“债市投资难度加大”，多家银行策略生变：重波段，增对冲

Group 1: Market Overview - The bond market is currently experiencing intense long-short battles, contrasting with the anticipated one-sided bull market in 2024, as the market has been in a wide fluctuation pattern this year [1][2] - The ten-year government bond yield has fluctuated within a range close to 40 basis points, indicating increased difficulty in bond investments for banks [1][5] - The introduction of a new tax on bond interest income has led to a decrease in the attractiveness of certain bonds, prompting a potential reallocation of assets towards equities and other assets [2][5] Group 2: Trading Volume and Performance - In August, the total trading volume of bonds by major banks decreased to approximately 14.8 trillion yuan, down from 16.49 trillion yuan in July and 15.51 trillion yuan in June [3] - The trading volume for city commercial banks and rural commercial banks also saw a decline, totaling about 15.288 trillion yuan in August, compared to 17.24 trillion yuan in July [3] Group 3: Investment Returns and Contributions - Investment returns have been a significant support for bank revenues in the first half of the year, with 35 out of 42 A-share listed banks reporting positive year-on-year growth in investment income, averaging over 45% [7][8] - Notably, the China Construction Bank achieved an investment income of 279.12 billion yuan in the first half of the year, marking a year-on-year increase of over 200% [7] - The Postal Savings Bank was the only major bank with investment income exceeding 10% of its total revenue, achieving a growth of 64.64% [8] Group 4: Strategic Adjustments - Banks are adjusting their investment strategies in response to the current volatile market, focusing on flexible asset-liability management and increasing the use of derivatives for hedging [12][13] - The strategy includes maintaining a reasonable proportion of bond investments while actively capturing market fluctuations to enhance revenue [13] - Some banks have reported a shift towards wave trading and increased use of fixed-income-like assets to navigate the challenging market conditions [12][13]