地处中部的万亿级城商行长沙银行（601577.SH）也加入了赎回优先股的阵营。 长江商报消息●长江商报记者 潘瑞冬 12月26日晚间，长沙银行发布公告称，该行于2019年12月20日非公开发行6000万股优先股，发行规模为 人民币60亿元（简称"长银优1"）。2025年12月25日，该行已经赎回全部已发行的"长银优1"优先股，票 面金额和股息共计支付62.3亿元，目前已完成摘牌。 据悉，长沙银行2019年发行的优先股股息较高，在利率下降的环境下，赎回优先股，可以减少融资成 本，并以更低成本的资本工具替代。 长沙银行2018年上市，上市之后，该行的营业收入和归母净利润保持双增长，连续八年增长。2025年前 三季度，长沙银行的营业收入和归母净利润分别为197.21亿元、65.57亿元，同比增长1.29%、6%。截至 三季度末，该行的总资产达1.24万亿元。 整体上来看，长沙银行自上市以来，资产质量呈稳定改善趋势，2018年，公司的不良贷款率为1.29%， 到2025年前三季度，该行的不良率降低至1.18%，降低了0.11个百分点，优于同期城商行的平均水平。 赎回优先股年内发债140亿 12月27日，长沙银行发布公 ...

Investment Rating - The report maintains a "Buy" rating for Mitsubishi Electric (Melco) [1][5][22]. Core Insights - Mitsubishi Electric is undergoing a significant transformation, shifting from a product sales-based business model to one that leverages data extracted from components, focusing on miniaturization and discontinuing non-strategic businesses [2][5]. - The company plans to invest in data center optical devices instead of power components due to a slowdown in xEV applications, and aims to localize its FA operations [2]. - Melco is targeting a shareholder return rate of 50% or higher and aims to maintain a debt-to-equity ratio of 0.3x [4][10]. Summary by Relevant Sections Business Strategy - Melco expects sales to grow from ¥2.1 trillion and an operating profit margin of 6.6% in FY3/22 to ¥2.5 trillion and 9.3% in FY3/26, despite lower-than-expected trends in fixed asset control systems [8]. - The company plans to terminate businesses generating ¥0.5 trillion in sales as part of its portfolio review [8]. Cost Reduction - The company is focused on rapid cost reductions, particularly in China, to address challenges faced by its operations [3]. Capital Allocation - Melco is considering mergers and acquisitions (M&A) in growth sectors such as industrial, HVAC, and AI/digital technologies, with a new M&A budget set at ¥1 trillion through FY3/28 [4][10]. - The company aims to enhance profitability by improving operational efficiency and reallocating resources [10]. Financial Performance - Melco forecasts sales of approximately ¥680 billion for FY3/26, with a target of achieving at least 10% growth in operating profit margin [11][9]. - The company plans to increase production capacity in response to strong orders in its defense business and aims to restore operating profit margins to over 10% through restructuring and cost reductions [5][12]. Semiconductor and Device Business - Melco intends to limit investments in power devices while shifting focus to high-performing optical devices, with plans to accelerate the expansion of its HVDC power module business [20][21]. - The company aims to increase its optical device sales by over 20% annually [21].