金融投资的三账户分类——银行自营投资手册（一）

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Banks are significant participants in the bond market, and changes in their investment strategies can greatly impact the market [3][17] - The analysis is based on 135 sample banks, revealing a trend of reduced allocation to self-operated investments while increasing the proportion of trading accounts, particularly OCI assets, in a low-interest-rate environment [5][7] - The report emphasizes the importance of monitoring the marginal changes in the investment strategies of state-owned banks due to their substantial influence on the bond market [8] Summary by Sections Bank Self-Operated Investment Overview - The self-operated investment business of banks accounted for 30.7% of total assets by the end of 2024, showing a significant upward trend from 2022 to 2024 [5][15] - The increase in self-operated investment is driven by the need for performance management amid pressure on net interest margins and weak growth in interest income and fees [32][29] Accounting Classification of Self-Operated Investments - Self-operated investments are classified into three accounting categories: AC (Amortized Cost), OCI (Other Comprehensive Income), and TPL (Trading Profit and Loss), each affecting the profit and loss statement differently [6][43] - The structure of these accounts varies among different types of banks, with state-owned banks having the highest proportion of AC accounts, while rural commercial banks lead in OCI assets [56][57] Impact of Low-Interest Rates on Investment Strategies - In a low-interest-rate environment, banks are reducing the proportion of AC accounts to mitigate passive holding risks and expanding trading accounts to capture market fluctuations [65][66] - The report notes that banks can realize gains from OCI and AC accounts to support their performance during periods of profit pressure, with a contribution of 2.2% to operating income from such actions in 2024 [71][72] Focus on State-Owned Banks' Investment Strategy Changes - The report highlights that changes in the trading account proportions of state-owned banks can lead to increased market predictability and reduced volatility in the bond market [8][86] - However, unexpected events can lead to significant market fluctuations due to differing interpretations among market participants [8]