Core Viewpoint - The company has approved its 2025 semi-annual report and profit distribution plan, highlighting its financial performance and commitment to shareholder returns [17][20][36]. Financial Performance - The company reported an unaudited net profit of RMB 241.70 billion for the first half of 2025, with a distributable profit of RMB 2,541.05 billion [36]. - The net profit attributable to ordinary shareholders after deducting preferred stock dividends and perpetual bond interest was RMB 228.41 billion [36]. Profit Distribution Plan - The board approved a cash dividend of RMB 2.36 per 10 shares, totaling RMB 45.80 billion, which represents 20.05% of the net profit attributable to ordinary shareholders [21][36]. - The distribution plan considers shareholder returns, regulatory capital requirements, and sustainable business development [37]. Corporate Governance - The board and supervisory committee confirmed the accuracy and completeness of the semi-annual report, ensuring compliance with legal and regulatory standards [30][32]. - The board meeting held on August 22, 2025, had full attendance, with all resolutions passed unanimously [19][22].

作者 | 郑理 来源 | 独角金融 地处西部地区首家资产规模超过万亿的城商行，成都银行（601838.SH）迎来重要人事变动。 成都银行8月17日公告显示，董事长王晖已提交辞职报告，原因为"组织工作调动另有任用"。成都银行 还在公告中对王晖近20年来的成绩进行了梳理和肯定，披露千字长文表达感谢。 新任董事长也在同日确定。根据该行公告，成都市委决定由成都农商行董事长黄建军担任成都银行委员 会委员、书记，并提名为董事长一职。 王晖任期内，实现了成都银行从一家区域城商行跨越到A股上市银行第一梯队。经营业绩方面，2024年 成都银行实现营业收入229.82亿元，同比增长5.89%，归母净利润128.58亿元，同比增长10.17%，继续 位列上市银行前列。 图源：罐头图库 然而成都银行2024年四季度的资本充足率为13.88%，低于商业银行平均水平15.74%。2025年一季度， 成都银行资本充足率继续下滑至13.45%。 新董事长黄建军1975年11月出生，四川大学政治经济学专业毕业，在职博士研究生学历，正高级经济师 职称。 截至8月18日收盘，成都银行股价18.03元/股，较前一交易日下跌1.04%，总市值763. ...

Core Insights - The banking sector in China has shown a steady growth in total assets, reaching 467.3 trillion yuan, with a year-on-year increase of 7.9% as of Q2 2025 [1] - Large commercial banks are leading the way in supporting the real economy, with a significant portion of loans directed towards small and micro enterprises [2] Group 1: Banking Sector Performance - As of Q2 2025, total assets of large commercial banks reached 204.2 trillion yuan, growing by 10.4% year-on-year [1] - The balance of inclusive small and micro enterprise loans stood at 36 trillion yuan, reflecting a year-on-year growth of 12.3% [1] - The balance of inclusive agricultural loans reached 13.9 trillion yuan, with an increase of 1.1 trillion yuan since the beginning of the year [1] Group 2: Loan Distribution by Bank Type - By Q2 2025, large commercial banks held approximately 16.2 trillion yuan in inclusive small and micro loans, while other bank types had lower balances [2] - The inclusive agricultural loan balances for different bank types were: 5.2 trillion yuan for large commercial banks, 0.4 trillion yuan for joint-stock commercial banks, 1.0 trillion yuan for urban commercial banks, and 7.2 trillion yuan for rural financial institutions [2] Group 3: Profitability and Interest Margin - In the first half of 2025, commercial banks achieved a cumulative net profit of 1.2 trillion yuan, with an average capital return rate of 8.19% [3] - The net interest margin for commercial banks was recorded at 1.42%, with a slight decrease of 0.01 percentage points from the previous quarter [3] - Net interest margins varied by bank type, with private banks showing the highest at 3.91% [3] Group 4: Asset Quality and Capital Adequacy - The overall quality of credit assets remained stable, with non-performing loans totaling 3.4 trillion yuan, a decrease of 24 billion yuan from the previous quarter [4] - The non-performing loan ratio was 1.49%, down by 0.02 percentage points from the previous quarter [4] - As of Q2 2025, the capital adequacy ratio for commercial banks was 15.58%, reflecting an increase of 0.30 percentage points from the previous quarter [4]

Core Insights - The banking industry in China has shown resilience and stability in the first half of the year, with total assets reaching 467.3 trillion yuan, a year-on-year increase of 7.9% [1] - Major commercial banks have played a significant role in supporting the real economy, with inclusive small and micro enterprise loans growing by 12.3% year-on-year [2] - The overall asset quality of commercial banks remains stable, with non-performing loan (NPL) ratios decreasing slightly [4] Group 1: Banking Industry Performance - As of mid-year, total assets of banking financial institutions reached 467.3 trillion yuan, with large commercial banks accounting for 204.2 trillion yuan, reflecting a growth of 10.4% [1] - The non-performing loan balance stood at 3.4 trillion yuan, with an NPL ratio of 1.49%, showing a slight decrease from the previous quarter [4] - Capital adequacy ratios improved, with the overall capital adequacy ratio at 15.58%, up 0.30 percentage points from the previous quarter [4] Group 2: Support for the Real Economy - Inclusive small and micro enterprise loans reached 36 trillion yuan, marking a 12.3% increase year-on-year, with large commercial banks holding over 16 trillion yuan of this total [2] - Agricultural loans also saw growth, with a balance of 13.9 trillion yuan, increasing by 1.1 trillion yuan since the beginning of the year [2] Group 3: Operational Efficiency and Profitability - The cost-to-income ratio for commercial banks improved to 30.2%, a decrease of 5.3 percentage points from the previous year [3] - Non-interest income as a percentage of total income rose to 25.75%, an increase of 3.33 percentage points since the end of last year [3] - The net interest margin remained stable at 1.42%, with a slight decrease of 0.01 percentage points from the first quarter [3] Group 4: Capital and Risk Management - The banking sector has been actively expanding its capital base, with over 1 trillion yuan raised through subordinated debt and perpetual bonds this year [5] - Major banks have issued total loss-absorbing capacity (TLAC) bonds to meet regulatory requirements, with issuance amounts of 800 billion yuan for Bank of China and Agricultural Bank of China, and 700 billion yuan for Bank of Communications [5]

Core Viewpoint - Xi'an Bank plans to hold its second extraordinary general meeting of shareholders for 2025 on August 14, where it will discuss several proposals, including the election of new board members and the issuance of financial bonds not exceeding 10 billion yuan [2][4]. Group 1: Financial Bond Issuance - The bank intends to issue financial bonds with a total amount not exceeding 10 billion yuan, which has attracted significant market attention [4]. - The bonds will have a maturity of no more than 5 years and will include various types such as ordinary financial bonds, special financial bonds for small and micro enterprises, green financial bonds, agricultural-related bonds, and technology innovation bonds [5]. - The funds raised from this bond issuance will be used to optimize the bank's long-term asset-liability matching structure and to support its long-term asset business, subject to applicable laws and regulatory approvals [5]. Group 2: Recent Bond Issuance Activities - In 2023, Xi'an Bank has been active in issuing bonds, having issued 2 billion yuan in April and another 2 billion yuan in June, both with a fixed interest rate of 2.35% and a term of "5+5 years" to enhance its Tier 2 capital [5]. - In late June, the bank redeemed a 2 billion yuan Tier 2 capital bond issued in 2020 and was approved to issue 7 billion yuan in perpetual bonds, successfully issuing 5 billion yuan in the first phase of 2025 with a fixed interest rate of 2.4% for the first 5 years [5].

金融监管总局近日发布的2025年一季度银行业保险业主要监管指标数据显示，今年一季度，银行业 总资产保持增长，金融服务持续增强。截至一季度末，我国银行业金融机构本外币资产总额458.3万亿 元，同比增长6.7%。银行业金融机构普惠型小微企业贷款余额35.3万亿元，同比增长12.5%；普惠型涉 农贷款余额13.7万亿元，较年初增加7955亿元。 商业银行信贷资产质量总体稳定，但不良贷款余额和不良率均较上季度末有所上升。截至一季度 末，商业银行不良贷款余额3.4万亿元，较上季末增加1574亿元；不良贷款率1.51%，较上季末上升0.01 个百分点。 上海金融与发展实验室首席专家、主任曾刚在接受《金融时报》记者采访时表示，导致不良贷款反 弹的核心因素主要包括宏观经济恢复节奏仍有波动，部分行业和区域企业经营压力犹存；信用风险出清 持续推进，不良认定和暴露更加彻底；叠加普惠小微、涉农等重点领域贷款扩张，风险管理压力加大。 另外，数据显示，截至一季度末，商业银行（不含外国银行分行）资本充足率为15.28%，一级资 本充足率为12.18%，核心一级资本充足率为10.70%，均处在合理区间，比上季末有所下降。曾刚认 为，资本充 ...

Core Points - China Construction Bank issued the second phase of 2025 subordinated capital bonds totaling 45 billion yuan, with a 5+5 year maturity at a coupon rate of 1.94% and a 10+5 year maturity at a coupon rate of 2.13% [1] - Following this issuance, the capital adequacy ratio of China Construction Bank is expected to increase by approximately 0.2 percentage points, strengthening its capital position [1] - The bank aims to enhance its capital management and ensure a stable capital adequacy ratio to better support national strategies and high-quality economic development [1]

Core Insights - The speed of capital replenishment among insurance companies has significantly increased recently, with major issuances of perpetual bonds [1][2] - The total issuance of perpetual bonds by insurance companies this year has reached 457 billion yuan, surpassing the total of 359 billion yuan for the entire previous year [2] Group 1: Recent Issuances - Taiping Life successfully issued 9 billion yuan of perpetual bonds with a coupon rate of 2.40% [1] - Eight insurance companies, including Taiping Life, Ping An Life, and Taikang Life, have issued capital replenishment bonds and perpetual bonds totaling 36.6 billion yuan [1] - Among these, five companies issued perpetual bonds, amounting to a total of 32.7 billion yuan [1] Group 2: Market Trends - The issuance of perpetual bonds has been driven by higher capital adequacy requirements under the second phase of the solvency regime, prompting companies to replenish capital [2] - Current market interest rates are relatively low, allowing insurance companies to finance at a lower cost [2] - The coupon rates for perpetual bonds issued in 2023 range from 2.20% to 2.48%, while those for 2024 are between 2.20% and 2.50% [2]

Core Viewpoint - Internet-based private banks are actively issuing interbank certificates of deposit (CDs) to manage liabilities and support capital replenishment, reflecting their asset expansion while maintaining balance sheet stability [1][5][8]. Group 1: Issuance and Trends - Internet-based private banks, including WeBank, SuShang Bank, XinNet Bank, and JinCheng Bank, have significantly increased their issuance of interbank CDs in 2023 compared to the previous year, with most banks experiencing growth in issuance scale and a decline in interest rates [1][2]. - As of August 7, 2023, WeBank issued 53 batches of CDs totaling 154.52 billion yuan, a 340% increase from the previous year, while SuShang Bank issued 87 batches totaling 11.02 billion yuan, a slight increase of 15.3 million yuan [2][6]. - The overall trend shows that the issuance of interbank CDs is a crucial tool for banks' active liability management and liquidity control [2][3]. Group 2: Capital Management and Challenges - The issuance of interbank CDs not only aids in liability management but also indirectly supports capital replenishment, highlighting the flexibility and targeted strategies of different banks in their capital management [3][5]. - Despite the growth in asset size, internet-based private banks face challenges in maintaining capital adequacy ratios, with WeBank's capital adequacy ratio reported at 12.7% as of Q1 2025, down from 13.81% in the previous year [8][9]. - The tightening of regulations and the upcoming "assisted lending regulations" pose additional challenges for these banks, potentially impacting their asset structure and growth strategies [9][10]. Group 3: Market Conditions and Future Outlook - The market liquidity is currently abundant, leading to a downward trend in the interest rates of interbank CDs, which is expected to continue [4][7]. - Analysts predict that the issuance of interbank CDs will remain stable in the second half of the year, with fluctuations likely due to seasonal factors [7][8]. - Internet-based private banks are exploring alternative growth avenues, such as enhancing their wealth management services, to adapt to the changing market conditions and regulatory environment [9][10].

Financial Performance - Adjusted net income reached $56.1 million, with adjusted diluted EPS at $0.44[11] - Net interest margin surpassed 3%, reaching 3.06%, an increase of 11 bps linked quarter and 37 bps year-over-year[11] - Total revenue exceeded $214 million, while adjusted PPNR totaled $77.3 million[11] Balance Sheet - Total assets amounted to $26.7 billion[3] - Total deposits stood at $21.8 billion[3] - Total loans reached $17.1 billion[3] Credit Quality - The ACL ratio remained at 1.48%, consistent with 1Q25 levels[11] - Net charge-offs were reported at 25 bps in 2Q25[11] Capital Ratios - Total RBC Ratio was 14.4%[3] - TCE Ratio was 8.5%[3]