银行资负观察第四期：进入四季度银行负债端压力如何

Industry Investment Rating - Neutral | Maintain [1] Core Insights - The report indicates that the banking sector is experiencing a stabilization phase, with a focus on credit issuance and interest margin improvement. The performance of the banking sector is expected to remain volatile due to changes in investor risk appetite and the rising profitability of technology growth sectors in the A-share market [6][32]. Summary by Sections Industry Overview - Closing Index: 4018.96 - 52-Week High: 4670.31 - 52-Week Low: 3552.99 [1] Banking Liquidity Review - From August 6 to September 25, the fluctuation of interbank funds was smaller than the same period last year. The DR007-OMO rates showed an upward trend in late August due to tax periods and improved bank credit issuance, followed by a downward trend in early September due to weak PMI data. By mid to late September, the rates increased again due to accelerated asset issuance by banks and regulatory compliance [12][17]. Monitoring of Liquidity Indicators - The usage of interbank certificates of deposit (CDs) improved due to increased medium to long-term funding from the central bank. However, the net financing growth of state-owned banks' CDs may decline marginally due to reduced deposit maturity volumes [5][18]. - The excess reserve ratio was measured at 1.29% in August 2025, remaining above levels from the past two years. The NSFR for large banks was 107.01%, consistent with the previous year, indicating a stable liquidity structure [23][27]. Investment Recommendations - The report suggests focusing on banks with significant deposit maturities and potential interest margin improvements, such as Bank of Communications and Chengdu Bank. Additionally, it recommends looking at state-owned banks that benefit from consumer loan interest subsidy policies, like China Merchants Bank [6][32].