证券研究报告 【平安证券】投资者行为系列之七：关于银行负债压力、债 券投资和净息差 证券分析师 刘璐 投资咨询资格编号：S1060519060001 郑子辰 投资咨询资格编号：S1060521090001 2025年7月21日 请务必阅读正文后免责条款 摘要 Q1：银行的负债端压力如何？24年下半年以来，上市银行资产平稳扩表，负债压力可控；扩表主要是存款增速回升贡献，其次是银行主动负债， 加大了债券融资和同业融资力度。存款结构方面呈现两个特征，一是定期存款增速持续高于活期，存款定期化态势延续；二是个人存款增速高于 公司存款，上市银行的个人存款占比持续提升，而公司活期存款增速24年下半年以来转负，尚未修复。分银行类型来看，不同类型银行的存款禀 赋不同，手工补息后，大行存款端压力整体相对更大。 Q2：近年银行布局金融投资的几个特征：（1）存贷差增速上升的背景下金融投资的重要性提升，且各类银行配债的交易属性都有上升，表现在 各类银行的AC户占比都有下降，OCI户占比上升，TPL户相对稳定。（2）金融投资的交易属性排序：农商行>城商行>股份行>国有大行。（3） 金融投资的交易成分对收入的贡献也有波动提升，且10Y国债 ...

Group 1 - The report indicates that the profit growth rate of industrial enterprises in April 2025 was 1.4%, an increase of 0.6 percentage points from March 2025, while the revenue growth rate was 3.2% [1][2] - The upstream mining industry continues to be the largest drag on overall industrial profits, with most sectors experiencing negative profit growth, except for non-ferrous metal mining [2] - The midstream equipment manufacturing sector showed significant profit growth, driven by policies and export demand, while the midstream raw material manufacturing sector saw a notable decline in profit growth [2] Group 2 - The report suggests that the A-share market is likely to experience a period of volatility in June, with a preference for large-cap and quality stocks due to stable economic fundamentals and regulatory environments [7][39] - The recommended sectors for investment include automotive, non-ferrous metals, defense, retail, beauty care, and chemical pharmaceuticals, focusing on traditional capacity elimination and the rise of new consumption [8] - The report highlights that the new floating management fee funds introduced in 2025 are designed to align management fees with performance, encouraging long-term investment and enhancing investor experience [23][25]