难寻“代餐”！中小行做债热情再升温 7月城农商行现券交易额创年内新高

Core Viewpoint - The bond market has become the main battlefield for asset allocation among small and medium-sized banks amid the "asset shortage" dilemma, with significant fluctuations in trading volumes observed throughout the year [1][2][4]. Trading Activity - In March, the total trading volume of bonds by city and rural commercial banks exceeded 17 trillion yuan, marking a 42% month-on-month increase, with nearly 350,000 transactions, a 30% increase [2]. - However, trading enthusiasm cooled in April and May, with trading volumes declining by 8.6% and 7.9% respectively, and a notable 9.5% drop in transaction counts in May [4][5]. - By July, trading volumes rebounded, reaching 17.24 trillion yuan, surpassing the trading volumes of larger banks [7]. Investment Trends - The bond investment amount of Chinese small and medium-sized banks has been steadily increasing, reaching 46.44 trillion yuan by the end of June, with a year-to-date increase of 3.6 trillion yuan [5][11]. - Despite the overall decline in trading enthusiasm, city and rural commercial banks have shown a strong demand for bond investments, driven by insufficient loan demand and a shrinking credit supply [1][10]. Market Dynamics - The concentration of quality credit resources in larger banks has limited the opportunities for small and medium-sized banks to secure quality corporate loans, prompting them to favor liquid and low-risk bonds [7]. - The bond market has experienced a bull market trend, making bond trading and investment a rational choice for small banks [7][10]. Future Outlook - The trend of small and medium-sized banks increasing bond investments is expected to continue, with a focus on enhancing asset-liability management and exploring opportunities in specialized financial services [10][12]. - The People's Bank of China has acknowledged the stabilizing role of small banks in the bond market, emphasizing the need for a balanced approach to investment returns and risk [11].