债市波动 挤压银行投资收益空间 ◎记者 黄冰玉 张欣然 在债市波动与净息差收窄的双重压力下，多家上市银行今年前三季度营收承压，"债牛"红利逐渐消退。 公允价值变动损益大幅下滑，成为拖累非息收入的主要因素，而部分银行则通过"卖债"兑现浮盈对冲影 响。 业内人士认为，随着央行重启国债买卖操作、债市情绪回暖，银行投债逻辑正从配置转向主动管理，并 加快通过交易能力与中间业务拓展提升非息收入，构建更具韧性的盈利模式。 具体来看：招商银行公允价值变动损益亏损额度居前，前三季度累计亏损88.27亿元，其中，仅三季度 单季亏损就达到40.08亿元；光大银行前三季度公允价值变动损益亏损49.82亿元；华夏银行前三季度公 允价值变动损益亏损45.05亿元。 对此，多家银行在业绩说明会上均提及"债券估值波动"是主要原因。招商银行在财报中解释称，今年前 三季度非利息净收入同比下降4.23%，其中债券与基金投资收益减少是主要拖累。光大银行也在三季报 中表示，非利息收入同比减少14.83%，主要系公允价值变动损失扩大。华夏银行行长瞿纲在业绩说明 会上解释称，收益大幅下滑主要受债市波动影响，导致金融资产公允价值重估带来较大损失。 业内人士 ...

债市波动 挤压银行投资收益空间 ◎记者 黄冰玉 张欣然 在净息差持续承压、信贷扩张放缓的背景下，投资收益一度成为银行利润的重要支撑。尤其在过去两年 的"债牛"行情中，债券投资带来可观浮盈，不少银行成为"买债大户"。然而，今年以来债市波动加剧， 债券估值下行导致银行持债资产重估损失扩大，成为拖累业绩的重要因素。 Wind数据显示，截至2025年三季度末，42家上市银行中，非息收入同比下滑的有24家，投资净收益同 比下滑的有8家，31家银行披露的公允价值变动净收益为负。 具体来看：招商银行公允价值变动损益亏损额度居前，前三季度累计亏损88.27亿元，其中，仅三季度 单季亏损就达到40.08亿元；光大银行前三季度公允价值变动损益亏损49.82亿元；华夏银行前三季度公 允价值变动损益亏损45.05亿元。 对此，多家银行在业绩说明会上均提及"债券估值波动"是主要原因。招商银行在财报中解释称，今年前 三季度非利息净收入同比下降4.23%，其中债券与基金投资收益减少是主要拖累。光大银行也在三季报 中表示，非利息收入同比减少14.83%，主要系公允价值变动损失扩大。华夏银行行长瞿纲在业绩说明 会上解释称，收益大幅下滑主要受债 ...

Group 1 - The core viewpoint of the article is that Zijin Bank held its fifth board meeting on October 30, 2025, to review the agenda including the third quarter report for 2025 [1] - For the first half of 2025, Zijin Bank's revenue composition shows that interest income accounted for 83.09% while non-interest income made up 3.17% [1]

Group 1 - The core point of the article is that Zijin Bank (601860.SH) reported a decline in both total operating revenue and net profit for the first three quarters of 2025 compared to the previous year [1] Group 2 - For the first three quarters of 2025, the total operating revenue was 3.273 billion yuan, representing a year-on-year decrease of 5.42% [1] - The net profit attributable to shareholders of the parent company was 1.204 billion yuan, showing a year-on-year decline of 10.9% [1] - The basic earnings per share were reported at 0.33 yuan [1]

Core Viewpoint - Zijin Bank, established in 2011 and listed in 2019, is a regional commercial bank in Jiangsu Province, facing challenges in revenue and profit compared to industry peers [1][2]. Group 1: Business Overview - Zijin Bank's main business includes corporate finance, personal finance, funding operations, and others [1]. - As of Q3 2025, the bank reported revenue of 3.273 billion yuan, ranking 8th in the industry, significantly lower than the top competitor, Chongqing Rural Commercial Bank, which reported 21.658 billion yuan [2]. - The bank's net profit for the same period was 1.204 billion yuan, placing it last in the industry rankings [2]. Group 2: Financial Performance - The bank's asset-liability ratio stood at 92.86% in Q3 2025, higher than the industry average of 91.45% [3]. - The gross profit margin was reported at 43.37%, which is below both the previous year's margin of 45.89% and the industry average of 51.47% [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 1.08% to 63,000, while the average number of shares held per shareholder decreased by 1.07% to 56,400 [5]. - The largest circulating shareholder, Hong Kong Central Clearing Limited, reduced its holdings by 4.938 million shares [5]. Group 4: Executive Compensation - The chairman of Zijin Bank, Shao Hui, received a salary of 195,300 yuan in 2024 [4].

| 证券代码： 601860 | 证券简称： 紫金银行 | 公告编号：2025-038 | | --- | --- | --- | | 可转债代码：113037 | 可转债简称：紫银转债 | | 江苏紫金农村商业银行股份有限公司 监事会会议决议公告 本公司监事会及全体监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。 江苏紫金农村商业银行股份有限公司（以下简称 "本行"）于 2025 年 10 月 30 日在本行总部以现场方式召开监事会会议，会议通知及会议文件已于 2025 年 10 月 20 日以电子邮件方式发出。会议应出席监事 9 人，实际出席监事 9 人。 本次会议的召集、召开符合《公司法》等法律法规和公司章程的有关规定。 会议以现场记名投票表决方式审议通过了以下议案： 1.关于 2025 年第三季度报告审核意见的议案 表决结果：赞成 9 票；反对 0 票；弃权 0 票。 监事会认为，本行 2025 年第三季度报告的编制和审议程序符合《公司法》 等法律、法规以及本行《章程》和内部控制制度的有关规定；2025 年第三季度 报告的内容和格式符合监 ...

| 证券代码： 601860 | 证券简称： 紫金银行 | 公告编号：2025-037 | | --- | --- | --- | | 可转债代码：113037 | 可转债简称：紫银转债 | | 江苏紫金农村商业银行股份有限公司 董事会会议决议公告 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。 江苏紫金农村商业银行股份有限公司（以下简称"公司"）第五届董事会第 三次会议于 2025 年 10 月 30 日在公司总部以现场方式召开。会议通知及会议文 件已于 2025 年 10 月 17 日以电子邮件方式发出。会议应出席董事 11 人，实际出 席董事 10 人，因部分董事任职资格尚需报金融监管机构核准，本次会议有表决 权董事 9 人。孙隽董事因公务原因无法出席本次会议，委托申林董事代为出席。 部分监事及高级管理人员列席会议。会议由董事长邵辉先生主持，会议的召集、 召开符合《公司法》等法律法规和公司章程的有关规定。 表决情况：9 票赞成，0 票反对，0 票弃权。 本议案已经公司董事会审计委员会审议通过。 详见上海证券交易所网站（w ...

重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 江苏紫金农村商业银行股份有限公司 2025 年第三季度报告 证券代码：601860 证券简称：紫金银行 江苏紫金农村商业银行股份有限公司 2025 年第三季度报告 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。 第三季度财务报表是否经审计 □是 √否 审计师发表非标意见的事项 □适用 √不适用 一、主要财务数据 （一） 主要会计数据和财务指标 单位：千元 币种：人民币 项目 本报告期 本报告期比 上年同期增 减变动幅度 (%) 年初至报告期末 年初至报告期 末比上年同期 增减变动幅度 (%) 营业收入 880,642 -18.44 3,273,308 -5.42 利润总额 351,803 -34.43 1,416,561 -10.47 归属于上市公司股东的 ...

Core Insights - The rural commercial bank sector experienced a slight increase of 0.03% on October 30, with Changshu Bank leading the gains [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Stock Performance - Changshu Bank (601128) closed at 7.04, up 1.73% with a trading volume of 1,123,500 shares and a transaction value of 800 million yuan [1] - Other notable performances include: - Yunnan Rural Commercial Bank (601077) at 6.88, up 0.29% [1] - Wuxi Bank (600908) at 6.06, up 0.17% [1] - Jiangyin Bank (002807) at 4.79, down 0.21% [1] - Shanghai Rural Commercial Bank (601825) at 8.49, down 0.35% [1] Capital Flow - The rural commercial bank sector saw a net outflow of 21.47 million yuan from institutional investors, while retail investors contributed a net inflow of 18.53 million yuan [1] - Specific capital flows for selected banks include: - Jiangyin Bank (002807) with a net outflow of 29.87 million yuan from institutional investors [2] - Yunnan Rural Commercial Bank (601077) with a net inflow of 19.57 million yuan from institutional investors [2] - Shanghai Rural Commercial Bank (601825) with a significant net outflow of 23.35 million yuan from institutional investors [2]

Core Points - The article emphasizes the importance of raising awareness among grassroots communities about the risks of illegal fundraising and financial scams, particularly targeting vulnerable groups such as the elderly and farmers [2][3] - The event organized by Zijin Rural Commercial Bank in Jiangdu District included various educational materials and interactive activities to effectively communicate financial safety knowledge [2][3] Group 1 - The event featured a "Little Round Service Team" acting as financial educators, using simple stories to explain common scams like "guaranteed high returns" and "agricultural cooperation projects" [2] - The initiative focused on teaching the elderly about safe investment practices, introducing the "three looks and one check" method to identify potential scams [2] - Over a hundred promotional materials were distributed, and more than a hundred consultations were conducted, enhancing residents' awareness and ability to discern illegal fundraising activities [3] Group 2 - Zijin Rural Commercial Bank plans to continue its role as a local financial leader by deepening its ongoing anti-fraud awareness campaigns [3] - The bank aims to strengthen the financial safety net in Jiangdu District, contributing positively to the region's financial stability [3]