9月以来，大批2020年发行的银行"二永债"（二级资本债和永续债）按下赎回键。仅9月25日，便有三 只"二永债"退场。 Choice数据显示，截至9月25日，本月已有15只银行"二永债"被赎回，赎回总额高达3026亿元，远远高 于此前各月数据。与此同时，《国际金融报》记者梳理中国货币网发现，还有绍兴银行、长春农商行等 至少8家机构宣布将实施赎回，被赎回债券票面利率显著高于新发债券。 从Choice统计数据来看，9月以来被赎回或宣布赎回的"二永债"利率在4.20%至5.40%之间。与此同时， 今年以来新发"二永债"利率大多在1.88%至2.90%之间，仅北部湾银行、富邦华一银行、镇海农商行和 华兴银行发行的4只"二永债"利率在3%及以上。 事实上，9月以来，不断有银行加入赎回"二永债"的队伍。据中国货币网公告信息不完全统计，至少已 有绍兴银行、长春农商行、嘉兴银行等8家机构宣布按下"二永债"赎回键。 9月24日，绍兴银行发布公告称，将于2025年10月30日行权，以每百元面值100元的价格，全额赎回2020 年第二期绍兴银行股份有限公司二级资本债券，该债券发行总额为10亿元。9月19日，长春农商行也宣 布赎回该 ...

Core Viewpoint - A significant wave of redemptions for "perpetual bonds" and "subordinated bonds" issued by banks in 2020 has been observed since September, indicating banks' proactive measures to optimize their asset structures and enhance capital adequacy in response to changing interest rate environments [1][2][3]. Group 1: Redemption Trends - As of September 25, 15 "perpetual bonds" have been redeemed, totaling 302.6 billion yuan, which is significantly higher than previous months [1][2]. - On September 25 alone, three banks redeemed their bonds, including China Communications Bank and Dongying Bank, with redemption amounts of 30 billion yuan and 2.5 billion yuan, respectively [2]. - By the end of September, it is projected that at least 24 "perpetual bonds" will be redeemed, with a total redemption scale not less than 321 billion yuan [2]. Group 2: Market Implications - The redemption of high-interest bonds is seen as a rational move by banks to adapt to the current domestic interest rate environment and global economic expectations [1][3]. - The interest rates of the redeemed bonds range from 4.20% to 5.40%, while newly issued bonds this year have rates mostly between 1.88% and 2.90%, indicating a strategic shift in banks' funding strategies [4]. - This trend may lead to a temporary reduction in the supply of "perpetual bonds" in the market, potentially causing price fluctuations, but it is expected to guide funds towards high-quality enterprises and lower financing costs for the real economy [3][4]. Group 3: Strategic Recommendations - In addition to redeeming "perpetual bonds," mid-sized banks are encouraged to strengthen their capital base through strategic investors or capital increases, and to utilize financial instruments like preferred shares and convertible bonds for better capital management [5]. - A flexible financing strategy is recommended to optimize credit asset allocation and investment structure, enhancing profitability and internal capital accumulation [5].

Core Insights - Zhongyuan Bank has implemented dividends for the first time in five years, distributing a total of 439 million yuan, which is 12.74% of its net profit for 2024 [1][6]. Financial Performance - In 2024, Zhongyuan Bank reported operating income of 25.955 billion yuan, a decrease of 0.9% year-on-year, while net profit increased by 7% to 3.446 billion yuan [1][3]. - The total assets of Zhongyuan Bank reached approximately 1.37 trillion yuan, growing by 1.4% compared to the previous year, with net loans and advances amounting to 697.845 billion yuan, an increase of 1.2% [1][3]. - The bank's net interest income was 21.543 billion yuan, down by 3.2% year-on-year, with net interest margin and net interest spread decreasing to 1.61% and 1.52%, respectively [3]. Non-Interest Income - Zhongyuan Bank achieved net fee and commission income of 1.418 billion yuan, an increase of 7.6% year-on-year, with significant growth in settlement and clearing service fees [4]. - Investment securities income rose to 2.504 billion yuan, a 32.2% increase, accounting for 9.65% of total operating income [4]. Asset Quality - As of the end of 2024, the non-performing loan (NPL) balance was 14.458 billion yuan, with an NPL ratio of 2.02%, a slight decrease from the previous year [7]. - Personal consumption NPLs increased to 1.667 billion yuan, with an NPL ratio rising to 3.24% [8]. - The overdue loan total reached approximately 29.251 billion yuan, with an overdue loan ratio of about 4.09% [8]. Capital Adequacy - As of the end of 2024, the core Tier 1 capital adequacy ratio, Tier 1 capital adequacy ratio, and total capital adequacy ratio were 8.46%, 10.93%, and 13.02%, respectively, showing increases from the previous year [8].