Core Viewpoint - The issuance of various types of bonds by commercial banks has reached 2.88 trillion yuan in 2023, with a significant portion being secondary capital bonds and perpetual bonds, indicating a stable market for these financial instruments [1][5]. Group 1: Bond Issuance Plans - Industrial and Commercial Bank of China (ICBC) plans to issue up to 488 billion yuan in financial bonds for 2026, an increase of approximately 38 billion yuan from the previous year's plan [2][3]. - China Construction Bank (CCB) has announced a total bond issuance plan of up to 700 billion yuan for 2026, including capital instruments and TLAC bonds [2][3]. - Other major state-owned banks, such as Agricultural Bank of China and Postal Savings Bank, are also reviewing their bond issuance plans for 2026, although specific amounts are yet to be disclosed [4]. Group 2: Market Trends and Dynamics - The total issuance of secondary capital bonds and perpetual bonds (collectively referred to as "二永债") has reached approximately 1.37 trillion yuan in 2023, with a notable decrease in secondary capital bonds by about 24.9% year-on-year, while perpetual bonds have increased by 18.4% [5][6]. - State-owned banks and joint-stock banks dominate the issuance of "二永债," accounting for 81.3% of the total market share [5]. - A significant redemption wave is observed in the "二永债" market, with 1.15 trillion yuan maturing by the end of November 2023 [5]. Group 3: Asset Management and Investment Trends - Financial bonds, including "二永债" and TLAC bonds, are becoming core assets for asset management institutions, driven by an increasing demand for fixed-income products [7][8]. - The market for financial bonds is now the largest investment segment for non-bank institutions, offering higher safety and market value compared to other debt instruments [7]. - As of Q3 2025, public funds have a significant allocation in bank bonds, with 43.6% in ordinary bank bonds, 28.5% in secondary bonds, and 9.8% in perpetual bonds [8].

Core Viewpoint - The performance report of Industrial Bank shows a slight increase in total assets and a modest growth in net profit, indicating a stable financial position despite a decline in operating income [1][2]. Financial Performance - As of June 30, 2023, Industrial Bank's total assets reached 10.61 trillion yuan, a year-on-year increase of 1.01% [1]. - The bank's operating income for the first half of the year was 110.46 billion yuan, a decrease of 2.29% year-on-year, although the decline has narrowed compared to the first quarter [1]. - Net profit attributable to shareholders was 43.14 billion yuan, reflecting a slight increase of 0.21% year-on-year, with growth turning positive compared to the first quarter [1]. Convertible Bonds and Stock Conversion - The bank's management is optimistic about the conversion of convertible bonds into stocks, as the current stock price exceeds the conversion price, providing a buffer before mandatory redemption [3]. - As of June 30, 2023, 82.7% of the issued convertible bonds remain unconverted, indicating potential for future conversion [5]. - The bank's stock valuation has improved, with the price-to-book (PB) ratio increasing from 0.52 to 0.67, driven by the stabilization of the banking sector and increased investments from long-term funds [5]. Dividend Policy and Shareholder Structure - Industrial Bank has consistently increased its dividend payout ratio over the past fifteen years, with a dividend payout ratio exceeding 30% last year, ranking second among joint-stock banks [6]. - The current static dividend yield is 4.66%, placing the bank in the top third among national banks, while its PB ratio of 0.62 indicates room for valuation recovery [6]. - The bank aims to enhance the proportion of long-term stable investors through various means, including encouraging existing major shareholders to increase their holdings [6]. Net Interest Margin Outlook - The bank's net interest margin (NIM) for the first half of the year was 1.75%, down 7 basis points from the previous year, with expectations to limit the annual decline to within 10 basis points [7]. - The bank anticipates a decrease in interest expenses due to the maturity of high-interest deposits, which will positively impact NIM stability [7]. Financial Bond Issuance Strategy - The recent tax policy change regarding the issuance of financial bonds may lead to a reassessment of the bank's issuance strategy, as it could increase the cost of issuing financial bonds [10]. - The bank plans to evaluate the issuance of financial bonds in light of the new tax implications and the comparative costs with other liabilities [10].

近日，兴业消费金融发行第五期金融债券，发行规模为25亿元。据悉，该公司年内已发行5单金融债， 累计发行规模为100亿元。募集资金主要用于补充公司中长期资金，优化公司资产负债期限结构。 今年以来，持牌消费金融公司密集发行金融债券。据不完全统计，上半年已有招联金融、兴业消费金融 等6家消费金融公司发行合计255亿元的金融债，年内发行规模创新高。 中央财经大学中国互联网经济研究院副院长欧阳日辉表示，金融债的低利率可以优化消费金融公司的利 率结构，降低融资利率，进而可以降低信贷利率，促进公司的经营覆盖面，吸引更多的投资者。而且债 券每个月固定付息，在发行时就已经锁定了长期利率，避免了市场利率波动的风险，帮助企业锁定了融 资成本，减少了很多不确定性，公司可以更好地做一些促消费、扩内需的长期经营规划。 为坚守专业化消费信贷功能定位，促进消费金融行业高质量发展，国家金融监督管理总局今年3月修订 发布《消费金融公司管理办法》，明确要求消费金融公司不吸收公众存款，是以小额、分散为原则，为 中国境内居民个人提供消费贷款的非银行金融机构。 从发行金融债情况看，部分消费金融机构呈现一些亮点。比如，招联金融发行金融债实现多个创新，首 ...