银河证券在报告中表示，2025年下半年银行业有望实现量价险三因素共振，迎来业绩实质性改善，主要 体现在：财政货币政策协同引导银行加力信贷投放、优化信贷结构；非对称降息下息差可控程度提高； 化债和地产政策加码推动对公资产风险预期改善。 从近期事件看，8月4日，农业银行披露已在银行间市场完成2025年TLAC（总损失吸收能力）非资本债 券（第二期）发行，实际发行总额500亿元。今年以来，该行已发行TLAC债券800亿元。 最近几个交易日，A股银行板块出现反弹。截至8月6日，已有浦发银行、杭州银行、常熟银行、宁波银 行、齐鲁银行、青岛银行等6家A股上市银行发布了2025年半年度业绩快报，营收净利均实现正增长， 其中5家银行归母净利润同比增幅达两位数。 此外，多家上市银行也迎来重要股东增持。8月4日，南京银行披露称，股东南京高科增持该行股份，持 股比例增至9%。6月，青岛银行公告称，青岛国信集团拟通过子公司增持该行，增持后持股比例预计不 超过19.99%。增持完成后，青岛国信将成为青岛银行第一大股东。苏州银行也获得股东持续增持。 8月6日，农业银行A股市值升至2.11万亿元，首次超越工商银行，登上A股市值冠军宝座。 ...

Core Viewpoint - Agricultural Bank of China successfully issued a total of 50 billion TLAC (Total Loss Absorbing Capacity) non-capital bonds on August 1, 2023, enhancing its capital structure and loss absorption capacity [1][2]. Group 1: TLAC Bond Issuance Details - The issuance included three maturity combinations: 300 billion for 3+1 years at a rate of 1.85%, 50 billion for 5+1 years at 1.93%, and 150 billion for 10+1 years at 2.15% [1]. - The total issuance of TLAC bonds by Agricultural Bank has reached 800 billion, following a previous issuance of 300 billion on June 26, 2023 [1][2]. - The recent issuance attracted significant interest, with total subscriptions reaching four times the base issuance amount [2]. Group 2: Market Participation and Trends - The June issuance also saw participation from a diverse range of investors, including state-owned banks, insurance companies, and foreign institutions [2][3]. - Other major banks, such as Bank of Communications and Bank of China, have also completed TLAC bond issuances, indicating a growing trend among global systemically important banks [3]. Group 3: Benefits of TLAC Bonds - TLAC bonds serve as a "bail-in" tool, allowing for conversion to equity or write-downs in case of bank insolvency, thereby enhancing loss absorption capacity [3][5]. - The issuance of TLAC bonds helps optimize capital structure by supplementing capital, reducing financing costs, diversifying funding sources, and mitigating systemic risk [4][6]. - The mechanism protects depositors and senior creditors while providing banks with new self-rescue tools during crises, ultimately improving sustainable operational capacity [5][6].