Investment Rating - The report maintains a recommendation for the banking industry [3] Core Insights - The report provides a comprehensive analysis of the asset-liability structure and interest margin changes of 42 A-share listed banks during the "14th Five-Year Plan" period, highlighting a shift towards corporate loans on the asset side and a stronger retail focus on the liability side [12][14] - The asset-liability structure indicates a significant increase in the proportion of corporate loans, rising from 57.02% to 63.22% from the end of 2020 to mid-2025, while the proportion of demand deposits decreased from 41.94% to 30% [12][14] - The report notes a decline in both asset yield and interest margin, with the yield on interest-earning assets dropping from 4.43% to 3.32% and the net interest margin decreasing from 2.23% to 1.53% during the same period [14][15] Summary by Sections Overall Asset-Liability Structure and Interest Margin Changes - The asset-liability structure shows an increase in loan-to-earning asset ratio from 54.19% to 56.49%, with corporate loans making up a larger share of total loans [14][15] - The average yield on interest-earning assets decreased significantly, with the loan yield falling from 5.34% to 3.82% [15] - The net interest margin for listed banks remains higher than that of commercial banks, despite a decline [14][15] Changes in Each Banking Sector's Asset-Liability Structure and Interest Margin - City commercial banks experienced a more significant increase in the proportion of corporate loans, with their interest margin narrowing less compared to other banks [18] - The report highlights that the proportion of deposits in interest-bearing liabilities for state-owned banks decreased, while it increased for rural commercial banks [18] - The decline in interest-bearing liabilities' cost rate was most pronounced in city commercial banks, leading to a smaller reduction in their interest margin [18]

北京商报讯（记者 孟凡霞 周义力）9月28日，陕西金融监管局发布《关于曾光西安银行行长助理任职资 格的批复》，核准曾光担任西安银行行长助理的任职资格。 ...

1. Report Industry Investment Rating No information about the report industry investment rating is provided in the given content. 2. Core Viewpoints of the Report - External environment factors such as interest rate fluctuations, bond supply - demand, and policy orientation jointly impact bond investment returns. In H1 2025, the bond investment of 42 listed banks showed certain characteristics in scale, structure, and profit and loss, but there are still challenges in maintaining stable returns in the future [1]. - The overall bond investment scale of 42 listed banks expanded steadily in H1 2025. There were differences in the investment structure among different types of banks, with state - owned banks and city commercial banks having stable growth in the bond allocation portfolio, while joint - stock banks and rural commercial banks increased their efforts in the bond trading portfolio. The bond investment portfolio generally presented a pattern of "stable foundation and flexible gain" [1]. - The coupon income of 42 listed banks was generally stable in H1 2025 but showed a slight year - on - year decline. The fair value change loss was significant, and the investment income increased. However, the bond investment of the banking industry still faces pressure to maintain stable returns [1]. 3. Summary According to the Table of Contents 3.1 42 Listed Banks' Bond Investment Volume - **Overall Bond Investment Scale: Steady Expansion**: In H1 2025, the total scale of the three types of bond - type financial assets of 42 listed banks showed a steady expansion trend. The growth of debt investment - type financial assets measured at amortized cost was relatively slow, while the growth of trading financial assets measured at fair value and included in current profits and losses was relatively large, indicating that banks increased the proportion of trading positions [9]. - **Differentiated Bond Investment Distribution Structures among Different Bank Types**: In H1 2025, state - owned banks and city commercial banks showed stable growth in the bond allocation portfolio, which may be related to their participation in the primary - market issuance of important national and regional bond varieties. Joint - stock banks and rural commercial banks slightly weakened their bond allocation power but significantly increased their efforts in the bond trading portfolio, showing a differentiated feature of "stable allocation by large banks and prominent trading flexibility by small and medium - sized banks" [13]. - **Bond Investment Allocation Tilted towards Government - Related Bonds**: In H1 2025, commercial banks increased their allocation of government - related bonds, with an average month - on - month increase of about 10% for state - owned banks, joint - stock banks, and city commercial banks, and a slightly smaller increase for rural commercial banks. The allocation of financial bonds and other bonds was differentiated. All banks held a relatively large scale of government - related bonds, followed by financial bonds and credit - related bonds [18]. - **Correlation between Financial Asset Types and Bond Variety Structures**: The banking industry maintained a stable growth of interest - rate bonds in the bond allocation portfolio and increased the allocation of credit bonds, while the allocation of financial bonds was relatively weak. In the bond trading portfolio, interest - rate bonds and financial bonds were the core varieties, with a more significant increase than credit bonds, showing a "stable foundation and flexible gain" pattern [22]. 3.2 42 Listed Banks' Bond Investment Profit and Loss - **Coupon Income: Generally Stable and Still the Main Source of Income**: In H1 2025, the total coupon income of 42 listed banks decreased slightly year - on - year. Although the scale of held - to - maturity bonds increased, the decline in the coupon rate of newly issued bonds led to a decrease in coupon income. In the future, coupon income is still expected to be the main source of bond investment income for commercial banks [26]. - **Fair Value Change Loss: Losses in the Trading Level**: In H1 2025, the total fair value change loss of 42 listed banks decreased significantly year - on - year, indicating that it was difficult to obtain capital gains through short - term trading in the volatile bond market, and there were floating losses in bond trading [28]. - **Investment Income: Growth in All Bank Types**: In H1 2025, the actual investment income of 42 listed banks in the bond field increased significantly year - on - year. Although the book value appreciation of bond - type trading financial assets and other debt investment - type financial assets was not as good as that of the previous year, banks could still increase their investment income by selling floating - profit old bonds and waiting for the maturity of high - coupon bonds [31]. 3.3 Attribution and Summary - **External Environment Driving Factors: Interest Rate Fluctuations, Bond Supply - Demand, and Policy Orientation Jointly Impact Bond Investment Returns**: In H1 2025, the "more adjustments and fewer opportunities" bond market environment led to a general decline in the prices of existing bonds, resulting in a significant year - on - year decline in the fair value change loss of listed banks' bond investment. The supply of national bonds, local government bonds, and policy - based financial bonds increased, but the coupon rate of newly issued bonds decreased, leading to a decline in coupon income. Regulatory policies indirectly affected bond investment performance [35]. - **Banking Industry's Bond Investment Pressure and Future Outlook** - Overall Income Shows a Positive Trend but There Are Still Hidden Concerns: In H1 2025, the actual bond investment income of 42 listed banks increased slightly year - on - year, but the coupon income faced downward pressure in the interest - rate downward cycle, and it was more difficult to obtain spread income through band trading. Since H2 2025, the "stock - strong and bond - weak" pattern has emerged, and the loss caused by fair value change will be more obvious [3]. - Different Bank Types Show Differentiated Performance, and State - owned Banks' Pressure Is Relatively Controllable: State - owned banks can maintain a certain profit - making ability in the low - interest - rate volatile bond market due to their advantages in bond allocation and trading portfolios. Joint - stock banks, city commercial banks, and rural commercial banks are more vulnerable, and they may increase their capital allocation in the equity market, commodity market, and related structured fixed - income products in the future [3].

证券代码：600928 证券简称：西安银行 公告编号：2025-052 西安银行股份有限公司关于 2025年金融债券(第一期)发行完毕的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 经中国人民银行批准，西安银行股份有限公司（以下简称"公司"）近日在全国银行间债券市场公开发行 了"西安银行股份有限公司2025年金融债券(第一期)"（以下简称"本期债券"）。 本期债券于2025年9月25日簿记建档，并于2025年9月26日发行完毕，发行规模为人民币30亿元，品种为 3年期固定利率债券，票面利率为2.08%。 本期债券的募集资金将用于优化中长期资产负债匹配结构，增加稳定中长期负债来源，支持公司中长期 资产业务的开展。 特此公告。 西安银行股份有限公司董事会 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 本次会议是否有否决议案：无 （三）出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： ■ （四）表决方式是否 ...

本期债券于2025年9月25日簿记建档，并于2025年9月26日发行完毕，发行规模为人民币30亿元，品种为 3年期固定利率债券，票面利率为2.08%。 格隆汇9月26日丨西安银行(600928.SH)公布，经中国人民银行批准，公司近日在全国银行间债券市场公 开发行了"西安银行股份有限公司2025年金融债券(第一期)"（以下简称"本期债券"）。 本期债券的募集资金将用于优化中长期资产负债匹配结构，增加稳定中长期负债来源，支持公司中长期 资产业务的开展。 ...

格隆汇9月26日丨西安银行(600928.SH)公布，经中国人民银行批准，公司近日在全国银行间债券市场公 开发行了"西安银行股份有限公司2025年金融债券(第一期)"（以下简称"本期债券"）。 本期债券于2025年9月25日簿记建档，并于2025年9月26日发行完毕，发行规模为人民币30亿元，品种为 3年期固定利率债券，票面利率为2.08%。 本期债券的募集资金将用于优化中长期资产负债匹配结构，增加稳定中长期负债来源，支持公司中长期 资产业务的开展。责任编辑：钟离 ...

北京商报讯（记者 孟凡霞 周义力）9月26日，西安银行发布2025年第三次临时股东大会决议公告，会议 审议通过了《西安银行股份有限公司关于不再设立监事会相关事项的议案》。 ...

北京商报讯（记者 孟凡霞 周义力）9月26日，西安银行发布公告称，经中国人民银行批准，该行近日在 全国银行间债券市场公开发行了"西安银行股份有限公司2025年金融债券(第一期)"（以下简称"本期债 券"）。 本期债券于2025年9月25日簿记建档，并于2025年9月26日发行完毕，发行规模为人民币30亿元，品种为 3年期固定利率债券，票面利率为2.08%。 本期债券的募集资金将用于优化中长期资产负债匹配结构，增加稳定中长期负债来源，支持该行中长期 资产业务的开展。 ...

证券代码：600928 证券简称：西安银行 公告编号：2025-052 西安银行股份有限公司董事会 2025 年 9 月 27 日 经中国人民银行批准，西安银行股份有限公司（以下简称"公司"） 近日在全国银行间债券市场公开发行了"西安银行股份有限公司2025 年金融债券(第一期)"（以下简称"本期债券"）。 本期债券于 2025 年 9 月 25 日簿记建档，并于 2025 年 9 月 26 日 发行完毕，发行规模为人民币 30 亿元，品种为 3 年期固定利率债券， 票面利率为 2.08%。 本期债券的募集资金将用于优化中长期资产负债匹配结构，增加 稳定中长期负债来源，支持公司中长期资产业务的开展。 特此公告。 西安银行股份有限公司关于 2025 年金融债券(第一期)发行完毕的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 ...

北京金杜（成都）律师事务所 关于西安银行股份有限公司 2025 年第三次临时股东大会 之法律意见书 致：西安银行股份有限公司 北京金杜（成都）律师事务所（以下简称本所）接受西安银行股份有限公 司（以下简称公司）委托，根据《中华人民共和国证券法》（以下简称《证券 法》）、《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督 管理委员会《上市公司股东会规则》（以下简称《股东会规则》）等中华人民 共和国境内（以下简称中国境内，为本法律意见书之目的，不包括中国香港特 别行政区、中国澳门特别行政区和中国台湾省）现行有效的法律、行政法规、 规章和规范性文件和现行有效的《西安银行股份有限公司章程》（以下简称《公 司章程》）有关规定，指派律师出席了公司于 2025 年 9 月 26 日召开的 2025 年第三次临时股东大会（以下简称本次股东大会），并就本次股东大会相关事 项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限 于： 1. 公司现行有效的《公司章程》； 2. 公司 2025 年 8 月 29 日刊登于《中国证券报》《证券时报》《上海证券 报》《证券日报》、巨潮资讯网及上海 ...