Group 1: Competitive Advantage - The company adopts a differentiated business strategy to adapt to changes in the operating environment, focusing on high-quality development through four main approaches: deepening the main business line, strengthening professional operations, accelerating technological transformation, and ensuring risk management [2]. Group 2: Capital Supplementation - The bank has continuously optimized its business structure and saved capital usage, achieving a capital adequacy ratio of 15.32% by the end of 2024, which is considered a good level within the industry [2]. Group 3: Loan Growth - The company has focused on key sectors such as private small and micro enterprises, manufacturing, import-export businesses, and consumer services, enhancing financial services to support the real economy and maintain steady loan growth [2]. Group 4: Investor Communication - During the investor relations activity, the company ensured thorough communication with investors and adhered to disclosure regulations, with no significant undisclosed information leaks reported [2].

Core Viewpoint - Shunde Rural Commercial Bank has withdrawn its IPO application, marking the second bank to do so since 2025, following Guangzhou Bank earlier this year [1][2] Group 1: IPO Withdrawal - Shunde Rural Commercial Bank decided to pause its IPO process for strategic planning reasons after an 8-year preparation period [1] - The bank's IPO application was accepted by the Shenzhen Stock Exchange on March 3, 2023, with plans to issue up to 1.694 billion shares, accounting for 25% of the post-issue total [1][2] - The bank's IPO review status fluctuated between "suspended" and "accepted" due to outdated financial data in the application [2] Group 2: Market Context - In 2024, several banks including Bozhou Yaodu Rural Commercial Bank and Jiangsu Hai'an Rural Commercial Bank also withdrew their IPO applications [2] - Currently, five banks are still waiting for their IPO approvals in the A-share market, with three on the Shanghai Stock Exchange and two on the Shenzhen Stock Exchange [2] Group 3: Capital Supplementation - Industry insiders suggest that banks are looking towards diversified capital supplementation channels, especially after withdrawing IPO applications [3] - Some banks, such as Zhejiang Chouzhou Commercial Bank and Shanxi Bank, have received approval for issuing secondary capital bonds to enhance their capital strength [3] - The importance of a clear ownership structure, sound corporate governance, stable profitability, and good market prospects is emphasized for banks seeking IPOs under the registration system [3] Group 4: Capital Sources - Retained earnings from bank operations are highlighted as a primary source of internal capital supplementation [4] - External capital can be supplemented through various means such as IPOs, share placements, and issuing perpetual bonds or secondary capital bonds [4]

Strategic Planning and Development - The bank has established a comprehensive development strategy termed "1363," focusing on becoming a "respected and distinctive boutique bank" through three main directions: "lightweight, digital, and green" [2] - Key initiatives include "customer construction, retail transformation, asset quality improvement, external enhancement, technology empowerment, and management strengthening," aiming to create a business structure driven by small and micro enterprises, retail, and financial markets [2][3] - The bank has seen significant growth in green loans for three consecutive years and a notable increase in manufacturing loans, with supply chain financing achieving new breakthroughs [2] Market Value Management - The bank's market value management includes optimizing corporate governance, encouraging long-term shareholder support, and promoting shareholding stability [4] - Since its listing, the bank has completed three rounds of share increases by major shareholders, totaling 34.87 million shares and 94.22 million yuan [4] - Cumulative dividends since listing amount to 2.398 billion yuan, representing 1.18 times the funds raised during the IPO [4] Capital Supplementation Plans - The bank employs a dual approach for capital supplementation, combining internal capital accumulation with external capital sourcing, and has successfully issued 3 billion yuan in secondary capital bonds [5] - Plans for 2025 include issuing up to 5 billion yuan in perpetual bonds and exploring other capital-raising methods [5] - The bank maintains a balanced dividend policy to ensure shareholder interests while accumulating internal capital for sustainable development [5] Loan Issuance and Structure - In Q1 2025, the bank issued loans and advances totaling 17.621 billion yuan, marking a growth rate of 7.18%, the highest in five years [5] - Corporate loans increased by 15.759 billion yuan (8.12%), while personal loans rose by 2.011 billion yuan (3.38%) [5] Net Interest Margin Trends - The bank's net interest margin (NIM) was 1.43% in 2024 and increased to 1.46% in Q1 2025, despite ongoing downward pressure [6][8] - Strategies to mitigate NIM compression include enhancing liability management, exiting high-cost deposits, and optimizing the deposit structure [6][8] Deposit Rate Adjustments - The bank initiated a new round of deposit rate reductions on May 30, 2025, with expectations for continued declines in the deposit interest rate throughout the year [7] - The bank has managed to slow deposit growth while achieving a sustained decrease in interest rates, aligning with industry trends [7] Bond Market Outlook - The bond market is expected to experience limited downward movement in interest rates, with the 10-year government bond yield stabilizing between 1.65% and 1.7% [9][10] - The bank will continue to engage in bond trading and maintain a stable growth rate in its bond portfolio to ensure liquidity management [10]

Group 1 - The core viewpoint of the article highlights the recent trend of several bank convertible bonds reaching their redemption thresholds, leading to their impending delisting from the capital market, while some banks are successfully converting bonds into equity with the help of institutional investors [1][3][4] - Hangzhou Bank's convertible bond will be delisted on July 7 after triggering redemption due to its stock price exceeding 130% of the conversion price for 15 consecutive trading days [3] - Nanjing Bank's convertible bond is also set to be redeemed and delisted on July 18, following similar conditions of stock price performance [3] Group 2 - The rise in bank stock prices is the direct reason for triggering the redemption mechanism of convertible bonds, with a notable performance in the banking sector over the past two years, particularly in 2023 [4][5] - Institutional investors, referred to as "white knights," have played a crucial role in supporting banks like Pudong Development Bank by converting bonds into equity, thereby alleviating financial pressure [6][7] - The successful conversion of convertible bonds into equity is essential for banks to enhance their core capital without incurring cash outflows, thus optimizing their capital structure [5][10] Group 3 - The current market environment is favorable for bank stocks, with a significant number of banks experiencing stock price increases, which may lead to successful conversions of convertible bonds [9][11] - The issuance and conversion of convertible bonds are closely tied to macroeconomic conditions and individual bank performance, with a potential shift towards a new issuance wave if market sentiment improves [10][11] - Future trends in the convertible bond market may show structural differentiation, where well-performing banks can convert bonds to strengthen their capital, while weaker banks may face capital pressures and need alternative financing methods [11]

Core Viewpoint - The recent developments in the IPO landscape for banks indicate a significant divergence in the progress of various banks, with Dongguan Bank and Nanhai Rural Commercial Bank resuming their IPO processes while Shunde Rural Commercial Bank remains stalled due to unupdated financial data [1][2]. Group 1: IPO Status and Performance - Dongguan Bank and Nanhai Rural Commercial Bank have updated their financial data, leading to their IPO review status being restored to "accepted" [1][2]. - Shunde Rural Commercial Bank, in contrast, has not updated its financial data and remains in a "suspended" state, raising questions about its future IPO prospects [1][2]. - In 2024, Dongguan Bank reported a revenue of 10.197 billion yuan, a decrease of 3.69%, and a net profit of 3.733 billion yuan, down 8.2%, marking its first decline in five years [2]. - Nanhai Rural Commercial Bank achieved a revenue of 6.429 billion yuan, a decline of 6.30%, but its net profit increased by 2.99% to 2.453 billion yuan, ending two years of negative growth [2]. - Shunde Rural Commercial Bank's net profit fell to 3.177 billion yuan, a decrease of 7.89%, marking three consecutive years of decline [2]. Group 2: Asset Quality and Challenges - Shunde Rural Commercial Bank's non-performing loan (NPL) ratio rose to 1.61% in 2024, an increase of 0.13 percentage points from 2023, showing a clear upward trend in NPLs over the past four years [3]. - The overall difficulty for banks to go public has increased, with many banks facing challenges in their IPO processes, including Jiangsu Hai'an Rural Commercial Bank and Guangzhou Bank, which have withdrawn their applications [6][7]. - The current banking IPO landscape is characterized by stricter scrutiny from regulators, particularly affecting smaller banks with weaker qualifications [6][8]. Group 3: Capital Supplementation Strategies - As banks face declining capital adequacy ratios due to asset expansion and pressure from non-performing assets, alternative capital-raising methods such as issuing capital supplement bonds and attracting strategic investors have become crucial [8][9]. - In the first half of the year, commercial banks issued 52 "perpetual bonds" totaling 812.56 billion yuan, indicating a trend towards diverse capital-raising strategies [8]. - Analysts suggest that banks unable to achieve IPOs should focus on attracting strategic investors and optimizing their asset quality to enhance their capital management [9][10].

Core Viewpoint - Zhongyin Life Insurance has increased its registered capital from 28.663 billion to 32.643 billion yuan, making it the fourth largest in the life insurance industry, while its solvency remains a concern [1] Group 1: Capital Increase and Shareholding Structure - Zhongyin Life's capital increase positions it as the fourth largest life insurer, following Ruizhong Life, Ping An Life, and Zhonghui Life [1] - The shareholding structure has been adjusted, with Zhongyin Group's stake rising from 38.22% to 42.68%, while AIA's stake remains unchanged at 24.99% [1] Group 2: Solvency and Regulatory Environment - As of Q4 2023, Zhongyin Life's core solvency ratio is 86.18%, and comprehensive solvency ratio is 160.38%, which, while above regulatory thresholds, is still below industry averages [1] - The insurance industry has seen a capital replenishment of nearly 70 billion yuan through various means, with at least six companies approved for capital increases totaling approximately 8.853 billion yuan [3] - The transition to the second phase of solvency regulations has led to stricter capital recognition standards, increasing the demand for external capital replenishment [6][7] Group 3: Capital Supplementation Tools - Capital supplement bonds can enhance comprehensive solvency ratios but not core solvency ratios, while perpetual bonds can improve both [4] - In Q1 2023, eight insurance companies issued perpetual bonds totaling 45.7 billion yuan, surpassing the total for the entire year of 2024 [4] Group 4: Market Dynamics and Future Outlook - The insurance sector's capital replenishment is a response to the transition in solvency rules, which has increased the capital requirements for companies [6] - Regulatory adjustments have included a 10% reduction in risk factors for stock investments, potentially improving solvency ratios by 1.4 percentage points if companies do not increase stock allocations [8] - The long-term focus for the insurance industry is on sustainable growth through improved profitability and self-sustaining capital generation [8]

Core Viewpoint - China Bank is enhancing its global operational capabilities by injecting capital into its subsidiary, Bank of China (Europe) Limited, with an investment not exceeding 300 million euros (approximately 2.482 billion yuan) [2][8] Group 1: Capital Increase and Financial Performance - China Bank has completed a significant capital increase, raising 165 billion yuan through a private placement of 27.825 billion shares at a price of 5.93 yuan per share, with the net proceeds aimed at supplementing its core tier one capital [4][5] - The total assets of China Bank reached approximately 35.99 trillion yuan as of March 2025, reflecting a year-on-year growth of 2.64% [10] - The bank's net profit attributable to shareholders for the year 2024 was 237.84 billion yuan, representing a year-on-year increase of 2.56% [9] Group 2: Global Operations and Market Presence - As of the end of 2024, China Bank's total assets in Europe amounted to 991.604 billion yuan, accounting for 11.95% of the bank's total assets [9] - China Bank has established a presence in 64 countries and regions globally since its first overseas office in London in 1929 [9] - The bank's overseas deposits reached 589.102 billion USD by the end of 2024, marking a 6.70% increase from the previous year [9] Group 3: Regulatory and Strategic Context - The capital injection from the Ministry of Finance into state-owned banks is a key measure to enhance financial services to the real economy, in line with the central financial work conference's directives [3][8] - The four major state-owned banks collectively announced a capital increase plan of 520 billion yuan, with the Ministry of Finance expected to subscribe to 500 billion yuan of this total [7][8]

展望未来，申万宏源证券将以此为新起点，持续深化在商业银行资本工具创新领域的 专业优势，围绕国家金融供给侧结构性改革战略，打造涵盖资本规划、产品创新、发 行承销的专业投行服务体系。作为金融央企，公司将进一步强化"服务国家战略、赋能 区域发展"的使命担当，以专业金融服务支持更多区域性银行转型升级，为推动银行业 高质量发展、服务实体经济现代化建设贡献更大价值。 免责 声 明 本内容最终解释权归申万宏源证券有限公司所有。 2025年5月8日，由申万宏源证券担任牵头主承销商的"吉林银行股份有限公司 2025年二级资本债券（第一期）"成功发行，第一期二级资本债券发行规模60亿 元，期限5+5年，票面利率2.58%，票面利率创东三省商业银行资本补充债历史新 低。2025年6月5日，申万宏源证券再次担任牵头主承销商，助力"吉林银行股份有 限公司2025年二级资本债券（第二期）"圆满完成发行，第一期二级资本债券发行 规模40亿元，期限5+5年，票面利率2.57%，票面利率再创东三省商业银行资本补 充债历史新低。 2025年以来，申万宏源证券担任牵头主承销商助力吉林银行成功发行了两期二级资 本债，有助于吉林银行筑牢资本根基，提升 ...

Core Viewpoint - The recent capital increase by state-owned banks, particularly the completion of a 130 billion yuan capital raise by Postal Savings Bank, signifies a strategic move to enhance capital adequacy and support future growth [2][4]. Group 1: Capital Increase Details - Postal Savings Bank has completed a private placement of approximately 20.934 billion shares at a price of 6.21 yuan per share, raising a total of 130 billion yuan [4]. - The capital raised is expected to increase the bank's core Tier 1 capital adequacy ratio by 1.5 percentage points [4][5]. - The Ministry of Finance has become a shareholder in Postal Savings Bank for the first time, acquiring 11.758 billion yuan worth of shares, which gives it a stake of over 15%, making it the third-largest shareholder [4][5]. Group 2: Strategic Implications - The capital raised will be used entirely to supplement the core Tier 1 capital, strengthening the bank's capital base and enhancing its ability to serve the real economy [5]. - The issuance is viewed as a milestone in the bank's reform and development, aimed at improving its operational stability and supporting macroeconomic recovery [5]. - The overall capital increase across major state-owned banks is part of a broader strategy to optimize capital structures and enhance their capacity to support national economic strategies [9]. Group 3: Industry Context - As of the end of 2024, the core Tier 1 capital adequacy ratios for major state-owned banks are as follows: Industrial and Commercial Bank of China (14.1%), Agricultural Bank of China (11.42%), Bank of China (12.2%), China Construction Bank (14.48%), Bank of Communications (10.24%), and Postal Savings Bank (9.56%) [8]. - The capital increase is aligned with government initiatives to issue special treasury bonds to support the capital replenishment of large state-owned commercial banks [6][8].

Core Viewpoint - Luzhou Bank plans to issue up to 1 billion new H-shares at its upcoming annual general meeting, aiming to raise at least HKD 1.85 billion primarily to supplement its core tier 1 capital [2][3]. Capital Supplementation - The bank's fundraising will enhance its risk resilience and market competitiveness, allowing for a more robust capital structure and increased lending capacity [3]. - Luzhou Bank's core tier 1 capital adequacy ratio stands at 8.27%, with total assets exceeding RMB 170 billion as of the end of 2024 [3]. Industry Trends - Many small and medium-sized banks are increasing capital through various means, including issuing perpetual bonds and secondary capital bonds, often supported by local government initiatives [2][4]. - The capital increase strategies primarily involve local state-owned enterprises, which can provide additional funding to improve capital adequacy ratios and support business growth [4]. Recommendations for Small and Medium-sized Banks - It is suggested that the scope of investors for capital supplementation tools be expanded to improve the success rate of issuances [5]. - Banks are encouraged to explore innovative capital supplementation tools and enhance regulatory training to facilitate capital raising efforts [5][6]. - Strategies to enhance profitability include diversifying non-interest income sources and optimizing asset-liability structures to improve overall financial performance [5][6].