从Q3银行财报看兑现浮盈压力

Investment Rating - Industry Rating: Outperform the market (maintained rating) [6] Core Insights - The banking sector has shown a tendency to classify bonds into OCI accounts to manage profits amid market uncertainties, which helps avoid significant profit fluctuations due to bond market volatility and allows for the realization of floating profits [2][18] - Investment income has significantly increased, while contributions from fair value changes and financial investment interest income have decreased, indicating a greater effort to realize floating profits across banks this year [2][20] - The pressure to realize floating profits is expected to be manageable throughout the year, with smaller banks showing a stronger inclination compared to larger banks [27][31] Summary by Sections 1. Introduction to Banking Financial Report Related to Gold Market Income - Banking gold market business involves different accounting accounts for bond assets, reflecting various income realization methods [12][17] - Income categories include financial investment interest income, investment income, fair value changes, and other comprehensive income [17][18] 2. Evolution of Banking Gold Market Business in the First Three Quarters of This Year - The proportion of OCI account bonds has generally increased, while AC and TPL account bonds have decreased [19] - This shift is due to banks' preference for OCI classification to manage profits and realize floating profits [2][18] 3. Expectations for Floating Profit Realization Pressure - The overall pressure for banks to realize floating profits is manageable, with state-owned banks showing better revenue progress compared to smaller banks [27][31] - State-owned banks' operating income increased by 1.9% year-on-year in Q1-Q3 2025, while rural commercial banks faced a decline in net non-interest income [27][31]