【远东资信】2025年商业银行“二永债”市场简析：探寻化债背景下的供需博弈与结构性机遇-250411（15页）.pdf

1、 !#$%&()*+,-.!2025!411#$%&#$%&()*()*+,+,!#2025$%&()*+,-%&()*+,-././0011 2222345,6789:;?ABC345,6789:;?ABC/0101234234 55 “!#”$%&(!)*+#,-#./0123%&(4)#1$%&(56.*+789:1:;1?ABCDE1FGHIJKLM3NO#PQR;STUVW X)YZ1.(_ab12024 c%&(“!#”(_defgh1ij-#“kc”lm1%&(no“kpg”qrst#u+W2.(vwab1x;($“!#”(_iy1 z($“!#”(|iyW 3.()ab1h)“

2、!#”(_h1z!)*+#h)#(cK1-#h)#(q24c;W 4.(ab1 GYZ(“1 2024 c“!#”(1-ySW-1!#*-.1$3#1*1!#W-.$%/01-.$%/01 1.23456789:78;2024.11.18 2.23456?A$%=2022.7.14 3.23456BC78A$%=2021.10.21 !1/13!#$%&()*+,-.!2025!411#$%&#$%&()*()*+,+,DEDEFGFG“*+,*+,”HH$X%$X%&x*+()*+x*+()*+.,1-x%&(*+()6,1-x%&(*+()6./0./0-1234-1234I5123451

3、234III51x*+()*+l6-7X_89a:q;4.()W51x*+()*+l6-7X_89a:q;$Basel Accord%$234()?AuBC.XDE(*+,()FG1H.$IJ*+YZKCqSLx(M”NOqs(P.,YZW1988 c1234?AQRS13PX*+T,*+FG.x=5$U01234 I5%1V4W()*+.XY,Zs61$()*+9fK._WM1dg,ab1234?AcM3 2004cq2010 cq2017 cS1234 II51234 III51de(.W-fgK1FhJi,M”NOHF.jkK1x*+()*+l6-7X*+86l;I)mnW 771118

4、9:;?ABC89:;?ABC DEDE 1988DD 2004DD 2010DD 2017DD(F(F G;=G;=IHH G;=G;=IIHH G;=G;=IIIHIJKLHIJKLMNMN G;=G;?1LMH IG;=IIH N G;=1Yp*yzyz|*UVdeLMH IG;=IIIH IJKLMN N G;=1)st*OPQRH IG;,qxf()r.1 su0.()-x%&(*+()ohJx_8Xp,qxf()r.1 su0.()WW:1-x%&(*+()cM6e tuv:1-x%&(*+()cM6e tuv Xuv$Xuv$1994-2003c%wx()uvWc%wx()uvW

5、F 1994 cy1%&(z;|6.Y1()5i6,bZW1994 c1zx(S13%&(*t#).O51V4 !2/13!#$%&()*+,-.!2025!411#$%&#$%&()*()*+,+,W*+8XY1*t#)FW1995 c1%&(5S1 U_C%&(.*+8s3 8%WtFGX“”2003 cW!uv$!uv$2004-2011c%()uvWc%()uvW%&(V1=b1Q3%&(*+8s1yWzx(&=A12002 c(”*+8 4.27%1(”*+8 2.6%W2004 c1(AS1%&(*+8)51*+1234 II5.1*+8Ta1(A(,-/_CW2004 178(*

6、+1zcM*(11%&(*+(9_,/1lh9n1 1(J(O*78*+W uv1%&(V-2003c.18%m 2011 c.1%Wm 2011 c1%&(*+8 12.7%W uv$uv$2012m%|()uvWm%|()uvW2008 cE1YZ1()_81(Ay3|.*+()*+W2012 c 7 1(AS1%&(*+)()51(r()1(,z(.*+8()6Cw 11.5%,10.5%1 F 2018 cFW 2023 c 10 1x()S1%&(*+)5$U01*+5%1*+()F1hJx_8Xp1oxf()r.1/qAq*+.”Wx()12012 cm 2024 c1%&(*+8