金融市场年度体检报告来了，央行披露三大领域压力测试结果

Core Viewpoint - The People's Bank of China released the "China Financial Stability Report (2025)", which includes stress test results for the banking sector, public funds, and open bank wealth management products, indicating the resilience of the financial system under extreme but plausible adverse shocks [3]. Banking Sector Stress Testing - The stress tests involved 3,235 banks, including various types such as state-owned, joint-stock, and rural banks, assessing their resilience to macroeconomic shocks and credit risks [5]. - The macro scenario stress tests showed that 23 participating banks have strong resilience to economic shocks, with credit risk being the primary factor affecting their capital adequacy [5][6]. - Under light, moderate, and severe stress scenarios, the non-performing loan (NPL) ratio for these banks is projected to rise significantly, reaching 3.08%, 5.02%, and 6.55% respectively by the end of 2025, 2026, and 2027 under light stress [6]. Sensitivity and Liquidity Risk Testing - Sensitivity tests indicated that the banking sector has a certain level of resilience to asset quality deterioration, with capital adequacy ratios dropping to 14.76%, 13.44%, and 10.54% under varying levels of asset quality stress [9]. - Liquidity risk tests showed that overall liquidity is sufficient, with 98.49% of banks passing under light stress and 96.29% under severe stress, indicating an improvement from 2023 [10]. Contagion Risk Testing - Contagion risk tests conducted on 60 larger banks revealed that the banking sector can withstand defaults from individual banks without significant contagion effects, with only minimal instances of cascading defaults observed [11]. Public Fund and Wealth Management Product Testing - The liquidity management capability of public funds was assessed, showing strong results with only 0.01% of funds failing under light stress and 0.34% under severe stress, a decrease from the previous year [13]. - For open bank wealth management products, 3,690 products were tested, with 4.6% failing the liquidity test, amounting to 830.53 billion yuan, indicating manageable liquidity risks [13].