. - Experts emphasize the importance of balancing growth, asset quality, and risk management, suggesting a shift from rapid expansion to high-quality development [7].

Investment Rating - The report maintains a "Recommended" rating for Postal Savings Bank of China (601658) with a target price of 8.10 CNY / 7.72 HKD, compared to the current price of 5.91 CNY / 5.73 HKD [4][8]. Core Insights - The bank's revenue and profit continue to show steady growth, with non-interest income performing strongly. For the first nine months of 2025, total revenue reached 265.08 billion CNY, a year-on-year increase of 1.82%, while net profit attributable to shareholders was 76.56 billion CNY, up 0.98% year-on-year [2][8]. - The bank's asset quality remains stable, with a non-performing loan (NPL) ratio of 0.94% and a provision coverage ratio of 240.21% [2][8]. - The bank's total assets and loans grew by 8.90% and 8.33% respectively compared to the beginning of the year, driven by strong corporate lending [8]. Summary by Sections Financial Performance - For the first three quarters of 2025, net interest income decreased by 2.07% year-on-year, but the decline has narrowed compared to the first half of the year. Non-interest income, particularly from fees and commissions, grew by 11.48% [8]. - The bank's cost control measures have been effective, with business and management expenses decreasing by 2.66% year-on-year, leading to a cost-to-income ratio improvement [8]. Business Segments - Corporate lending remains a strong growth driver, with a year-to-date increase of 653.54 billion CNY, representing a growth rate of 17.91% [8]. - Retail lending growth has shown resilience, with personal loans increasing by 1.90% year-to-date, although the growth rate has slowed due to risk management adjustments [8]. Capital and Risk Management - The bank's core Tier 1 capital adequacy ratio improved by 1.09 percentage points to 10.65%, enhancing its capacity for sustainable growth [8]. - The report indicates that the bank's risk management strategies are evolving, particularly in response to pressures in the retail loan sector, with measures in place to stabilize asset quality [8]. Future Outlook - The report forecasts revenue growth rates of 2.4%, 3.5%, and 5.7% for 2025-2027, with net profit growth rates of 1.8%, 3.8%, and 5.1% for the same period [8]. - The current stock price corresponds to a 2026E valuation of 0.66x price-to-book (PB), with a target PB of 0.90x based on the bank's growth potential and market conditions [8].

Core Viewpoint - Both Dongguan Bank and Nanhai Rural Commercial Bank have reported a decline in operating income and net profit for the first three quarters of the year, indicating ongoing financial challenges as they pursue their IPOs [2][3]. Financial Performance - Dongguan Bank achieved operating income of 6.918 billion yuan, a year-on-year decrease of 9.39%, and net profit of 2.544 billion yuan, down 20.66% from the previous year [3][4]. - Nanhai Rural Commercial Bank reported operating income of 4.277 billion yuan, a decline of 8.73%, and net profit of 1.865 billion yuan, down 17.08% year-on-year [4][5]. Revenue Structure - Dongguan Bank's net interest income remained relatively stable at 5.24 billion yuan, a slight decrease of 0.43%, but investment income fell significantly from 1.733 billion yuan to 1.343 billion yuan, a drop of 22.54% [4]. - Nanhai Rural Commercial Bank's net interest income decreased from 2.708 billion yuan to 2.528 billion yuan, a decline of 6.64%, while investment income increased from 1.329 billion yuan to 2.003 billion yuan, a growth of 50.75% [5]. IPO Status - Both banks' IPO applications have been repeatedly halted due to outdated financial information, marking the fourth time since March 2024 that their review status has changed to "suspended" [2][7]. - As of September 30, 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 from the previous year [7]. Capital Supplementation - The banks are primarily relying on profit retention and the issuance of capital bonds for capital supplementation, but declining profitability is limiting their internal capital generation capabilities [8]. - Dongguan Bank issued 4 billion yuan in subordinated capital bonds, while Nanhai Rural Commercial Bank issued 3 billion yuan, providing some capital relief [8].

Core Viewpoint - Qingdao Bank successfully issued "Qingdao Bank Co., Ltd. 2025 Perpetual Capital Bonds" in the national interbank bond market, raising a total of RMB 2 billion [1] Group 1: Bond Issuance Details - The bond was recorded on October 24, 2025, and will be fully issued by October 28, 2025 [1] - The initial coupon rate for the first five years is set at 2.45%, with adjustments every five years thereafter [1] - The bank has the right to redeem the bonds in whole or in part on each interest payment date starting from the fifth year [1] Group 2: Fund Utilization - Proceeds from the bond issuance will be used to supplement the bank's other Tier 1 capital, subject to applicable laws and regulatory approvals [1]

Core Viewpoint - The secondary capital bond market for commercial banks is experiencing a rare divergence, with large banks actively redeeming old bonds while some small and medium-sized banks are opting not to redeem, highlighting the varying capital adequacy levels and operational conditions across the banking sector [1][3][6]. Group 1: Market Dynamics - Large banks such as Bank of China and China Construction Bank have fully redeemed billions in secondary capital bonds, indicating a strategic move to optimize their capital structure [3][4]. - In contrast, smaller banks like Fuxin Bank and Nanchang Rural Commercial Bank have chosen not to exercise their redemption rights, raising concerns about their capital adequacy and operational health [1][4][5]. Group 2: Regulatory Environment - Regulatory bodies are responding to the trend of non-redemption by proposing that banks must report any decision not to redeem bonds within 24 hours, signaling a focus on maintaining market stability and transparency [6][8]. - The introduction of a rapid reporting mechanism aims to mitigate potential risks associated with non-redemption, which could lead to increased scrutiny of the banks' financial health [6][8]. Group 3: Capital Adequacy Challenges - Many small and medium-sized banks are facing pressure on their capital adequacy ratios, with some nearing regulatory limits, which complicates their ability to redeem old bonds without risking their capital positions [5][7]. - The declining effectiveness of existing bonds as capital supplements over time adds to the urgency for these banks to find alternative capital-raising strategies [5][7]. Group 4: Strategic Responses - Small and medium-sized banks are encouraged to diversify their capital sources, including the issuance of perpetual bonds and engaging in equity financing to strengthen their capital bases [7][8]. - A focus on regional or sector-specific strategies may help these banks avoid the pitfalls of homogeneous competition and enhance their capital efficiency [8].

Core Viewpoint - The announcement from Shanghai Pudong Development Bank (SPDB) indicates that the SPDB convertible bonds will cease trading on October 23, with the last trading day being October 22, and will be delisted on October 28, marking a significant reduction in the number of bank convertible bonds in the market [1][2]. Group 1: Convertible Bond Details - SPDB convertible bonds have a total issuance amount of 50 billion yuan, which was the largest issuance at the time in 2019, and will be redeemed at 110% of face value after maturity [2][4]. - As of October 22, the closing price of SPDB convertible bonds was 110.80 yuan, with an unconverted proportion of 4.03%, amounting to 2.013 billion yuan [2][4]. Group 2: Market Impact - The exit of multiple bank convertible bonds from the market this year has reduced the total number of such bonds to six, with the overall scale dropping below 100 billion yuan [3][7]. - The scarcity of existing bank convertible bonds is expected to impact asset allocation for institutional investors, as these bonds are favored as fixed-income fund base assets [6][7]. Group 3: Capital Supplementation - Convertible bonds serve as an important tool for banks to supplement core Tier 1 capital, with a strong push from banks to convert these bonds into stocks to enhance capital strength [4][5]. - Following the announcement of SPDB's bond maturity, major shareholders, including China Mobile, have actively converted their bonds into shares, increasing their stake in the bank [4][5].