行业报告 | 行业专题研究 银行 证券研究报告 从银行视角看国债买卖重启 在 9 月初财政部与央行联合工作组第二次组长会议召开后，加之市场进一步震荡下跌，投资者对于 重启国债买卖的预期不断升温。在当前阶段，是否已具备相应的条件？ 一般分析央行重启买卖国债的逻辑线索，主要基于 2025Q1 货币政策执行报告中的相关表述。即从 宏观审慎的角度观察、评估债市运行情况，关注国债收益率的变化，视市场供求状况等维度分析： （1）仅以四季度看，重启国债买卖工具，尽管有一定必要性，但并未达到非常紧迫的状态，该工具 重启与不重启在两可之间。（2）上述触发因素，在今年 Q3 同样也具备，甚至紧迫性更强，尤其在 市场调整压力较大的 8-9 月份，但央行并未落地。（3）市场之所以对于该工具期待程度较高：一方 面是财政与央行两部门会议提及了"对国债买卖操作进行了研讨"；另一方面是市场大跌，市场会基 于既有逻辑进行推演，例如继续下跌会引发负反馈，发债成本提升等。 尽管央行并未明确提及国债买卖重启有基于银行维度的考虑，但我们也可从这一视角探讨该工具的 价值。从实际情况看，国债买卖工具的重启，对于增强银行资产负债管理的"稳健性"，有较大助益 ...

Core Viewpoint - The article discusses the challenges and opportunities for banks in China under a low interest rate environment, emphasizing the need for effective asset-liability management to ensure sustainable and stable operations in the banking sector [4]. Group 1: Positive Changes in Asset-Liability Management - The pricing behavior in the deposit market is gradually becoming more standardized, with the potential for a wider downward adjustment in deposit interest rates. Since the establishment of the market-oriented adjustment mechanism for deposit rates in 2022, banks have regularly lowered the upper limit of deposit rates, leading to a notable decrease in the average company deposit interest rate by 14 basis points to 1.68% in 2024 [6]. - The implementation of self-regulatory mechanisms has introduced measures to standardize deposit market pricing behaviors, such as prohibiting high-interest deposit solicitation and establishing a deposit bidding rate reporting mechanism [6]. Group 2: Challenges in Loan Market - The irrational competition in the loan market is expected to converge, with a potential slowdown in the downward trend of loan interest rates. From December 2019 to March 2025, the 1-year and 5-year LPRs decreased by 105 and 120 basis points, respectively, while the average interest rate on newly issued loans fell by 200 basis points, indicating excessive downward adjustments by banks [7]. - Regulatory authorities are intensifying efforts to manage "involution" in the banking sector, urging banks to set reasonable loan interest rates based on risk pricing principles. This includes ensuring that personal housing and consumer loan rates do not fall below certain thresholds [7].

截至2025年6月末，光大银行资产总额72386亿元，较上年末增长4.0%。其中，贷款总额40841亿元，较 上年末增长3.8%；基础贷款（不含贴现）39911亿元，较上年末增长5.6%，在资产中占比提升0.8个百分 点至55.1%。负债总额66414亿元，较上年末增长4.3%。其中，存款余额42532亿元，较上年末增长 5.4%；在负债中占比提升0.7个百分点至64.0%。资产负债结构均实现优化。 面对资产收益率持续下行、市场利率上行、客户有效需求不足等因素，光大银行持续加大负债成本管 控，促进负债成本改善、稳定息差利差水平。上半年，该行存款成本同比改善34BP，其中对公、零售 存款成本分别改善36BP、32BP，其他负债成本也改善明显；净息差为1.40%，与一季度持平。 新华财经北京8月29日电（记者吴丛司）光大银行29日发布2025年半年报显示，该行今年上半年实现营 业收入659.2亿元；实现净利润247.4亿元，同比增长0.5%，继续保持正增长。 在资产质量方面，截至2025年6月末，光大银行不良贷款率1.25%，与上年末持平；拨备覆盖率 172.47%；贷款拨备率2.15%；关注率1.80%，较上年 ...

Financial Data and Key Metrics Changes - Profit attributable to equity holders increased by 16.8% to HK$38.2 billion, with ROE rising to 11.6% [2] Business Line Data and Key Metrics Changes - The company actively managed assets and liabilities, achieving stable NIM performance while expanding fee income due to recovery in capital markets and the tourism industry [3] Market Data and Key Metrics Changes - The company noted that the global political and economic landscape is undergoing significant transformation, with uncertainties regarding interest rate cuts in major economies [4] Company Strategy and Development Direction - The company is focused on enhancing risk control, solidifying banking infrastructure, and expanding earning sources as part of its globalization strategy within the BOC Group [2] - The management emphasized the importance of transforming growth momentum and risk management in the banking industry moving forward [4] Management Comments on Operating Environment and Future Outlook - Management acknowledged the complex and severe operating environment but highlighted the effectiveness of recent economic stimulus policies in boosting social confidence and supporting economic recovery [4] Other Important Information - The company is currently controlling operating expenses while strengthening risk management [3] Q&A Session Summary Question: Inquiry about new shareholders return arrangement - Management received congratulations on excellent results, and the question pertained to the new shareholders return arrangement [6]