业绩双双承压下，两家银行营收结构差异明显。2025年前三季度，东莞银行利息净收入、金融投资收益 同比均负增长，但中间业务净收入创历史同期新高；南海农商行中间业务同样回暖，且投资收益同比增 长50.75%，占营收比例攀升至46.84%，但利息净收入继续下滑。 IPO因财务资料过期被中止审核后，东莞银行、南海农商行近日披露了2025年三季度"成绩单"。2025年 前三季度，两家银行营业收入与净利润均延续"双降"趋势。其中，东莞银行实现营收69.18亿元，同比 下滑9.39%，净利润25.44亿元，同比下降20.66%；南海农商行实现营收42.77亿元，同比下滑8.73%，净 利润18.65亿元，同比下降17.08%。 营收、净利润"双降" 2025年前三季度，东莞银行、南海农商行均延续了去年营收、净利润"双降"态势。 东莞银行前三季度实现营收69.18亿元，同比下降9.39%；净利润25.44亿元，同比下降20.66%。南海农 商行的业绩表现同样不尽如人意，该行前三季度实现营收42.77亿元，同比下降8.73%；实现净利润 18.65亿元，同比下降17.08%。 这一下滑趋势实际上在2024年就已显现。企业预警通 ...

● 本报记者 陈露 Wind数据显示，截至11月20日，今年以来，已有19家保险公司发行资本补充债或永续债，合计发行规 模741.7亿元，尽管与去年同期保险公司发债规模相比略有下降，但仍维持在较高水平。 今年以来，险企发行永续债的热情升温。在上述19家发债保险公司中，有一半的公司选择发行永续债， 发行规模合计接近500亿元，占比接近70%。其中，平安人寿发行130亿元永续债，为今年以来保险公司 已发行的规模最大的永续债，太平人寿、工银安盛人寿、泰康人寿、阳光人寿的永续债发行规模分别为 90亿元、70亿元、60亿元、50亿元。 浙商证券固收分析师杜渐认为，保险永续债能够直接补充保险公司的核心二级资本、增强核心偿付能 力，且票面利率较低，因而成为保险公司资本补充的首选工具。 随着偿二代二期规则过渡期结束的临近，险企加快了资本补充步伐。截至11月20日，今年以来已有19家 保险公司发行资本补充债或永续债，合计规模超700亿元，其中永续债发行规模占比近七成，成为险企 补充核心资本的重要工具。业内人士认为，发债能够缓解保险公司的资本补充压力，但从长期来看，保 险公司还需增强自身"造血"能力，提升资本实力。 永续债发行占 ...

Core Viewpoint - Insurance companies are experiencing a peak in bond issuance as they seek to supplement capital through perpetual bonds and capital replenishment bonds, driven by regulatory requirements and business development needs [1][2][4]. Group 1: Bond Issuance Trends - In November 2025, several insurance companies, including China Post Life and Ping An Property & Casualty, successfully issued perpetual bonds or capital replenishment bonds, contributing to a total issuance of 741.7 billion yuan in 2025 [1][2]. - The issuance of perpetual bonds has become increasingly popular, with 10 out of 20 bonds issued in 2025 being perpetual bonds, amounting to approximately 500 billion yuan, which accounts for nearly 70% of the total [2][4]. - The overall trend shows a decrease in total bond issuance compared to previous years, but the levels remain historically high, indicating a shift towards perpetual bonds [1][8]. Group 2: Regulatory and Market Factors - The issuance of bonds is primarily driven by the need for insurance companies to meet regulatory requirements regarding solvency and capital adequacy [1][4]. - The current low-interest-rate environment has created favorable conditions for insurance companies to issue bonds at lower costs, with rates ranging from 2.15% to 2.8% in 2025, compared to higher rates in previous years [9][10]. - The introduction of the "Solvency II" rules has led to a surge in bond issuance from 2023 to 2024, with companies seeking to enhance their capital positions [8]. Group 3: Company-Specific Issuances - Notable issuances include China Post Life's 12.7 billion yuan perpetual bond and Ping An Property & Casualty's 60 billion yuan capital replenishment bond, reflecting the diverse strategies employed by different companies [2][3]. - Major life insurance companies, such as Ping An Life and Taikang Life, have issued perpetual bonds ranging from 10 billion to 130 billion yuan, showcasing their capacity to meet the higher issuance thresholds [2][4]. - The trend indicates that larger insurance firms are more likely to issue perpetual bonds due to their stronger capital positions, while smaller firms tend to rely on capital replenishment bonds [4].

11月17日晚间，厦门银行发布公告披露，该行已于近日成功完成19亿元永续债的发行工作，为公司资本 补充再添助力。据公告内容显示，此次发行的"厦门银行股份有限公司2025年无固定期限资本债券（第 一期）"，已获得中国人民银行与国家金融监督管理总局厦门监管局的正式批准，并在全国银行间债券 市场顺利完成发行流程。 本期永续债的簿记建档工作于11月13日开展，11月17日完成全部发行事宜，发行规模确定为19亿元人民 币。票面利率方面，本期债券前5年固定利率为2.32%，之后将每5年进行一次利率调整；同时，在债券 存续期第5年及之后的每个付息日，厦门银行拥有有条件赎回权。根据监管要求及相关法律规定，此次 募集的19亿元资金将专项用于补充公司其他一级资本，进一步优化资本结构。 早在今年9月1日，厦门金融监管局已正式批复该行资本补充方案，同意其发行不超过90亿元的资本补充 工具。在该批准额度内，厦门银行可自主灵活决定具体发行品种、发行时间、发行批次及单期规模，且 需在批复后24个月内完成全部发行工作。 从存量资本债券情况来看，截至目前，该行存量永续债共有三笔，分别为2020年发行的10亿元（票面利 率4.80%）、2021 ...

来源：长江商报 记者：徐佳 A股上市银行迎来最年轻行长。 日前，常熟银行（601128.SH）宣布，该行执行董事、行长包剑因工作变动原因辞任，该行董事会已同意聘任陆鼎昌为新任行长兼首席合规官。 长江商报记者注意到，年仅39岁的陆鼎昌是常熟银行从内部培养的老将，也是目前A股上市银行中年龄最小的行长。 执掌超4000亿规模的农商行优等生，陆鼎昌难言轻松。2025年前三季度，常熟银行实现营业收入90.52亿元，同比增长8.15%；归属于该行股东的净利润（以下简称"归母净利润"）33.57亿元 随着加速整合村镇银行、资产规模扩张，截至2025年9月末，常熟银行资本充足率由2024年末的14.19%下降至13.66%。 而在陆鼎昌获任的同时，常熟银行也披露了新一轮的资本补充计划，该行拟发行50亿元规模二级资本债券，用于补充二级资本。 "85后"陆鼎昌成A股最年轻行长 11月13日，常熟银行宣布高层人事变动。该行执行董事、行长包剑因工作变动，向该行董事会提交书面辞呈，申请辞去该行执行董事、董事会战略与三农金融服务委员会委员及行长职务，自20 此前在2023年末，包剑接棒薛文成为常熟银行行长，薛文升任该行董事长。 包剑辞任 ...

Core Insights - The A-share banking sector has not seen new listings for over two years since Lanzhou Bank's IPO in 2022, with the listing process for small and medium-sized banks significantly slowing down [1] - Despite the slowdown, there are still 15 banks in the preparatory phase for listing, with 14 banks recently disclosing their latest progress reports [1][2] - Common issues among these banks include asset ownership irregularities, the need for optimized equity management, and capital replenishment challenges [1][2][10] Asset Ownership Issues - Asset ownership problems are prevalent among the banks, with issues such as unregistered properties and non-compliance in leasing agreements [3][4] - For instance, Gansu Bank reported ongoing efforts to complete ownership documentation for properties valued at approximately 143 million yuan [3] - Other banks like Wenzhou Bank and Guilin Bank also face similar asset ownership challenges, including unregistered properties and incomplete leasing contracts [4] Equity Management Challenges - Many banks are struggling with complex equity structures, unqualified shareholders, and instances of illegal shareholding [5][6] - For example, Urumqi Bank has a complicated equity structure due to historical reasons and is working on capital expansion to rectify this [6] - Jiangsu Jiangnan Rural Commercial Bank has exceeded the permissible shareholding limit for individual employees, which violates regulatory requirements [6][7] Capital Replenishment Pressures - Capital adequacy remains a critical issue for many small and medium-sized banks, with ongoing pressures despite some banks issuing capital tools and expanding capital [10][11] - HanKou Bank, for instance, has implemented capital expansion measures but still faces challenges in maintaining adequate capital levels, with a capital adequacy ratio of 14.38% as of the end of 2024 [11] - The need for additional capital sources is emphasized as these banks aim to enhance their ability to serve the real economy and mitigate risks [10][12] Listing Process and Regulatory Environment - The regulatory environment has intensified scrutiny on the authenticity and completeness of information disclosure, particularly under the new registration system [1][9] - Banks must address issues related to asset ownership, equity structure, and capital replenishment before they can progress to the IPO application stage [12] - Currently, only five banks remain in the A-share IPO queue, with some at various stages of the application process [12]

Core Insights - In the second half of this year, institutions have actively researched and tracked the operational status of listed banks, with 748 institutions conducting 133 investigations into 23 listed banks as of November 13 [1][2] - The focus of these investigations has been primarily on city commercial banks and rural commercial banks, with key areas of interest including net interest margin trends, non-interest income trends, and capital replenishment [1][2] Group 1: Institutional Research - The majority of institutions conducting research on listed banks are fund companies and securities firms, accounting for 53% of the total [2] - Jiangsu Bank emerged as the most popular among institutions, receiving 83 investigations, followed by Chongqing Rural Commercial Bank and Ningbo Bank with 76 and 75 investigations respectively [2] - Ruifeng Bank had the highest number of total investigations at 22 [2] Group 2: Net Interest Margin Trends - Net interest margin has been a focal point for institutions, with some listed banks showing signs of stabilization or slight recovery compared to the previous year [2] - Several banks reported successful measures to reduce funding costs, such as exiting high-cost deposits and enhancing the absorption of low-cost current deposits [3] - Xiamen Bank reported a 4 basis point increase in net interest margin to 1.08% in the first half of the year, with continued stabilization in the third quarter [3] Group 3: Debt Market Analysis - The bond market has shown a volatile trend this year, impacting the investment income of some listed banks, particularly city and rural commercial banks [4] - Banks are focusing on their investment strategies in the bond market, with a cautious approach to market trends and adjustments in trading positions [4] - Shanghai Bank plans to enhance its market analysis capabilities and maintain flexibility in its investment strategies to mitigate risks from market interest rate fluctuations [4] Group 4: Non-Interest Income and Capital Replenishment - Many banks noted changes in non-interest income, particularly in net income from fees and commissions, which have been affected by regulatory requirements on self-managed wealth management [6] - Banks are exploring various methods for capital replenishment, combining internal capital accumulation with external sources to strengthen their capital base [6]

Core Insights - Institutions are actively researching the operational status of listed banks in the second half of the year, with 748 institutions conducting 133 investigations into 23 listed banks, primarily focusing on city commercial banks and rural commercial banks [1][2] Group 1: Institutional Research - The majority of institutions conducting research are fund companies and securities firms, accounting for 53% of the total [2] - Jiangsu Bank is the most popular among institutions, receiving 83 investigations, followed by Chongqing Rural Commercial Bank and Ningbo Bank with 76 and 75 investigations respectively [2] - Ruifeng Bank leads in total investigation counts with 22 [2] Group 2: Net Interest Margin Trends - Net interest margin (NIM) has stabilized for some listed banks, with a slight year-on-year recovery noted [2] - Several banks have reported success in reducing funding costs, which alleviates downward pressure on NIM by exiting high-cost deposits and enhancing low-cost deposit absorption [2][3] - Xiamen Bank reported a 4 basis point increase in NIM to 1.08% in the first half of the year, with continued stabilization in the third quarter [3] Group 3: Debt Market Analysis - The bond market has shown volatility this year, impacting investment income for some banks, particularly city and rural commercial banks [4] - Banks are adjusting their investment strategies in response to market conditions, with a focus on defensive strategies and selective trading opportunities [4] - Shanghai Bank aims to enhance market analysis and maintain flexibility in its investment strategies while managing interest rate risks [4] Group 4: Non-Interest Income and Capital Supplementation - Non-interest income, particularly from fees and commissions, has been affected by regulatory requirements on self-managed wealth management products [5] - Banks are exploring ways to supplement capital through internal accumulation and external sources to strengthen their capital base [5] - Qingdao Bank focuses on standardized fixed-income securities and emphasizes duration management to ensure steady growth in bond investment income [5]

Core Viewpoint - The IPO process for small and medium-sized banks in A-shares has significantly slowed down, with 15 banks currently in the listing guidance period, facing common issues related to asset ownership, equity management, and capital supplementation [1][10]. Group 1: Listing Progress and Challenges - Since the listing of Lanzhou Bank in 2022, no new banks have entered the A-share market, indicating a stagnation in the listing process for small and medium-sized banks [1]. - 14 banks, including Beijing Rural Commercial Bank and Guilin Bank, have recently disclosed their guidance progress reports, highlighting ongoing issues that have been repeatedly mentioned in previous rounds of guidance [1][10]. - The registration system has intensified the requirements for the authenticity, accuracy, and completeness of information disclosure, further amplifying the institutional deficiencies accumulated during the early development of these banks [1][9]. Group 2: Common Issues Faced by Banks - Asset ownership issues are prevalent among various banks, with examples including Gansu Bank and Wenzhou Bank, where property rights have not been properly documented [4][5]. - Specific problems include unregistered self-owned properties and non-compliant leased assets, with Gansu Bank reporting ongoing efforts to rectify ownership documentation for properties valued at approximately 143 million yuan [4][5]. - Equity management issues are also significant, with complex ownership structures and non-compliant shareholding practices identified in banks like Urumqi Bank and Fujian Haixia Bank [6][7]. Group 3: Capital Challenges - Many small and medium-sized banks face pressure on capital adequacy ratios, despite some having issued capital tools and conducted capital increases to supplement their capital [10][11]. - For instance, Hankou Bank reported a capital adequacy ratio of 14.38% as of the end of 2024, an increase of 2.54 percentage points from the end of 2023, but still faces ongoing capital consumption pressures [11]. - The need for additional capital channels remains critical, as the IPO process is seen as a key opportunity for these banks to enhance their capital levels and support economic activities [10][11].

Core Viewpoint - The article discusses the challenges faced by small and medium-sized banks in China regarding their IPO processes, highlighting common issues such as asset ownership, equity management, and capital adequacy that hinder their progress in the capital market [1][10]. Group 1: Asset Ownership Issues - Asset ownership problems are prevalent among the banks undergoing IPO preparations, with several institutions like Gansu Bank and Wenzhou Bank disclosing ownership flaws in their reports [3][5]. - Two main types of asset ownership issues are identified: self-owned assets lacking proper ownership certificates and non-compliant leased assets [4]. - For instance, Gansu Bank is still in the process of obtaining ownership certificates for properties valued at approximately 143 million yuan, while also facing issues with unregistered leased properties [4][5]. Group 2: Equity Management Challenges - Many banks are struggling with equity management, including complex ownership structures and non-compliant shareholding [6][7]. - Urumqi Bank has a complicated equity structure due to historical reasons, and is working on capital increase to optimize its equity structure [7]. - Violations of shareholding regulations are noted in several banks, such as Huishang Bank and Jiangnan Rural Commercial Bank, where individual employee holdings exceed the regulatory limit [8][9]. Group 3: Capital Adequacy Pressures - Capital adequacy remains a significant challenge for many small and medium-sized banks, with some banks like Hankou Bank needing to supplement capital through various channels [10]. - Hankou Bank's capital adequacy ratio improved to 14.38% by the end of 2024, but ongoing business development continues to exert pressure on capital levels [10]. - The article emphasizes that addressing asset ownership, equity structure, and capital adequacy issues is crucial for these banks to progress towards their IPO goals [10].