险资FVOCI类资产占比提升，银行平均股息率仍有4.6%

Investment Rating - The report maintains a recommendation for the banking sector, indicating a positive outlook for investment in this industry [1]. Core Insights - The report highlights that the average interest rate for banks remains at 4.6%, despite a slowdown in revenue and profit growth for listed banks in Q1 2025 [1][8]. - The overall market performance of the banking sector has shown resilience, with a 0.3% increase over the past month and a 26.5% increase over the past year, outperforming the benchmark index [2][5]. - The report notes a shift in asset allocation by insurance companies towards FVOCI (Fair Value Through Other Comprehensive Income) assets, which is expected to stabilize net investment income under new financial regulations [8]. Summary by Sections 1. Information from Annual and Quarterly Reports - In Q1 2025, listed banks experienced a revenue decline of 1.7% and a net profit decline of 1.2% year-on-year, primarily due to decreased contributions from non-interest income and provisions [8][9]. - The average non-performing loan ratio remained stable at 1.16%, while the average attention ratio increased to 1.88%, indicating ongoing risks in retail and small micro sectors [8][9]. 2. Dynamics of Insurance Asset Allocation - Insurance companies are increasing their allocation to long-term bonds to mitigate the pressure on net investment returns, with significant increases in FVOCI asset proportions across major insurers [8]. 3. Monthly Market Performance - In April 2025, the banking sector outperformed the index with a decline of only 0.47%, ranking 6th among 31 industry categories [5]. - The average price-to-book (PB) ratio for state-owned banks was around 0.69, while joint-stock banks saw a decrease from 0.6 to 0.58 [5]. 4. Banking Fundamentals Tracking - The report indicates that 13 listed banks are expected to have a dividend yield exceeding 5% in 2025, with an average dividend payout ratio of 26.1%, reflecting a slight increase from the previous year [9]. 5. Investment Recommendations - The report suggests focusing on state-owned banks and stable joint-stock banks, as well as high-quality regional banks with strong provisioning coverage, in light of the ongoing economic recovery [5].