一、2025 上半年金融资产处置收益及浮盈情况 增持（维持） 上半年银行净息差仍有下行压力，上市银行利息净收入普遍承压，叠加上 年同期债券投资收益高基数压力，银行择机适度增加了 AC 及 OCI 金融资 产处置收益，对业绩形成一定支撑。我们在本报告中对上半年上市银行确 认金融资产处置收益情况，进行简要梳理： 1、金融资产处置收益：AC 及 OCI 确认收益占营收比重达 5.2%，较 24A 提升 2.9pc 今年上半年 42 家上市银行投资收益增速为 23.6%，其中分账户来看，AC、 OCI、TPL 及其他三项收益的同比增速分别为 134.7%、79.0%、-8.4%。 上半年十年期国债收益率呈现先上后下的特征，债市波动加大，银行交易 性金融资产账户普遍有浮亏（25H1 上市银行公允价值变动损益为 19 亿 元，有浮亏的银行数量占比过半，24H1 为 607 亿元），在上年高基数压力 之下，上市银行或普遍加大 AC 及 OCI 账户的存量债券处置力度。 对营收的贡献比例来看，今年上半年 42 家上市银行 AC 及 OCI 类金融资 产确认收益在营收中的占比达到 5.2%，较 24A 提升 2.9pc，其中对 ...

Investment Rating - The report maintains an "Increase" rating for the banking sector [5] Core Insights - The report highlights that by the end of 2024, the bond investments of 42 listed banks significantly contributed to their performance, particularly due to the continuous decline in bond market interest rates, with a cumulative drop of 88 basis points in the 10-year government bond yield [1] - The report emphasizes the substantial floating profits accumulated in the FV-OCI financial assets due to fair value changes, which banks have utilized to support their performance through timely disposals of financial assets [1][4] - The report identifies that the floating profits from FV-OCI assets are particularly significant for certain city commercial banks and rural commercial banks, with some banks showing floating profit to profit ratios exceeding 100% [2][3] Summary by Sections 1. FV-OCI Floating Profit Situation - State-owned banks dominate the floating profit scale, with China Construction Bank and Agricultural Bank of China exceeding 50 billion yuan in floating profits by the end of 2024 [1] - City and rural commercial banks show high ratios of FV-OCI floating profits to profits, with Lanzhou Bank reaching 126.9% [2] - The contribution of FV-OCI floating profits to core Tier 1 capital is significant for several city and rural commercial banks, with notable increases year-on-year [3] 2. Financial Asset Disposal Income Situation - In 2024, listed banks disposed of AC financial assets generating a total income of 50.29 billion yuan, an increase of 82.5% year-on-year, and FV-OCI financial assets generating 85.36 billion yuan, an increase of 134.4% year-on-year, leading to a total disposal income of 135.6 billion yuan [4][8] - The report notes that while the disposal income is significant, it does not imply a substantial increase in the scale of asset disposals, as the gains are influenced by the declining interest rates in the bond market [4] 3. Sector Outlook - The report suggests that while short-term impacts from tariff policies may affect exports, long-term domestic policies aimed at stabilizing real estate, promoting consumption, and enhancing social welfare are expected to support economic growth [9] - The banking sector is anticipated to benefit from policy catalysts, with specific banks like Ningbo Bank, Postal Savings Bank, and China Merchants Bank highlighted as potential investment opportunities [9]