最新公告显示，长沙银行拟于2025年12月25日赎回全部6000万股优先股，涉及金额60亿元。该批优先股 于2019年12月20日非公开发行。 资金流向方面，8月22日主力资金净流出911.90万元，占流通市值比例为0.02%。近五个交易日主力资金 累计净流入990.95万元。 风险提示：投资有风险，入市需谨慎。以上信息仅供参考，不构成投资建议。 截至2025年8月22日收盘，长沙银行股价报9.84元，较前一交易日下跌1.11%。当日成交量为275760手， 成交金额达2.70亿元。 长沙银行是湖南省首家上市银行，主要经营商业银行业务。该行当前总市值为395.72亿元，市盈率为 4.55倍，市净率为0.59倍。 ...

美东时间 8 月 2 日伯克希尔披露最新季报， 巴菲特持有的 3441 亿美元现金 及国债 近历史高位，但 略低于 3 月底的 347 7 亿美元。 伯克希尔连续第 11 个季度净抛售股票，在 2025 年上半年 净卖出 45 亿美元的股票。 尽管美股在 4 月份因关税政策出现了 " 深 V" 式的大幅调整，巴菲特依旧按兵不动，并未趁机抄底， 在 剧烈波动的二季度 保持定力。 伯克希尔在第二季度的经营收益同比下降 4% ，主要受保险业务利润下滑所拖累。同时，尽管公司股 价已从历史高点回落逾 10% ，巴菲特仍未进行任何回购操作。 值得特别关注的是，伯克希尔对其持有的卡夫亨氏股份进行了 38 亿美元的减值处理，减值后账面价值 为 84 亿美元。 这一动作的直接诱因，是卡夫亨氏管理层在 2025 年宣布将 " 考虑包括拆分在内的战略选项 " ，令伯 克希尔认为其持股的内在价值与市场价格之间的落差已非暂时性。 此举类似于典型的私募股权交易，但本质区别 在于 ：巴菲特明确表示伯克希尔从无意出售所持股份， 反而希望将来有机会增持 （如果 3G的伙伴有意出售的话） ，甚至不排除在合适时机将部分优先股转 换为普通股持有。 ...

Core Viewpoint - The article discusses the evolution of capital management tools in commercial banks, highlighting the shift from preferred shares to perpetual bonds as the primary means of capital supplementation due to changing market conditions and financial strategies [2][5][7]. Group 1: Preferred Shares Redemption - Recently, A-share listed banks have initiated a wave of preferred share redemptions, with Industrial Bank announcing the redemption of all its preferred shares totaling 56 billion yuan [2][3]. - The trend indicates that banks are moving away from issuing preferred shares as a primary capital supplement, despite their historical popularity [2][5]. - The high dividend rates of previously issued preferred shares are becoming less attractive in the current low-interest-rate environment, prompting banks to seek more cost-effective alternatives [4][5]. Group 2: Cost Savings and Financial Management - Industrial Bank's decision to redeem its preferred shares was influenced by the high financial costs associated with maintaining these shares, with expected dividend payments of 2.597 billion yuan in 2024 [3][4]. - The shift towards redeeming preferred shares is also driven by the lower costs associated with issuing perpetual bonds, which can save banks significant financial resources [3][5]. - Analysts suggest that banks can achieve substantial savings by redeeming preferred shares and issuing perpetual bonds instead, as the latter has a much lower issuance cost [3][5]. Group 3: Capital Management Strategies - The average core Tier 1 capital adequacy ratio for commercial banks was reported at 10.7% as of the first quarter of 2025, with many banks falling below this average [7]. - Banks are increasingly focusing on capital management strategies that prioritize reducing risk-weighted assets and enhancing asset returns, particularly in light of current profitability pressures [7][8]. - The implementation of advanced capital measurement methods poses additional challenges for banks, requiring them to adapt their risk-weighted asset calculations to meet regulatory standards [8].

Core Viewpoint - The article discusses the challenges faced by bank wealth management subsidiaries in optimizing asset allocation strategies due to regulatory changes that require a return to net value-based pricing for financial products, making it difficult to achieve high returns, stable valuations, and high liquidity simultaneously [1][4][11]. Regulatory Changes - Regulatory authorities have mandated the cessation of self-built valuation models used by bank wealth management subsidiaries, which previously smoothed net value fluctuations of financial products [3][11]. - The new regulations require the use of standardized valuation methods, such as those provided by the China Bond Pricing Center and the China Securities Index [11][12]. Impact on Investment Strategies - In response to regulatory changes, banks are reducing their holdings of long-term bonds and low-rated credit bonds, opting instead for short-term, high-rated bonds to minimize net value fluctuations [4][18]. - The overall bond investment strategy is shifting towards more liquid assets to enhance the stability of financial product valuations [18][22]. Investor Education - Increased pressure on investor education has been noted, as banks must help clients understand the implications of net value fluctuations and avoid panic selling during periods of volatility [2][10]. Market Dynamics - The article highlights a significant decline in the net buying of long-term credit bonds by bank wealth management subsidiaries in June, indicating a strategic shift in response to market conditions and regulatory pressures [22]. - The overall bond yield environment has also influenced banks to diversify into other high-dividend investment products to maintain overall returns [19][22].

Core Viewpoint - Industrial Bank has completed the redemption and delisting of its three phases of preferred shares, totaling 57.171 billion yuan, marking a significant step in its capital management plan [2][4]. Group 1: Redemption Details - The three phases of preferred shares, namely "Xingye Preferred 1," "Xingye Preferred 2," and "Xingye Preferred 3," were issued on December 3, 2014, June 17, 2015, and April 3, 2019, with total fundraising of 56 billion yuan [4]. - The bank has paid the full face value and dividends for the period from January 1, 2025, to June 30, 2025, amounting to 57.171 billion yuan to the preferred shareholders [4]. - The redemption was executed following the terms of the preferred share issuance and was approved unanimously by the bank's board on March 27 [4]. Group 2: Industry Context - In recent years, financial institutions have been actively redeeming preferred shares, driven by a low-interest-rate environment [6]. - For instance, Minmetals Capital announced the redemption of 50 million shares of "Wuzi Preferred 3," totaling 5 billion yuan, while Bank of China redeemed all its overseas preferred shares issued in 2020 [6]. - The redemption of preferred shares allows banks to optimize their capital structure, reduce interest expenses, and enhance the returns and dividend capabilities for common shareholders [6].

Core Viewpoint - Industrial Bank has completed the redemption and delisting of its three phases of preferred shares, totaling 57.171 billion yuan, marking a significant step in its capital management plan [1][3]. Group 1: Redemption of Preferred Shares - The three phases of preferred shares, issued on December 3, 2014, June 17, 2015, and April 3, 2019, raised a total of 56 billion yuan, with individual phases raising 13 billion yuan each for the first two and 30 billion yuan for the third [3]. - The bank has paid the full face value and dividends to preferred shareholders, amounting to 57.171 billion yuan, as of July 1, 2025 [3]. - The redemption was executed following the issuance terms and received no objections from the National Financial Regulatory Administration [3]. Group 2: Industry Trends in Preferred Share Redemption - Financial institutions have been actively redeeming preferred shares in recent years, with examples including Minmetals Capital redeeming 5 million shares worth 5 billion yuan [5]. - China Bank also redeemed all of its overseas preferred shares, which were issued in March 2020 [5]. - The trend of redeeming preferred shares is driven by a low-interest-rate environment, allowing banks to optimize their capital structure and reduce interest expenses, thereby enhancing returns for common shareholders [5].

Core Viewpoint - The banking sector is facing a "redemption" wave, including preferred shares and convertible bonds, exacerbating the ongoing "asset shortage" in wealth management products, leading to challenges in asset allocation for investors [1][2][3]. Group 1: Wealth Management Products - As of May 23, the total scale of wealth management products reached 31.32 billion, with fixed income and cash management products accounting for 75.03% and 22.65% respectively [1]. - The decline in overall interest rates has intensified the "high-yield asset shortage," making non-risky assets with yields above 2.5% increasingly scarce [1]. - Investors still view wealth management as a "deposit alternative," seeking yields above deposit rates while demanding high safety for product returns [1]. Group 2: Preferred Shares - On May 24, Industrial Bank announced plans to redeem a total of 56 billion in preferred shares, which adds to the pressure on the already limited supply of preferred shares [2]. - The total issuance of bank preferred shares peaked at 837.1 billion in January 2020, but no new issuances have occurred since, leading to a reduction in available options [4]. - The redemption of preferred shares has raised concerns among equity investors, as these shares were previously favored for their high yields and low volatility [3][4]. Group 3: Convertible Bonds - Convertible bonds are becoming an important source for enhancing fixed income investment returns, with banks showing significant interest in this asset class [5]. - The market for convertible bonds has seen increased volatility, with a shift towards higher valuations, necessitating improved active management capabilities [6]. - The redemption of convertible bonds is linked to rising bank stock prices, with the banking sector index increasing over 63.66% since early 2024 [7]. Group 4: Investment Opportunities - In response to the increased redemption of preferred shares, banks are beginning to explore investment opportunities in perpetual bonds, which have seen a slight increase in trading volume [8]. - Other potential investment avenues include public REITs, gold, equity ETFs, and private placements, which are gaining traction due to their favorable characteristics and historical performance [9].

Core Viewpoint - The company has sold $3 billion in preferred stock, indicating a strategic move to raise capital and strengthen its financial position [1] Group 1 - The sale of preferred stock is part of the company's broader strategy to enhance its capital structure [1] - The transaction reflects the company's response to market conditions and its need for liquidity [1] - This capital raise may impact the company's future investment opportunities and financial flexibility [1]

关于五矿资本股份有限公司 上海证券交易所： 经中国证券监督管理委员会《关于核准五矿资本股份有限公司非公开发行优 先股的批复》 （证监许可2023292 号）核准，五矿资本股份有限公司（以下简称 、"公司"或"上市公司"）分别于 2023 年 4 月、2023 年 8 月以及 "五矿资本" 中国国际金融股份有限公司、五矿证券有限公司 券登记结算有限责任公司上海分公司办理完成登记托管手续。五矿资本向特定对 象发行优先股第一期、第二期、第三期分别于 2023 年 5 月 15 日、2023 年 9 月 根据《证券发行上市保荐业务管理办法》（以下简称"《保荐办法》"）以及 《上海证券交易所上市公司自律监管指引第 11 号——持续督导》 （以下简称"《持 续督导工作指引》"）等相关法规规定，中国国际金融股份有限公司（以下简称"中 金公司"）、五矿证券有限公司（以下简称"五矿证券"、与中金公司合称"联席 保荐机构"）作为五矿资本向特定对象发行优先股项目的联席保荐机构，对五矿 资本 2024 年度持续督导期间的运行情况进行了现场检查，报告如下： 一、本次现场检查的基本情况 （一）联席保荐机构 中国国际金融股份有限公司、五矿 ...

将加快健全专门针对科技企业的支持机制。 校对： 王蔚 3月6日（星期四）下午，十四届全国人大三次会议举行记者会，邀请国家发展和改革委员会主任郑栅洁、 财政部部长蓝佛安、商务部部长王文涛、中国人民银行行长潘功胜、中国证券监督管理委员会主席吴清， 就发展改革、财政预算、商务、金融证券等相关问题回答中外记者提问。 吴清表示，资本市场对促进产业和科技创新都具有独特、重要的支撑作用，科技创新企业越多越强，资本 市场的吸引力、活力，为投资者创造价值的能力就越强。2024年，科创板、创业板、北交所新上市公司中 高新技术企业占比均超过九成，目前全市场战略性新兴产业上市公司市值占比已超过四成，先进制造、新 能源、新一代信息技术、生物医药等重点领域涌现出一批龙头领军企业。 吴清表示，将加快健全专门针对科技企业的支持机制。聚焦科技创新活跃、体现新质生产力方向的领域， 用好"绿色通道"、未盈利企业上市等制度，稳妥实施科创板第五套上市标准，更精准支持优质科技企业发 行上市。将加大支持科创的金融产品供给，资本市场支持科技企业不仅只有上市一条路，债券、可转债、 优先股等都可以有所作为。持续打好支持科技创新组合拳，稳步发展知识产权资产证券化 ...