中经记者 秦玉芳 广州报道 此外，盘古智库高级研究员余丰慧还表示，监管要求的变化以及银行自身资本结构优化的需求，也是促 使银行选择赎回高成本优先股的重要原因。"短期内优先股的赎回可能会导致资本充足率有所下降，但 从长远来看，通过替换为更低成本的资本工具，有助于降低资金成本，提升资本使用的效率。" 华源证券分析指出，在利率下行环境中，银行主动赎回优先股的动力较强。在投资策略方面，当前对银 行优先股的投资应在充分考虑"赎回风险"前提下采取防御措施。 华源证券进一步分析表示，固定溢价较高的优先股，因其未来付息成本较高，银行赎回旧券、重新低息 融资的动力较强烈，易遭遇"价值毁灭"，需重点警惕该风险。相反，固定溢价较低的优先股，其股息支 付压力相对较小，即使利率下行，银行主动赎回的动力也相对有限，安全性更高。因此，建议采用防御 型投资策略，优先选择固定溢价较低、信用资质优异的标的，在降低赎回风险的同时，获取稳定的股息 收益。 不过，在净息差持续承压的背景下，银行如何平衡"赎回高息优先股"与"发行低成本资本工具"之间的节 奏，成为资本管理的关键。杜娟认为，这反映出银行业资本管理正从规模扩张转向以成本效率为核心的 精益化模 ...

Core Insights - The performance of Da Cheng Fund's equity investment capabilities has declined in recent years, particularly in 2025, where its absolute return rate dropped significantly compared to previous years [1][3][10] Performance Overview - Da Cheng Fund achieved a 7.79% absolute return from 2023 to 2024, ranking first among 24 mid-to-large equity fund companies [1][3] - In 2025, the absolute return rate fell to 22.10%, placing it second to last in the same peer group [1][3] - The fund's flagship product, Da Cheng Gao Xin Stock A, has seen a cumulative return of 416.31% since its inception in 2015, but has recently underperformed against the market [3][4] Fund Management Strategy - The cautious investment strategies of star fund managers, such as Han Chuang, have contributed to the underperformance during the current bull market [1][6] - Han Chuang's funds have a high concentration in resource stocks and large-cap stocks, leading to a lack of diversification [7][8] - New fund launches, like Da Cheng Xing Yuan Qi Hang, have also reflected a conservative approach, with a low stock allocation of only 0.73% [8] Market Position and Challenges - Da Cheng Fund's overall market position has weakened, with its stock fund ranking dropping to 11th and mixed fund ranking to 16th [10][11] - The fund has failed to capitalize on the booming money market over the past eight years, resulting in a significant decline in its money fund scale [10][11] - The fund's late entry into the ETF market has hindered its ability to capture market opportunities, with significant gaps in product scale compared to leading competitors [11][12]

Group 1: Investment Insights on Bank Preferred Shares - Bank preferred shares dominate the preferred stock market, with a total issuance of 58 shares raising 908.66 billion yuan, of which bank preferred shares account for 92.35% [5][6] - As of September 16, 2025, there are 31 existing preferred shares with a total scale of 705.88 billion yuan, of which 28 are bank preferred shares totaling 701.15 billion yuan [5][6] - Investment in bank preferred shares should adopt a defensive strategy considering "redemption risk," especially in a declining interest rate environment where banks may redeem high fixed-rate preferred shares to refinance at lower costs [8][7] Group 2: Waste-to-Energy Industry Insights - In Q3 2025, the waste-to-energy sector saw 32 projects awarded with a total investment of approximately 2.3 billion yuan, with 75% of these projects focused on upgrading existing facilities rather than new constructions [10][11] - The price of waste cooking oil in China reached a three-year high, with the average price for northern waste oil recorded at 7,374 yuan/ton, reflecting a 3.23% increase month-on-month [12][13] - The tightening supply and demand dynamics are expected to support further price increases in the future, benefiting companies with raw oil resources [13][12]