银行金融投资解析一：全国性银行金融投资表现如何？

Investment Rating - The investment rating for the banking sector is "Outperform the Market" (maintained) [3] Core Insights - Overall, the asset quality of national banks remains within a controllable range, with non-performing loan ratios at low levels. As of June 30, 2024, the static non-performing loan ratios for national banks AC and OCI were 0.86% and 0.11%, respectively, which are lower than the commercial bank average of 1.56%. Although provisions are slightly insufficient, banks have time to adjust before the transition period for the new financial asset risk classification regulations ends in 2025. Additionally, as of October 29, 2024, the Shenwan Banking Index PB was 0.52 times, at the 37.88th percentile since 2018. The index's TTM dividend yield reached 4.98%, significantly higher than current risk-free rates and deposit rates, indicating long-term investment value in bank stocks [2][3][4]. Summary by Sections Financial Investment as a Hedge Against Cycles - Financial investment is a significant source of interest income for commercial banks, accounting for 22.71% of total interest income as of H1 2024. The average balance of financial investments for 15 listed national banks was 25.79% of interest-earning assets [6][7]. Configuration of Financial Investments - National banks primarily invest in bonds, with a significant portion in government bonds. As of June 30, 2024, the financial investment balance of 15 listed national banks reached 73.06 trillion yuan, with bonds accounting for 87.74% of this total. Government bonds made up 67.84% of the bond investments, showing a gradual increase over the years [9][13][12]. Asset Quality of Financial Investments - The overall asset quality of financial investments is controllable, but the non-performing coverage ratio needs improvement. As of June 30, 2024, the static non-performing ratios for AC and OCI were 0.86% and 0.11%, respectively, lower than the commercial bank average. The coverage ratios for non-performing assets are relatively low, with AC's coverage at only 57.67% [19][21][24]. Provisioning Levels - The provisioning levels for financial investments are low, with AC and OCI provisioning rates at 0.85% and 0.38%, respectively, as of June 30, 2024. This is below the typical provisioning ratios for various loan categories, indicating a need for increased provisioning [23][24].