1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The report conducts a detailed analysis of the financial investment, liability, and asset conditions of 42 listed banks. It reveals new trends in bank bond investment under low - interest and asset - shortage environments, and analyzes the reasons for changes in liability costs, net interest margins, and the scale and structure of liabilities and assets [2][8][9]. - By examining financial investment accounts, the report presents the characteristics of different types of banks in terms of investment scale, account structure, investment varieties, and term structure. It also analyzes the changes in liability - side costs and net interest margins, as well as the structural changes in absorption deposits, bonds payable, and inter - bank liabilities [9]. - Based on the first - quarter reports of 42 listed banks in 2025, the report analyzes the changes in major asset - side items such as loan issuance and inter - bank assets, and combines bond market performance to explain the reasons for these changes [8][9]. 3. Summary According to the Table of Contents 3.1. Listed Banks' Financial Investment: Enhanced Trading Attributes, Favor for OCI Accounts - **Financial Investment Scale**: In Q1 2025, the financial investment scale of listed banks maintained above - seasonal growth. The stock scale of financial asset investment of 42 listed banks reached 94.7 trillion yuan, accounting for about 30.17% of total assets. The investment growth rate increased from 10% in Q1 2024 to 14% in Q1 2025. Different types of banks showed different growth trends, with state - owned banks' growth slowing down and rural commercial banks' growth significantly rebounding [14][18][21]. - **Financial Investment Accounts**: The proportion of FVOCI in financial investment continued to rise. As of Q1 2025, the scales of FVTPL, FVOCI, and AC accounts were 12.8 trillion yuan, 27.0 trillion yuan, and 55.0 trillion yuan respectively. Different types of banks had different account structure changes. State - owned banks' trading characteristics were enhanced, joint - stock and city commercial banks' investment styles became more stable, and rural commercial banks' OCI accounts became the largest, with enhanced trading characteristics [25][29]. - **Financial Investment Varieties**: In the second half of 2024, listed banks' financial investments were still mainly government bonds, but more were placed in OCI accounts. Financial bonds replaced funds as the main growth point in trading accounts. Different types of banks had different investment variety focuses. State - owned banks mainly passively承接 government bonds, joint - stock banks saw significant growth in financial bonds, city commercial banks' financial bonds and policy - financial bonds increased significantly, and rural commercial banks mainly invested in trading varieties such as treasury bonds and policy - financial bonds, with a decline in fund investment scale [34][44][55]. - **Financial Investment Terms**: In the second half of 2024, the financial investment terms of listed banks were slightly extended. The overall term of financial investment increased from 4.27 years to 4.29 years. Different accounts showed different term changes, with the AC account's term compressed and the OCI account's term extended. Different types of banks also had different term structure characteristics [59][60]. 3.2. Liability Side: Obvious Effect of Inter - bank Deposit Rectification, Prominent Active Liability Characteristics of State - owned and Joint - Stock Banks - **Liability Cost**: In Q1 2025, the comprehensive liability cost of listed banks dropped to 1.65%, a significant decrease of 23bp from the end of 2024. The reasons included the accelerated manifestation of the "repricing" effect of deposit costs after the reduction of deposit listing rates and the significant cost - reduction effect of inter - bank deposits. The net interest margin continued to narrow, with state - owned and rural commercial banks under greater pressure [67][69]. - **Liability Scale**: As of Q1 2025, the total liability scale of listed banks was about 289.6 trillion yuan. The deposit expansion accelerated seasonally at the beginning of the year. The liability scale increased by 11.6 trillion yuan quarter - on - quarter, with a year - on - year growth rate of about 7.7%. Different liability items had different changes. Absorption deposits increased, bonds payable of state - owned banks increased significantly, and inter - bank liabilities decreased overall, except for rural commercial banks [70][74][85]. 3.3. Asset Side: Good Start in Credit, Reduction of Inter - bank Assets - In Q1 2025, the total asset scale of 42 listed banks was about 314 trillion yuan, a quarter - on - quarter increase of 11.9 trillion yuan, with a year - on - year growth rate of 7.5%. - **Loan Issuance and Advances**: The credit "good start" was promising. The ratio of loan assets to total assets of listed banks increased by 0.3pct to 56.34%. Different types of banks had different credit growth rates, with state - owned and joint - stock banks' loan growth slowing down, and city and rural commercial banks' loan growth accelerating [5]. - **Inter - bank Assets**: In Q1 2025, inter - bank assets decreased by 346 billion yuan quarter - on - quarter to 15.9 trillion yuan. State - owned and joint - stock banks were the main reduction items, mainly reducing repurchase funds lent out, while city and rural commercial banks maintained growth [5].