Core Viewpoint - The volatility in the bond market and the narrowing net interest margin have pressured the revenue of several listed banks in the first three quarters of the year, leading to a gradual decline in the benefits from the "bond bull" market [1][2]. Group 1: Revenue Impact - Many listed banks have faced revenue pressure due to bond market fluctuations and a slowdown in credit expansion, with investment income becoming a crucial support for profits [2][3]. - As of the end of Q3 2025, 24 out of 42 listed banks reported a year-on-year decline in non-interest income, and 8 banks saw a drop in net investment income [2]. - Notably, China Merchants Bank reported a loss of 8.827 billion yuan in fair value changes, with a quarterly loss of 4.008 billion yuan in Q3 alone [2][3]. Group 2: Strategies to Mitigate Losses - Some banks have managed to achieve year-on-year growth in investment income by actively selling bonds to lock in profits during high market conditions [4]. - For instance, China Construction Bank's investment net income increased by 150.55%, while several other banks also reported over 70% growth in investment income [4]. - The strategy of "selling bonds to realize floating profits" is based on the classification of financial assets, where certain assets can confirm investment income upon sale [4]. Group 3: Future Outlook and Adjustments - Analysts suggest that the sustainability of the "selling bonds to supplement profits" strategy will decline as previously accumulated floating profits are exhausted [5]. - The People's Bank of China has signaled a return to government bond trading operations, which is expected to enhance monetary policy flexibility and stabilize market expectations [6]. - As the bond market enters a low-volatility phase, banks are shifting their investment strategies from relying solely on interest margin gains to enhancing active trading and risk management capabilities [7].