1. Report Industry Investment Rating - No information about the report industry investment rating is provided in the given content. 2. Core Viewpoints of the Report - To better understand banks' asset - liability allocation behavior and analyze its impact on the bond market, it is necessary to systematically sort out and split bank regulatory indicators. This report focuses on the regulatory requirements in the field of bank liquidity, including the development history of the domestic bank liquidity regulatory system, in - depth analysis of the composition of five regulatory indicators, and a comprehensive introduction of multiple liquidity monitoring indicators [3][19]. 3. Summary According to the Directory 3.1 Liquidity Regulatory Indicators' Introduction and Evolution - After the 2007 - 2009 global financial crisis, Basel III proposed the Liquidity Coverage Ratio (LCR) and the Net Stable Funding Ratio (NSFR) in 2010 to strengthen short - term and medium - long - term liquidity constraints on banks. China's liquidity regulatory system has followed a path of "first monitoring, then regulation, and then systematic improvement". In 2006, liquidity monitoring indicators were proposed; in 2014, regulatory and monitoring indicators were implemented in parallel; in 2015, the content of regulatory indicators was adjusted and monitoring indicators were expanded; in 2018, the "Five regulatory indicators + multiple monitoring indicators" framework was established, and the monthly/quarterly reporting mechanism was clarified [8][21][22]. 3.2 Liquidity Coverage Ratio (LCR) - **Calculation Formula**: LCR = Qualified High - Quality Liquid Assets (HQLA) / Net cash outflow in the next 30 days. The regulatory requirement is that the LCR level should not be less than 100% [9][27]. - **Composition and Calculation of the Numerator**: HQLA is divided into Level 1 assets and Level 2 (2A/2B) assets, calculated by asset × discount coefficient. There are restrictions on the proportion of Level 2 assets, and some special assets such as ordinary financial bonds and inter - bank certificates of deposit are not included [29][30][31]. - **Composition and Calculation of the Denominator**: The denominator is calculated as ∑ expected cash outflows in the next 30 days × conversion rate - ∑ expected cash inflows in the next 30 days × conversion rate. There are also some calculation rules and special considerations [32][33]. 3.3 Net Stable Funding Ratio (NSFR) - **Calculation Formula**: NSFR = Available stable funds / Required stable funds. The regulatory requirement is that the NSFR level should not be less than 100% [10][37]. - **Composition and Calculation of the Numerator**: Available stable funds are obtained by multiplying different types of liabilities and capital by corresponding conversion coefficients. Longer - term, more stable funds have higher coefficients [40]. - **Composition and Calculation of the Denominator**: Required stable funds reflect the occupation of stable funds by assets and off - balance - sheet items. Assets with shorter terms, better liquidity, and higher credit quality have lower coefficients [41]. - **Difference from LCR**: In terms of calculation methods, LCR can be simplified as asset/liability, while NSFR is liability/asset. In terms of regulatory logic, LCR focuses on short - term liquidity, and NSFR focuses on medium - long - term term structure [11][46][48]. 3.4 Other Three Liquidity Regulatory Indicators - **High - Quality Liquid Assets Adequacy Ratio (HQLAAR)**: Designed for small and medium - sized banks with total assets below 200 billion yuan, with a minimum regulatory standard of not less than 100%. It is similar to LCR but has simpler calculation rules [50]. - **Liquidity Matching Ratio (LMR)**: A structural indicator with Chinese characteristics, measuring the term configuration structure of banks' main assets and liabilities, with a minimum regulatory standard of not less than 100%. It is more sensitive to term structure changes compared to NSFR [53]. - **Liquidity Ratio (LR)**: One of the earliest and most common liquidity regulatory indicators, applicable to all commercial banks. It reflects the basic liquidity status under normal conditions, with a minimum regulatory standard of not less than 25% [54][56]. 3.5 Current Situation of Bank Liquidity Regulatory Indicators - **Overall Banking Industry**: The overall LR, LCR, and NSFR of the banking industry show a fluctuating upward trend. LCR generally declines quarter - on - quarter in the third quarter and rebounds in the fourth quarter. The disclosure of the overall NSFR of the banking industry started in the first quarter of 2024, and it has been improving since then [57]. - **By Bank Type**: All four types of banks meet the LCR requirements, but the buffer space of state - owned and joint - stock banks is significantly lower than that of city and rural commercial banks. The NSFR of joint - stock banks is under continuous pressure, and they are more motivated to adjust their asset - liability behavior to improve the NSFR at the end of the quarter [63][68]. 3.6 Liquidity Monitoring Indicators - These indicators are used for continuous observation, cross - verification, and forward - looking identification of banks' liquidity risk status. They do not have a unified hard - line standard but are important for auxiliary judgment. For example, the banking industry's overall loan - to - deposit ratio has been fluctuating upward and stabilized around 80% in 2024 and 2025, and the overall excess reserve ratio has a large fluctuation range, reaching 1.64% at the end of 2025 [73][76].