2026.02. 03 本文字数：2477，阅读时长大约4分钟 作者 | 第一财经 陈君君 2026年初，银行同业负债端出现明显收缩迹象。Wind数据显示，国有大行和股份制银行同业存单净融资规模已连续三个月为负，且负值逐月扩大；与 此同时，同业存单发行利率持续下行，1月底已降至1.59%附近。 多位业内人士指出，在存款端改善、央行持续呵护流动性以及信贷投放节奏偏缓等多重因素共同作用下，银行对同业负债的边际依赖度明显下降，银行 体系呈现出"钱多不紧"的运行状态，并对债券市场与理财产品收益形成一系列连锁影响。 同业存单净融资持续为负 从量的角度看，银行同业存单市场出现明显"减负"迹象。Wind数据显示，2025年11月、12月及2026年1月，国有大行和股份制银行同业存单净融资 额分别为-5111.90亿元、-5775.50亿元和-6229.50亿元，负值规模逐月扩大。 净融资为负，意味着当月到期量高于新发行规模，银行更多是在压降存量，而非通过同业存单补充负债。 一位股份制银行资产负债管理部人士对记者表示，在负债端整体不紧张的背景下，同业存单作为成本相对较高、期限较短的工具，其使用优先级自然下 降。"如果存款和政 ...

Core Insights - The report indicates that the scale of the banking wealth management market reached 30.67 trillion yuan by the end of June, a year-on-year increase of 7.53%, while the average annualized yield of wealth management products decreased to 2.12% from 2.65% in 2024 [1][2][3] Group 1: Market Performance - In the first half of 2025, wealth management products generated a total return of 389.6 billion yuan for investors, a 14.18% increase compared to the same period last year [2] - The decline in average annualized yield is attributed to a significant drop in bond yields, with the 10-year government bond yield falling to 2.1% and interbank certificates of deposit yields dropping below 2% [2][3] Group 2: Factors Influencing Yield - The decrease in yields is driven by lower returns on investable assets, including bank deposits and bonds, as well as reduced capital gains, with some products experiencing temporary losses [3][4] - The banking sector is facing challenges in maintaining stable returns due to the ongoing adjustment in valuation and the need to enhance net value resilience [4] Group 3: Strategic Adjustments - Wealth management institutions are actively seeking a balance between stability and yield, adjusting their strategies to cope with the pressures of declining yields and net value fluctuations [4][5] - There is a push to increase the allocation of equity assets within wealth management products, leveraging policy opportunities to attract long-term capital into the market [5] Group 4: Investor Considerations - Investors are encouraged to adopt a rational perspective on product yields and risks, making informed choices based on their investment needs and capabilities [5]