在社会融资成本不断降低的大背景下，国内银行业正在进行一场融资"省钱"大赛！ 2025年成为银行可转债退出大年，优先股也同步被银行赎回，仅2025年12月，就有5家银行先后完成或 披露优先股赎回相关安排，叠加此前工商银行、中国银行、兴业银行及宁波银行赎回操作，去年有9家 银行赎回优先股；与此同时，作为"平替"融资渠道的永续债则陆续上路。2025年11月10日，工商银行在 银行间债券市场完成400亿元无固定期限资本债券（永续债）发行，票面利率为2.21%。截至去年底， 已有22家银行完成永续债发行，合计募资2923亿元，涵盖国有大行、股份制商业银行、城农商行、民营 银行。 "银行密集发行永续债主要源于资本补充的迫切需要，随着信贷资产扩张和风险加权资产上升，商业银 行尤其是中小银行普遍面临资本充足率下滑的压力，亟须通过发行二级资本债和永续债补充其他一级资 本和二级资本。而且用永续债替代优先股、可转债，在利率上每年至少可省3%。"博通咨询首席分析师 王蓬博对《华夏时报》记者表示。 一面退出，一面发新 岁末年初，银行业上演了一出赎回优先股、发行永续债的"大戏"。 2025年12月26日，长沙银行发布公告，该行于2019 ...

21世纪经济报道记者 叶麦穗 近期，随着融资成本不断降低，多家银行密集披露优先股赎回方案。 21世纪经济报道记者注意到，12月份以来，已有5家银行先后完成或披露优先股赎回相关安排。叠加此前工商银行、中国银行、兴业银行及宁 波银行的赎回操作，2025年以来，已有9家银行赎回优先股。 对此，苏商银行特约研究员高政扬表示，上市银行赎回优先股，核心是主动优化资本成本与资本结构。其赎回高息优先股，既能降低付息成 本、缓解盈利压力，又能顺应监管要求置换低成本工具，进一步优化资本构成。 12月5家银行赎回优先股 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。 除了长沙银行之外，12月份，北京银行、上海银行、杭州银行、南京银行等城商行也相继发布公告宣布赎回旗下优先股，赎回规模分别为49亿 ...

出品：新浪财经上市公司研究院 作者：君 2025年A股市场圆满收官，这一年注定成为资本市场发展史上的关键节点——指数跨越十年关口、市值突破百万亿、成交创下历史纪录，在政策 红利与资金活水的双重驱动下，市场呈现"稳中向好、结构分化"的鲜明特征。本系列将通过2025年A股再融资市场情况，包括再融资受理情况、 上会审核情况以及发行上市情况，对A股再融资市场进行全面剖析。 根据Wind数据统计，截至2025年12月31日，全年再融资（包括增发、配股、优先股及可转债，仅统计已发行的）规模达9508.65亿元，同比增长 326.17%。其中增发（包括公开增发及定向增发）8877.32亿元，贡献了绝大部分增量，同比增长412.99%；可转债631.33亿元，同比增长 30.77%；配股、优先股募资额均为0。 年内沪深北交易所共受理再融资251家次，审核通过181家次，报送证监会188家次，证监会注册173家次，终止（撤回）35家次。据统计，各上市 板块再融资过会率均为100%。 目前，仍有235家上市公司处于再融资排队状态。按审核状态，已受理11家、已问询108家、已审核通过11家、报送证监会37家、证监会注册62 家、中 ...

苏商银行特约研究员高政扬对《证券日报》记者表示，上市银行赎回优先股，核心是主动优化资本成本 与资本结构。其赎回高息优先股，既能降低付息成本、缓解盈利压力，又能顺应监管要求置换低成本工 具，进一步优化资本构成。 赎回动力增强 近期，多家银行密集披露优先股赎回方案。据《证券日报》记者梳理，12月份以来，已有5家银行先后 完成或披露优先股赎回相关安排。叠加此前工商银行、中国银行、兴业银行及宁波银行的赎回操作， 2025年以来，已有9家银行赎回优先股。 资本补充呈现三大趋势 田利辉认为，银行集中赎回优先股，是行业在利率周期变化与监管导向下，主动开展的资本结构优化升 级。这一现象背后，折射出鲜明的行业发展趋势：银行业正从过往的规模粗放扩张转向精细化的资本管 理阶段，经营重心也更加聚焦于降低融资成本、提升运营效率，资本管理模式亦从被动达标满足监管要 求转向主动优化适配发展需求。 中国邮政储蓄银行研究员娄飞鹏告诉《证券日报》记者，赎回优先股不仅能有效降低银行整体资本成 本、改善净息差水平，还能进一步提升核心一级资本充足率，增强自身抗风险能力。同时，该操作可释 放银行财务空间，为后续资本规划预留更大弹性，也能向市场传递出银行 ...

Core Viewpoint - The banking sector is experiencing a valuation recovery, driven by increased dividends and stock price appreciation, despite still being in a state of deep undervaluation [1][2][4]. Group 1: Market Performance - Investors in bank stocks have seen significant gains this year, with some reporting stock values reaching 1.7 million yuan and benefiting from dividends [1]. - The banking sector index (Shenwan) has recorded a year-to-date increase of 6.35%, lagging behind the CSI 300 index by 11 percentage points, indicating a persistent undervaluation [1][2]. - Agricultural Bank of China has led the sector with a remarkable 50.7% increase in stock price this year, while Xiamen Bank also saw a substantial rise of 43.4% [2]. Group 2: Investment Trends - Long-term investors, including insurance funds and state-owned capital, are increasingly viewing bank stocks as a safe investment, contributing to a recovery in the banking sector [4]. - The trend of increasing dividends among banks is seen as a commitment to returning value to investors, with 37 A-share listed banks announcing mid-term dividends totaling 215.46 billion yuan [5][6]. - The implementation of mid-term dividends by banks, including a first for Industrial Bank, reflects a strategic move to attract stable long-term investments [6]. Group 3: Future Outlook - Analysts maintain an optimistic outlook for 2026, predicting a shift in the investment logic for bank stocks from merely defensive dividends to a combination of dividends and growth [7]. - The banking sector is expected to stabilize in terms of performance, with net interest margins projected to bottom out and begin to recover, contrasting with previous years of decline [7][8]. - The capital strength of major state-owned banks is being reinforced through new rounds of funding, enhancing their ability to support the real economy and manage risks effectively [8].

Core Viewpoint - The motivation for listed banks to redeem existing "high-interest" preferred shares is increasing in a low-interest-rate environment, aiming to save on interest costs [1][4]. Group 1: Redemption of Preferred Shares - Changsha Bank announced the redemption of 6 billion yuan of its preferred shares "Changyin You 1" on December 25, 2025, marking it as the fifth bank to redeem preferred shares in December [1][4]. - A total of 9 banks have redeemed preferred shares since 2025, with a cumulative redemption amount exceeding 1,000 billion yuan [4][5]. - The redemption actions include banks such as Nanjing Bank (4.9 billion yuan), Shanghai Bank (20 billion yuan), and Beijing Bank (4.9 billion yuan) [3][4]. Group 2: Market Trends and Supply - The total outstanding preferred shares of banks is 6,453.5 billion yuan, accounting for 99.58% of the preferred share market [5]. - Since 2020, the issuance of new preferred shares has nearly halted, leading to a gradual reduction in the outstanding volume [5][6]. - The introduction of perpetual bonds in 2019 has diversified the capital supplement tools available to banks, reducing the attractiveness of preferred shares [5][6]. Group 3: Investment Dynamics - Preferred shares are becoming increasingly scarce, making them a valuable asset for asset management institutions, including public funds and insurance funds [8][9]. - As of June 2025, approximately 3,079 billion yuan of bank preferred shares were held by wealth management products, representing 40.66% of the total outstanding preferred shares [8]. - The liquidity of bank preferred shares remains low compared to other capital supplement tools, with a low turnover rate in the market [9].

智通财经APP讯，能源国际投资(00353)公布，于2025年12月24日，公司(作为发行人)分别与认购人(孙可 先生、Cosmic Shine International Limited及王卉霖女士)订立三份认购协议，据此，认购人已有条件同意 按认购价每股认购股份0.245港元认购合共10.35亿股认购股份，认购价较较股份于认购协议日期在联交 所所报的收市价每股0.3港元折让约18.33%，代价总额为约2.54亿港元。所得款项净额全部用于赎回公 司间接非全资附属公司山东顺东港务有限公司发行的本金额为人民币2.7亿元的优先股。 ...

Core Insights - The global low-interest-rate environment is pushing the asset management industry towards an "ecological win-win" model, moving away from isolated strategies [1][3] - The discussion highlights the importance of diversified asset allocation strategies to enhance returns while managing risks in a low-yield context [3][9] Group 1: Investment Strategies - ICBC-AXA is actively exploring new investment avenues such as public REITs, convertible bonds, and preferred stocks to enhance returns [1] - The company emphasizes a pyramid asset allocation strategy, with a focus on long-term bonds as the foundation, high-grade credit bonds in the middle, and equities at the top [3][7] - Huatai-PineBridge is increasing its focus on fixed income plus strategies and exploring other asset values to meet client needs in a low-interest environment [1][2] Group 2: Market Outlook for 2026 - The stock-bond relationship is expected to continue, with potential tactical opportunities arising from a recovery in interest rates [2][6] - The macroeconomic outlook for 2026 suggests a controlled risk of recession, with expectations of a gradual recovery and stable nominal GDP growth [6] - The focus will be on the PPI trend, which is anticipated to drive corporate profit recovery [6] Group 3: Collaborative Ecosystem - The asset management ecosystem is characterized by collaboration among insurance companies, public funds, and brokerages, each bringing unique strengths [9][10] - Insurance institutions focus on strategic asset allocation, while public funds excel in tactical asset allocation and security selection [9] - Brokerages provide comprehensive research support and distribution channels, enhancing the overall investment ecosystem [10][11] Group 4: Risk Management and Client Needs - The emphasis on understanding client needs is crucial, with a focus on risk control and aligning investment strategies with client objectives [4][8] - The collaboration between insurance funds and public funds is aimed at creating value through long-term capital provision and quality asset solutions [10] - Brokerages play a vital role in customizing services for different investors, particularly in asset allocation and risk assessment [11]

记者注意到，12月以来，包括长沙银行在内，已有北京银行（601169）、上海银行（601229）、杭州银 行（600926）和南京银行（601009）等5家银行先后宣布对旗下优先股进行赎回，合计规模达458亿元。 若加上此前的工商银行（601398）、中国银行（601988）、兴业银行（601166）和宁波银行 （002142），2025年以来赎回优先股的银行数量已增加至9家。 多位研究人士表示，优先股作为银行资本工具，自2020年以后银行对其新发已几乎停滞。同时，伴随着 存量银行优先股的加速赎回并退市，存量规模愈发减少。近年来，商业银行为优化资本结构，赎回优先 股的意愿更是不断强化。在资管机构看来，银行优先股的配置稀缺性也进一步凸显。 人民财讯12月23日电，低利率环境下，上市银行赎回存量"高息"优先股以节省付息成本的动力愈发增 强。近日，长沙银行（601577）公告称，将于12月25日赎回60亿元优先股"长银优1"，并终止挂牌。 ...

人民财讯12月17日电，南京银行（601009）12月17日公告，公司拟于2025年12月23日全额赎回于2015年 12月23日非公开发行的0.49亿股优先股，每股面值人民币100元，总规模人民币49亿元。 ...