免责 声 明 近年来，工商银行凭借一系列开创性实践在债券市场创新领域积极发挥示范效应，从首 单绿色债、首单TLAC债，再到首单科创债和首单浮息债券，作为全球资产规模最大的 商业银行，工商银行始终以服务国家战略为导向，在深入贯彻新发展理念、提升金融服 务实体经济质效的同时，稳步探索业务创新，实现了高质量发展与市场引领的有机统 一。本期债券的成功发行是工商银行贯彻落实党中央关于加快多层次债券市场发展的决 策部署、助力优化我国市场利率传导机制、做好绿色金融大文章的重要创新举措。 本内容最终解释权归申万宏源证券有限公司所有。 2025年6月10日，由申万宏源证券担任主承销商的"中国工商银行股份有限公司2025年 第一期绿色金融债券（债券通）"成功发行，本期债券发行规模80亿元，期限3年，发行 时票面利率经簿记建档确定为1.70%，基准利率为发行首日（不含）前60日DR007均 值，固定利差为-0.01%。本期债券为市场首单商业银行浮息绿色金融债券。 本期债券吸引了银行、保险、基金、券商等众多投资者积极参与，取得了圆满成功。本 期债券的成功发行获得了发行人高度认可，进一步夯实了申万宏源证券与发行人的良好 合作关系，提升 ...

Investment Rating - The investment rating for the commercial banking sector is "Outperform the Market" (maintained) [1] Core Insights - A new round of deposit rate declines is creating multidimensional impacts on commercial banks' asset-liability management, forcing a transformation in their strategies [3] - On the liability side, the decrease in deposit costs alleviates interest payment pressures, but the low-interest environment intensifies deposit diversion risks, pushing banks to enhance wealth management capabilities [3] - On the asset side, banks face dual challenges of yield compression and structural adjustments, necessitating a shift towards higher-yield retail assets like consumer loans and small business loans [3] - The complexity of interest rate risk management is increasing, requiring banks to utilize derivatives for hedging and optimize duration matching through dynamic gap management [3] - The operational stratification among commercial banks is increasing, with large banks leveraging their national networks and low-cost funding to support large-scale lending, while smaller banks are constrained by regional operations and high deposit costs [3] - The era of multidimensional asset-liability management for commercial banks has arrived, necessitating a shift towards "lightweight" operations and the expansion of non-interest income sources [3] Summary by Sections 1. Framework Objectives: Matching Assets and Liabilities - The goal of asset-liability management is to balance risk and return, maximizing risk-adjusted returns while considering profitability, liquidity, and safety [7][8] 2. Constraint Tools: Optimization Under Multiple Conditions - Asset-liability management involves managing the asset-liability portfolio, liquidity, interest rate risk, and capital management [7][8] 3. System Application: Perception of Liquidity Tightness - Liquidity management indicators include LCR, NSFR, liquidity ratios, and the adequacy of high-quality liquid assets [109][110] 4. Differentiated Characteristics of Different Institutions - Different types of banks exhibit varying asset structures and investment strategies, with large banks focusing on government bonds and large corporate loans, while smaller banks may have a more diversified approach [30][34]

作 者丨叶麦穗 实习生孙筠雅 编 辑丨周炎炎 图 源丨IC p h o t o 银行存款利率倒挂的情况今年仍在蔓延。临近3月末，银行利率长短"倒挂"现象出现扩散， 不 仅国有大行、股份行，甚至农商行也出现了了类似的倒挂 。 倒挂情况波及至农商行 国有大行中，工商银行的APP整存整取定期存款利率中，三年期为1 . 9 0%，五年期利率则只有 1 . 5 5%，两者利差达到3 5个基点。中国银行零存整取、整存零取、存本取息等存款模式中，期 限三年期的年利率为1 . 0 0%，五年期年利率也为1 . 0 0%，二者持平。 农业银行的存款虽然没有倒挂，但是三年和五年的存款利率差别非常小，前者为1 . 5%，后者 为1 . 5 5%。 招 商 银 行 的 情 况 如 出 一 辙 ， 据 其 APP 显 示 ， 零 存 整 取 三 年 期 与 零 存 整 取 五 年 期 利 率 均 为 1 . 0 0% ， 呈 现 持 平 状 态 。 同 时 ， 招 商 银 行 灵 动 存 半 期 年 利 率 为 1 . 5 0% ， 一 年 期 年 利 率 为 1 . 6 0%，两年期年利率为1 . 7 0%，三年期年利率为1 . 5 ...