Core Viewpoint - The demand for capital replenishment among small and medium-sized banks is increasing, as evidenced by recent approvals for the issuance of perpetual bonds and other capital instruments [1][2][3] Group 1: Recent Developments - Lanzhou Bank has received regulatory approval to issue up to 5 billion RMB in perpetual bonds, with the flexibility to decide on the timing and scale within 24 months [1] - Xi'an Bank has been approved to issue up to 7 billion RMB in perpetual bonds, also with similar issuance flexibility [1] - Other banks, including Zhejiang Chouzhou Commercial Bank and Shanxi Bank, have also received approvals for capital instruments, indicating a broader trend [1] Group 2: Capital Adequacy and Sources - In Q1 of this year, the capital adequacy ratios for city commercial banks, private banks, and rural commercial banks were 12.44%, 11.98%, and 12.96% respectively, compared to 17.79% and 13.71% for state-owned and national joint-stock banks [2] - Capital replenishment for banks can be categorized into internal and external sources, with internal sources primarily being retained earnings and external sources including IPOs, rights issues, and various types of bonds [2] Group 3: Challenges and Opportunities - There are over 4,000 small and medium-sized banks in China, accounting for 99% of the banking system, but they face challenges in capital replenishment compared to larger banks [3] - The recent approvals for perpetual bonds indicate that the channels for capital replenishment for small and medium-sized banks are expanding [3] - The issuance of perpetual bonds by private banks, such as MyBank, is becoming more common, although historically it has been rare due to high regulatory standards and market concerns [4][5] Group 4: Expert Insights - Experts suggest that feasible capital replenishment methods for small and medium-sized banks include shareholder capital injection, issuance of subordinated debt, profit retention, attracting strategic investors, and local government support [5] - The regulatory environment is expected to continue improving, which may lead to a more diversified capital replenishment system for private and small banks [5]

国有大行本轮"补血"最快仅耗时75天 靴子落地。 6月23日晚间，建设银行公告指出，该行当日已收到财政部缴付的认购资金1050亿元人民币。资金到账后，建设银行还需在中国证券登记结算有限责任公司上海分 公司办理完成本次发行新增股份的登记托管手续。 至此，建设银行、中国银行、交通银行、邮储银行四家国有大行向特定对象发行A股股票，用以补充核心一级资本的募集资金已全数到账。 根据相关公告，3月30日，四家国有大行就已与财政部等特定对象签署了附条件生效的股份认购协议。从签署协议到资金到账，四大国有大行中，中国银行、交通 银行的核心一级资本补充进度最快，仅耗时75天；邮储银行紧随其后，最晚的建设银行耗时也不到三个月时间。 来看四家国有大行本轮补充核心一级资本的时间线： 2024年9月24日，作为一揽子增量政策的组成部分，"国家计划对六家大型商业银行增加核心一级资本"被首次提及。金融监管总局局长李云泽彼时介绍这一增量政策 时表示，将按照"统筹推进、分期分批、一行一策"的思路，有序实施。 3月12日，2025年政府工作报告对外发布，其中明确，拟发行特别国债5000亿元，支持国有大型商业银行补充资本。 3月30日，建设银行、中 ...

6月23日，建设银行公告指出，该行当日已收到财政部缴付的认购资金1050亿元人民币。资金到账后，建设 银行还需在中国证券登记结算有限责任公司上海分公司办理完成本次发行新增股份的登记托管手续。 至此，建设银行、中国银行、交通银行、邮储银行四家国有大行向特定对象发行A股股票，用以补充核心一级 资本的募集资金已全数到账。 大行本轮"补血"最快仅耗时75天 根据相关公告，3月30日，四家国有大行就已与财政部等特定对象签署了附条件生效的股份认购协议。从签署 协议到资金到账，四大大行中，中国银行、交通银行的核心一级资本补充进度最快，仅耗时75天；邮储银行紧 随其后，最晚的建设银行耗时也不到三个月时间。 来看四家国有大行本轮补充核心一级资本的时间线—— 2024年9月24日，作为一揽子增量政策的组成部分，"国家计划对六家大型商业银行增加核心一级资本"被 首次提及。金融监管总局局长李云泽彼时介绍这一增量政策时表示，将按照"统筹推进、分期分批、一 行一策"的思路，有序实施。 3月12日，2025年政府工作报告对外发布，其中明确，拟发行特别国债5000亿元，支持国有大型商业银 行补充资本。 3月30日，建设银行、中国银行、交通银 ...

Core Viewpoint - The issuance of secondary capital bonds by banks is a significant trend in the current financial landscape, aimed at enhancing capital strength and supporting regional economic development [1][2][3] Group 1: Secondary Capital Bonds - Zhejiang Chouzhou Commercial Bank has been approved to issue up to 4 billion RMB in secondary capital bonds, part of a broader trend where 15 small and medium-sized banks have received approval for similar issuances this year [1] - Secondary capital bonds are a tool for banks to supplement their secondary capital, with relatively controllable costs and simpler approval processes, making them a popular choice for capital replenishment [1][2] Group 2: Capital Supplementation Strategies - Banks are focusing on both internal and external capital supplementation, with internal sources primarily being retained earnings and external sources including equity offerings and various types of bonds [1][2] - The capital adequacy ratios for commercial banks (excluding foreign bank branches) stand at 15.28%, with large commercial banks at 17.79%, while urban commercial banks, private banks, and rural commercial banks have ratios of 12.44%, 11.98%, and 12.96% respectively [2] Group 3: Financing Trends Among Small and Medium-Sized Banks - Small and medium-sized banks are accelerating their financing efforts through methods such as capital increases and share issuances, with Zhangjiakou Bank and Luzhou Bank planning significant capital raises to enhance their core tier one capital [3] - The overall profitability of the banking sector is declining, necessitating a greater reliance on external capital sources, particularly for smaller banks that often depend on local governments or state-owned enterprises for capital [3] Group 4: Recommendations for Capital Management - To effectively supplement capital and mitigate risks, small and medium-sized banks should enhance capital management efficiency, plan capital replenishment scales and timing, and improve corporate governance and risk control mechanisms [3]

2025年上半年，商业银行多措并举补充资本热度不减。 近日，又一家国有大行——邮储银行完成1300亿元定增，预计将提升该行核心一级资本充足率1.5个百分 点。就在不久前，交通银行、中国银行陆续发布公告，分别完成1200亿元和1650亿元定增。 券商中国记者注意到，除了此次发行特别国债5000亿元，支持国有大型商业银行补充资本以外，今年上半年各 类商业银行分别通过发行二级资本债、永续债（以下简称"二永债"）、可转债转股，以及面向特定投资者增资 扩股等渠道补充自身资本。以"二永债"发行为例，截至6月20日，年内商业银行合计发行规模已达8029.6亿 元，与去年同期发行规模基本相当。 据广发证券倪军团队最新研报分析，从资本补充上看，2025年无中小银行资本补充债券（地方专项债）发行， 部分中小银行利润留存水平不高、"二永债"批文获取及发行节奏偏缓。 值得注意的是，相对于大中型银行，城农商行"二永债"规模占总体比例有限，且农商行发行节奏大幅放缓。另 一补充资本渠道来看，地方中小银行通过定增的案例也明显增多，据披露，年内已有25家非上市银行定增方案 获证监会批准。业内分析人士表示，中小银行依靠内源性方式补充资本当前已非 ...

Core Viewpoint - Recent actions by several small and medium-sized banks to supplement capital indicate a new wave of financing efforts, primarily through the issuance of perpetual bonds and secondary capital bonds, as well as capital increases and targeted placements [1][2]. Group 1: Capital Supplementation Actions - Lanzhou Bank and Xi'an Bank have received regulatory approval to issue perpetual capital bonds for the first time since their listings, with Lanzhou Bank allowed to issue up to 5 billion RMB and Xi'an Bank up to 7 billion RMB [2]. - The issuance of "perpetual bonds" by commercial banks has accelerated, with 47 bonds issued in 2023, totaling 794.96 billion RMB, showing a slight increase compared to the same period last year [2]. Group 2: Reasons for Accelerated Issuance - The capital adequacy ratios of small and medium-sized banks are generally lower than those of large banks, with some experiencing a downward trend, necessitating capital supplementation to meet operational needs [3]. - The profitability pressures faced by some banks limit their ability to supplement capital internally, leading them to turn to external channels such as bond issuance [3]. Group 3: Capital Increase and Share Issuance - In response to ongoing capital pressure, small and medium-sized banks are accelerating capital increases through share issuance or targeted fundraising [4]. - Regulatory approvals have been granted for several banks, including Zhuhai Rural Commercial Bank and Zhangjiakou Bank, to increase their registered capital [4]. Group 4: Capital Adequacy Ratios - As of the first quarter of 2025, the capital adequacy ratio for commercial banks (excluding foreign bank branches) was 15.28%, with city commercial banks and rural commercial banks at 12.44% and 12.96%, respectively, significantly lower than large commercial banks at 17.79% [5]. - The banking sector is facing challenges such as declining net interest margins and rising asset quality pressures, which impact profitability and internal capital supplementation capabilities [5].

Core Viewpoint - Postal Savings Bank of China (PSBC) has successfully completed a significant capital increase through a private placement, marking the first large-scale state investment in the bank, with the Ministry of Finance becoming its third-largest shareholder [3][4][5]. Group 1: Capital Increase Details - PSBC raised 130 billion yuan through a private placement, with the Ministry of Finance contributing 117.58 billion yuan, China Mobile Group 7.854 billion yuan, and China Shipbuilding Group 4.566 billion yuan [3][4]. - The capital raised will be used to enhance the bank's core tier one capital, expected to increase the capital adequacy ratio by 1.5 percentage points [5]. - The final issuance price was set at 6.21 yuan per share, representing a premium of approximately 14.36% over the closing price prior to the announcement [5][6]. Group 2: Broader Banking Sector Context - The issuance of perpetual bonds (二永债) has accelerated in the banking sector, with total issuance nearing 800 billion yuan this year, close to last year's figures [8][9]. - Major banks are expected to face a contraction in the supply of perpetual bonds due to the completion of capital injections and the issuance of TLAC bonds, while smaller banks will continue to experience pressure to issue [9][10]. - The average dividend yield for PSBC is approximately 4.74%, which is higher than that of other major banks, indicating a relatively strong return for investors [6][10].

Group 1 - Postal Savings Bank of China (PSBC) has completed a targeted issuance of 130 billion yuan, marking its first large-scale state capital injection, with the Ministry of Finance becoming the third-largest shareholder at 15.77% [2][3] - The issuance involved approximately 20.93 billion shares, with the Ministry of Finance contributing 117.58 billion yuan, China Mobile Group 7.85 billion yuan, and China Shipbuilding Group 4.57 billion yuan [2] - The capital raised will be used to supplement core Tier 1 capital, expected to increase PSBC's capital adequacy ratio by 1.5 percentage points, enhancing its capital strength and risk resistance [3][4] Group 2 - The issuance of perpetual bonds (二永债) has accelerated, with banks issuing nearly 800 billion yuan this year, approaching last year's total of 785.6 billion yuan [5][6] - Agricultural Bank of China issued 60 billion yuan in perpetual bonds, with a 10-year fixed rate bond at 1.93% and a 15-year bond at 2.10% [5] - The overall issuance of perpetual bonds in the banking sector is expected to be driven by smaller banks, as larger banks' capital pressures ease following state capital injections [6][7] Group 3 - The Ministry of Finance's recent issuance of special government bonds totaling 500 billion yuan aims to support state-owned commercial banks in capital replenishment [3][4] - The average dividend yield for PSBC is approximately 4.74%, higher than the median yield of 4.2% for 42 listed banks [4] - The trend of early redemption of perpetual bonds is expected to continue, driven by lower issuance costs and the need for banks to maintain refinancing capabilities [7]

Core Viewpoint - Recent approvals for perpetual bonds by banks in Northwest China, specifically Lanzhou Bank and Xi'an Bank, indicate a strategic move to enhance capital adequacy ratios amid tightening capital conditions [5][6][8]. Group 1: Bond Issuance Approvals - Lanzhou Bank has received regulatory approval to issue up to 5 billion RMB in perpetual bonds, with the flexibility to decide on timing, batches, and scale within 24 months [1]. - Xi'an Bank has also been approved to issue up to 7 billion RMB in perpetual bonds, similarly allowing for autonomous decisions regarding issuance timing and scale within the next 24 months [3]. Group 2: Purpose of Bond Issuance - The issuance of perpetual bonds is primarily aimed at improving capital adequacy ratios, as banks are currently facing tighter capital conditions [5]. - Both banks have disclosed their plans for the use of raised funds, with Lanzhou Bank intending to enhance its ability to support local businesses and promote stable business development [8]. - Xi'an Bank plans to use the funds to meet macro-prudential capital adequacy requirements and support its ongoing business growth [8]. Group 3: Market Trends and Context - The issuance of "perpetual bonds" has accelerated since the second quarter, with total issuance surpassing the previous year's figures [5][9]. - As of now, the cumulative issuance of "perpetual bonds" by domestic commercial banks has reached approximately 770.16 billion RMB, with 596.3 billion RMB issued in the second quarter alone [9]. - The decline in bond market interest rates has contributed to the increased pace of issuance, with current costs remaining at historical lows [9].

【导读】国有大行定增再迎新进展，邮储银行已完成1300亿元缴款验资 中国基金报记者王思文 国有大行增资又有新进展！ 继中国银行、交通银行率先完成千亿元注资后，6月17日晚间，邮储银行宣布已完成定向增发股票的缴款验资等工作，募集资金总额为 1300亿元。 本次发行引入财政部战略投资，财政部首次成为邮储银行股东，预计本次发行将提升邮储银行核心一级资本充足率1.5个百分点。 此前，中国银行、建设银行、交通银行、邮储银行四家国有大行于3月30日同步发布定增预案。其中，财政部包揽中国银行、建设银行全 部新发行股份，并认购交通银行、邮储银行逾九成新增股份，合计出资规模达5000亿元，用以夯实资本实力，拓展未来发展空间。 财政部首入邮储银行 6月17日晚间，邮储银行发布《向特定对象发行A股股票发行情况报告书》，披露其定向增发A股股票已完成缴款验资，定向增发的股票 发行工作圆满完成。该行本次定向增发共发行约209.34亿股，最终发行价格为6.21元/股，募集资金规模为1300亿元，预计将提升公司核 心一级资本充足率1.5个百分点。 此次发行由财政部、中国移动集团、中国船舶集团以现金方式认购。其中，财政部认购金额为1175.8 ...