Core Viewpoint - The issuance of perpetual bonds by commercial banks is accelerating, particularly among regional small and medium-sized banks, as they face significant capital replenishment pressures in the second half of the year [1][4]. Group 1: Issuance Trends - In the first half of the year, commercial banks issued a total of 52 perpetual bonds, with an issuance scale of 8125.60 billion, representing a year-on-year increase of 3.43% [2]. - The second quarter saw a significant increase in issuance, with a total of 6387 billion issued, reflecting a quarter-on-quarter growth of over 267% and a year-on-year increase of 22.23% [2]. - State-owned banks accounted for over 50% of the total issuance, with a total of 4100 billion, although this was a decrease of 460 billion compared to the previous year [2]. Group 2: Capital Replenishment Pressure - Small and medium-sized banks are under considerable pressure to replenish capital due to declining profitability and limited internal capital retention [3][4]. - The reliance on external capital sources, such as perpetual bonds and convertible bonds, is increasing among these banks [3]. - Experts predict that the demand for external capital will continue, leading to an expansion in the issuance of perpetual bonds [4]. Group 3: Future Outlook - The upcoming expiration of a large volume of perpetual bonds in the second half of the year will necessitate early issuance for replacement, supporting supply [5]. - The core tier one capital adequacy ratio for commercial banks has declined, indicating a need for further capital replenishment [5]. - National joint-stock banks and city commercial banks are expected to become the main issuers in the future, particularly in economically developed regions [5].

Group 1 - The German DAX 30 index initially rose by 0.44%, reaching 23894.97 points [1] - The French stock index initially increased by 0.14% [1] - The Italian stock index initially gained 0.25%, with the banking index up by 0.34% [1] - The UK stock index initially rose by 0.48% [1]

Core Viewpoint - Direct banks, once seen as pioneers in the banking industry's embrace of the internet, are now facing significant challenges due to overlapping functionalities with mobile banking and a lack of differentiated competitive strategies, leading to a decline in their numbers and relevance [1][4][9]. Group 1: Development and Decline of Direct Banks - Direct banks were initially launched in 2013 by Beijing Bank and ING Group, becoming a popular innovation in the banking sector, with over 100 banks offering such services at their peak [1][4]. - The decline began around 2019, with many banks, including Minsheng Bank and Guangfa Bank, migrating their direct banking services to mobile banking apps, resulting in a significant reduction in the number of operational direct bank apps [4][9]. - Currently, only about 13 direct bank apps remain available, primarily from small local banks, indicating a drastic reduction from their peak [6][9]. Group 2: Operational Challenges - Direct banks initially thrived due to their online, low-cost operational model but struggled with overlapping functionalities with mobile banking, leading to increased user switching costs and competitive disadvantages [9][10]. - The operational model of many direct banks relies on their parent banks, limiting their decision-making autonomy and slowing product iteration, which further hampers their competitiveness [9][10]. - Only two independent direct banks exist, with both facing significant challenges in their financial performance, indicating the difficulties of sustaining such models in the current market [9][10]. Group 3: Future Prospects - Analysts suggest that the future of direct banks may involve either becoming specialized modules within mobile banking, focusing on high-yield deposits and customized financial products, or transforming into open banking platforms that integrate financial services into everyday life through API connections [10][11]. - The integration of advanced technologies such as AI and the metaverse could provide opportunities for direct banks to innovate and enhance their service offerings, potentially reviving their earlier success [11].

Core Viewpoint - The article discusses the long-term performance of the banking index, the factors driving its growth, and the current valuation, suggesting potential strategies for profit-taking. Group 1: Banking Index Performance - The representative index for the banking industry is the China Securities Banking Index, which has shown significant growth in recent years, particularly from 2019 to 2021, driven by a strong growth style. In contrast, from 2022 to 2024, value styles, including banking and dividend stocks, have gained strength, leading to new highs in index points [5][15]. - The annualized return of the China Securities Banking Index from July 15, 2013, to June 25, 2025, is 6.7%, which increases to 11.31% when considering dividends [15]. Group 2: Banking Industry Characteristics - The banking industry is characterized by strong cyclicality, with performance heavily influenced by macroeconomic conditions. During economic downturns, banks face increased risk provisions and reduced interest income, while the opposite occurs during economic upturns [7][11][12]. - The banking business model can be simplified to "two incomes and two expenses," which includes interest income, non-interest income, interest expenses, and risk provisions [8][10]. Group 3: Sources of Returns for Banking Index Funds - The three main sources of returns for banking index funds are: 1. **Valuation Improvement**: The price-to-book ratio (P/B) of the China Securities Banking Index increased from 0.87 on May 6, 2019, to 1.14 on June 26, 2025, contributing to returns [23][24]. 2. **Net Asset Growth**: The net assets of banks have been increasing annually since 2014, which is a key driver of the long-term rise in the banking index [27][28]. 3. **Increased Dividends**: The dividend yield for banking stocks has improved significantly due to policies encouraging higher dividend payouts, with total cash dividends reaching approximately 2.4 trillion in 2024 [30][32][35]. Group 4: Profit-Taking Strategies - Two common profit-taking strategies for banking index funds include: 1. **Profit-Taking Based on Yield**: Consider taking profits when the yield reaches 30% [37]. 2. **Profit-Taking Based on Overvaluation**: Monitor valuations and consider selling when the index is deemed overvalued [40][51]. - The article emphasizes the effectiveness of a strategy involving buying undervalued assets, holding during normal valuations, and selling when overvalued, which has been validated through past market cycles [47][51].

Core Viewpoint - A total of 23 small and medium-sized banks are preparing for A-share IPOs, with recent developments indicating a potential restart of the IPO process for some banks after a prolonged hiatus since early 2022 [2][6]. Group 1: IPO Progress - Dongguan Bank and Nanhai Rural Commercial Bank have resumed their IPO review process after updating their financial documents, which had previously caused their applications to be put on hold [3][4]. - As of July 3, there are 6 banks waiting for A-share IPO approval, including 3 city commercial banks and 3 rural commercial banks, while 16 additional banks are in the listing guidance phase [3][7]. Group 2: Financial Performance - Dongguan Bank reported a revenue of 10.197 billion yuan in 2024, a decrease of 3.69% year-on-year, and a net profit of 3.733 billion yuan, down 8.2% [4]. - Nanhai Rural Commercial Bank achieved a revenue of 6.429 billion yuan in 2024, a decline of 6.3%, but its net profit increased by 2.99% to 2.453 billion yuan [4]. - The total assets of Nanhai Rural Commercial Bank reached 331.69 billion yuan by the end of 2024, reflecting an increase of 8.92% [4]. Group 3: Asset Quality - Dongguan Bank's non-performing loan (NPL) ratio stood at 1.01% at the end of 2024, indicating a relatively strong asset quality among city commercial banks [4]. - Nanhai Rural Commercial Bank's NPL ratio was 1.43%, which decreased by 0.06 percentage points compared to the previous year [4][5]. Group 4: Market Context - The A-share IPO market for banks has been stagnant for nearly three years, with the last bank, Lanzhou Bank, going public in January 2022 [6]. - The recent developments regarding Dongguan Bank and Nanhai Rural Commercial Bank have reignited interest in the IPO prospects of city and rural commercial banks [7][8].

公开资料显示，东莞银行成立于 1999 年 9 月。 2024 年，受市场变化等因素影响，该行实 现营业收入 101.97 亿元，同比下降 3.69% ；实现净利润 37.33 亿元，同比下滑 8.2% ； 基本每股收益为 1.53 元，同比降幅为 11.56% 。 【导读】 23 家中小银行备战 A 股 IPO 中国基金报记者 王思文 近几年，银行 A 股 IPO 有所停滞，自兰州银行 IPO 之后 " 闸门 " 紧闭。虽有一批银行排队 上市，但迟迟没有实质性进展。 日前， 东莞银行、南海农商行 IPO 审核状态突然出现新动向 ，这让业内重新关注银行 A 股 IPO 重启的进程。 据中国基金报记者统计，截至 7 月 3 日，排队等候 A 股 IPO 的银行共有 6 家，包括 3 家 城商行和 3 家农商行。此外，还有 16 家银行处于上市辅导备案阶段。 新疆银行 亦发布上 市财务顾问服务项目招标文件，开启上市辅导的准备工作。照此计算，谋求登陆 A 股市场的 银行至少有 23 家。 两家银行 IPO 有新进展 近日，深交所发行上市审核信息公开网站显示，东莞银行、南海农商行因更新提交相关财务 资料， IPO 审 ...

未来一年内，整体存量规模将会大幅减少。 今年，银行股表现强劲，随着正股股价的上涨，多只银行可转债触发了强制赎回条款。继苏银转债、成 银转债等触发强赎之后，杭银转债和南银转债也将在7月正式摘牌。与此同时，银行市场再次出现了资 产管理公司（AMC）通过可转债转股增持上市银行股份的情况。 随着银行转债市场迎来"赎回潮"，业内人士预计，银行转债的整体存量规模将大幅减少。今年大约有 1000亿元的银行转债可能会完成转股。这不仅意味着剩余可转债的价格可能会进一步上升，也促使机构 投资者调整其投资策略。 Wind数据显示，2025年中证银行指数累计涨幅高达15.57%，远超大盘平均水平。其中，杭州银行股价 涨幅达18.28%。早在5月，杭州银行股价就突破了杭银转债转股价11.35元的130%强赎线，触发价为 14.76元，导致杭银转债被强制赎回。 南京银行的南银转债也将在7月迎来退市。今年内，南京银行股价累计涨幅达到12.11%。在5月13日至6 月9日的15个交易日里，其收盘价均不低于南银转债转股价格8.22元/股的130%（即10.69元/股），由此 触发了提前赎回条款，正式进入退市流程。 具体而言，南银转债的最后交易 ...

中原银行是 2014 年在开封银行、安阳银行、 鹤壁银行 、新乡银行、濮阳银行、 许昌银行 、漯河 银行、三门峡银行、南阳银行、商丘银行、信阳银行、周口银行和驻马店银行等河南省 13 家城市商业 银行基础上组建而成， 2022 年又吸收合并洛阳银行、平顶山银行和焦作中旅银行 3 家河南省内城市商 业银行。 因此 中原银行是河南省除 郑州 外的其他 16地 市的城商行合并而成。 2 017 年 7 月，中原银行在香港联交所主板挂牌上市 ，股票代码是 1216.HK 。 中原银行在河南省内 17 个地级市和 1 个省辖县级市均设有分行，是分支机构网点覆盖河南全省的 省属法人银行。（而同为河南城商行的 郑州银行在河南三门峡和济源则尚未设有分行 。） 截至2024年末，中原银行总行共有38个一级部门，其中比较有特色的部门有汽车金融中心。中原银 行总行部门设置具体如下图： 此外，中原银行还拥有 1 家消费金融公司（ 河南中原消费金融股份有限公司 ）、 2 家金融租赁公 司（ 邦银金融租赁 股份有限公司 和 洛银金融租赁股份有限公司 ）和 13 家村镇银行。 目前河南省国有企业 ——河南投资集团限公司是中原银行最大股东（ ...

Monetary Policy and Market Rates - The People's Bank of China conducted a 572 billion yuan reverse repurchase operation with an interest rate of 1.40%, unchanged from previous levels, resulting in a net withdrawal of 4,521 billion yuan due to 5,093 billion yuan of reverse repos maturing on the same day [1] - The Shanghai Interbank Offered Rate (Shibor) for short-term instruments continued to decline, with the overnight Shibor falling by 5.00 basis points to 1.3150%, and the 7-day Shibor decreasing by 4.10 basis points to 1.4560% [1] Interbank Repo Market - In the interbank pledged repo market, various rates continued to trend downward, with the weighted average rates for DR001 and R001 decreasing by 4.5 basis points and 4.8 basis points, respectively, to 1.315% and 1.3714%, while transaction volumes increased significantly [4] - The weighted average rates for DR007 and R007 fell by 3.8 basis points and 5.2 basis points, respectively, with transaction volumes showing a decrease [4] Funding Conditions - Overall funding conditions were reported to be relaxed, with overnight rates trading in a range of 1.30% to 1.50% and 7-day rates around 1.50% [9] - As of 5:30 PM on July 3, 58 interbank certificates of deposit were issued, with a total issuance amount of 240.1 billion yuan [9] Certificate of Deposit Market - In the primary market for certificates of deposit, yields showed slight declines across various maturities, with trading activity concentrated mainly in the 9-month and 1-year maturities [10] - The 1-year national bank stock ended at approximately 1.595, down about 0.5 basis points from the previous close, indicating a narrowing of yield spreads among different maturities [10] Banking Sector Developments - The Bank of Communications has closed nearly 30 credit card centers this year, with a focus on accelerating the transformation of credit card operations [12] - New policies supporting the conversion of commercial housing loans to housing provident fund loans have been introduced in multiple cities, aimed at reducing financial burdens for homebuyers [12] - China Merchants Bank received approval to establish a financial asset investment company with a registered capital of 15 billion yuan, aimed at enhancing its comprehensive operational capabilities and supporting high-quality development [12][13]

Core Viewpoint - China Merchants Bank (CMB) has received approval from the National Financial Regulatory Administration to establish a financial asset investment company (AIC) with a registered capital of 15 billion yuan, marking a significant step in the competitive landscape of financial asset investment among joint-stock banks [1][4]. Group 1: Company Developments - CMB's AIC will have a registered capital of 15 billion yuan, surpassing the 10 billion yuan capital of both Industrial Bank and CITIC Bank, indicating CMB's strategic ambition in this sector [2]. - The AIC will primarily engage in market-oriented debt-to-equity swaps and equity investment, aiming to provide comprehensive financing support for enterprises and enhance CMB's diversified operational capabilities [2][5]. - CMB plans to focus its AIC on three key areas: technology innovation enterprises, green low-carbon industries, and the Guangdong-Hong Kong-Macao Greater Bay Area development [2][6]. Group 2: Industry Context - The establishment of AICs by joint-stock banks represents a shift in China's financial landscape, moving from indirect to direct financing, and reflects the evolving role of commercial banks in comprehensive operations [6][7]. - The approval of AICs for joint-stock banks is expected to enhance their professional capabilities in equity investment and optimize corporate leverage structures, contributing to the overall financial ecosystem [5][6]. - The competitive landscape is likely to intensify, with state-owned banks continuing to dominate large state-owned enterprise projects while joint-stock banks may focus on small and medium-sized enterprises and niche industries [6][7].