1月5日，中国银行间市场交易商协会(以下简称"交易商协会")发布通知，提示市场成员做好债券交易记 录保存相关工作。 经了解，近一段时间以来，交易商协会在相关业务检查和自律调查过程中发现，部分机构内控缺失、合 规风控流于形式，且一些机构未按要求保存债券交易记录的问题较为普遍，严重阻碍还原交易真相，不 利于有效监管和打击违法违规。 针对上述情形，交易商协会表示，将加大对相关违规行为的惩戒力度。对存在问题的机构将从严从重处 理，根据具体违规行为的情节轻重给予相应自律处分。 具体而言，涉及违规行为主要包括五类： 一、未按规定建立健全债券交易记录保存相关内控制度； 二、合规风控流于形式，未有效落实债券交易记录保存相关内控制度； 三、债券交易记录未按规定全程留痕； 四、对涉嫌严重违法违规的交易，无法提供完整交易记录还原交易真相； 五、其他违反债券交易记录保存相关要求的行为。 按要求完整、准确、全面保存交易记录是债券市场的基本制度要求，也是市场参与者的重要义务。各市 场参与机构应高度重视，健全夯实内控，切实提高合规意识和履职水平。 交易商协会表示，将持续强化相关管理，促进市场健康有序发展。 ...

证券研究报告：证券Ⅱ|行业周报 发布时间：2025-12-29 行业相对指数表现 -20% -16% -12% -8% -4% 0% 4% 8% 12% 16% 2024-12 2025-03 2025-05 2025-08 2025-10 2025-12 证券Ⅱ 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:王泽军 SAC 登记编号:S1340525110003 Email:wangzejun@cnpsec.com 近期研究报告 《两融资金未大规模撤离，债券交易 沪强深弱》 - 2025.12.22 证券行业报告 （2025.12.22-2025.12.26） 行业投资评级 中性|维持 | 行业基本情况 | | | | --- | --- | --- | | 收盘点位 | | 7029.24 | | 52 | 周最高 | 7730.11 | | 52 | 周最低 | 5627.38 | 流动性宽松或驱动业务全面回暖 ⚫ 投资要点 当前券商板块正处于流动性宽松驱动业务全面回暖时期：3 个月 Shibor 稳定在 1.60%的低位，为两融、债券交易和经纪业务提供低成 本资金支撑，推动股基成交额、两 ...

Core Insights - Minsheng Bank reported a total operating income of 108.51 billion yuan for the first three quarters of 2025, an increase of 6.74% year-on-year, while net profit attributable to shareholders decreased by 6.38% to 28.54 billion yuan [1][2] Group 1: Financial Performance - The bank's net interest income reached 75.51 billion yuan, growing by 2.40% year-on-year, with an average daily earning assets of 7.11 trillion yuan, reflecting a 0.73% increase [1] - Non-interest income totaled 32.99 billion yuan, marking an 18.20% increase year-on-year, driven by a significant rise in other non-interest income, which grew by 36.55% [1] - The net interest margin improved by 2 basis points to 1.42% [1] Group 2: Asset and Liability Management - As of the end of Q3, total assets amounted to 78.73 trillion yuan, up 0.74% from the end of the previous year, while total liabilities increased by 0.19% to 71.72 trillion yuan [2] - The total amount of loans and advances decreased by 0.31% to 44.37 trillion yuan [2] - The bank's deposit balance rose by 0.15% to 42.56 trillion yuan [2] Group 3: Asset Quality - The total non-performing loans reached 65.86 billion yuan, with a non-performing loan ratio of 1.48%, slightly up by 0.01 percentage points from the end of the previous year [2] - The provision coverage ratio improved to 143.00%, an increase of 1.06 percentage points [2]

Summary of Conference Call on China's Interest Rates and Credit Market Industry Overview - **Industry**: China's Banking and Bond Market - **Key Focus**: Interest rates, credit market dynamics, and government bond yields Core Insights 1. **Government Bond Yield Fluctuations**: - The 10-year China government bond (CGB) yield increased from 1.6% at the start of 2025 to a peak of 1.9% in March, stabilizing at 1.63% before rising to 1.73% in late July. This fluctuation is attributed to the central government's anti-involution campaign and the Mega dam project proposal [2][3]. 2. **Market Confidence Indicators**: - The yield increase is interpreted as a sign of market confidence in potential improvements in corporate profitability, stronger investment stimulus, and a move away from deflation. The expert suggests that both technical factors and macroeconomic conditions, including seasonal liquidity tightening and positive Q2 economic data, are influencing this trend [2][3]. 3. **Interest Rate Outlook**: - The central bank is expected to maintain low rates to support the real economy, with government bond yields anticipated to fluctuate within a range of 1.6% to 1.8% for the remainder of 2025 [2][3]. 4. **Limited Rate Cuts**: - Further cuts to the Loan Prime Rate (LPR) or Reserve Requirement Ratio (RRR) are deemed unlikely due to strong economic data from the first half of 2025 and previous rate cuts in May. The focus will shift to targeted monetary policy tools rather than broad rate cuts [3]. 5. **VAT Reinstatement on Bond Interest**: - The reinstatement of VAT on government bond interest income for institutional investors aims to eliminate tax effects on the yield curve, aligning government and credit bond yields. This change is expected to result in slightly lower yields for existing tax-exempt bonds but may lead to higher coupon rates for new bonds issued post-August 8 [4]. 6. **Impact on Banks**: - The VAT reinstatement raises concerns about banks holding onto old bonds, potentially reducing trading activity and impacting investment gains, which accounted for 10% of banks' revenue in 2024. However, bond trading is expected to remain active due to the large size of the bond market, with banks holding significant portions of CGB and LGB [5][7]. 7. **Bond Trading Dynamics**: - The secondary bond market is projected to stay active, as banks represent only about 10% of bond trading. The tight control on local government and Local Government Financing Vehicle (LGFV) debt growth has created an imbalance in supply and demand, leading to lower yields [7]. Additional Considerations - **Risks to Banking Sector**: - Major risks include deterioration in asset quality due to a soft macro environment, capital adequacy concerns, and pressure on profitability from declining interest rates [9]. - **Valuation Methodology**: - Price targets for H-share and A-share China banks are derived from a three-stage dividend discount model (DDM) and P/B to ROE valuation methodology, respectively [8]. This summary encapsulates the key points discussed in the conference call regarding the outlook for China's interest rates and credit market, highlighting the dynamics affecting government bond yields and the implications for the banking sector.

Core Viewpoint - The implementation of the "Measures for Market Risk Management of Commercial Banks" by the National Financial Supervision and Administration has shown immediate effects, emphasizing the need for banks to enhance their market risk management practices [1][10]. Group 1: Market Risk Definition and Requirements - The "Measures" define market risk and outline detailed requirements across five core areas: identification, measurement, monitoring, control, and reporting [2]. - Market risks include interest rate risk, exchange rate risk, and commodity risk, necessitating banks to conduct market risk assessments before engaging in related trading activities [4]. Group 2: Challenges in Measurement and Monitoring - Many banks face challenges in developing adequate measurement capabilities, as the "Measures" require adjustments and improvements to risk measurement models based on ongoing validation and monitoring [5]. - The reliance on externally purchased systems for risk measurement models complicates the adjustment and improvement process, with a noted shortage of measurement experts [6]. - The "Measures" impose high requirements for risk monitoring and early warning systems, particularly in light of increasing occurrences of low-probability events and rapid information dissemination [7]. Group 3: Bank Responses and Adaptations - Banks are quickly adapting to the new regulations, with institutions like Ping An Bank actively interpreting and aligning their market risk management practices with the "Measures" [9][11]. - Ping An Bank has implemented advanced systems and established a team with international experience to enhance its measurement capabilities, while also developing a pre-trade risk control system [11]. - Another listed city commercial bank has integrated market risk management into its overall risk management framework, ensuring market risk assessments are conducted prior to engaging in trading activities [11].

Core Viewpoint - The Bank of Japan has confirmed that the provision level for potential bond trading losses in the fiscal year 2024 is set at 100% [1] Group 1 - The Bank of Japan is preparing for potential losses in bond trading, indicating a cautious approach to its monetary policy [1] - This provision level reflects the central bank's acknowledgment of the risks associated with its bond trading activities [1] - The decision may impact market sentiment and investor confidence in Japanese government bonds [1]

Core Insights - The company reported a significant increase in revenue and net profit for 2024, with total revenue reaching 3.532 billion yuan, up 41.91% year-on-year, and net profit attributable to shareholders at 904 million yuan, up 173.28% [1] - The first quarter of 2025 showed a decline in revenue and net profit, with revenue at 661 million yuan, down 1.87% year-on-year, and net profit at 118 million yuan, down 17.59% [1] - The company's solid fixed income business has strengthened its competitive edge, with bond trading volume reaching 7.4 trillion yuan in 2024, ranking first in local government bond bidding amounts [1] Asset Management Business - The asset management business generated revenue of 921 million yuan in 2024, a year-on-year increase of 1.77%, while total assets under management (AUM) decreased by 36.66% to 632.297 billion yuan [2] - Public fund AUM increased by 27.79% to 145.754 billion yuan, indicating a focus on differentiated development and creating a boutique asset management institution [2] Proprietary Trading Business - The investment business revenue surged to 1.441 billion yuan in 2024, reflecting a growth of 143.27%, with financial investment funds increasing by 2.4 billion yuan, up 11.42% [2] - The OCI equity account saw an increase of 1.5 billion yuan, with year-end holdings at 4.1 billion yuan, up 57.47%, while OCI debt scale rose significantly by 8.68 billion yuan, up 1377.78% [2] Investment Banking Business - The investment banking segment reported revenue of 278 million yuan in 2024, a growth of 46.40%, with the company ranking second in the number of sponsored listings and underwriting scale on the Beijing Stock Exchange [3] - The company completed 53 debt financing projects with a total underwriting amount of 26.25 billion yuan, up 110.02% year-on-year, indicating strong growth potential in this area [3] Brokerage Business - The brokerage business accelerated its wealth management transformation, adding 125,300 new clients in 2024, with financial product sales growing by 7.83% to 12.517 billion yuan [3] - The assets under advisory for investment consulting increased significantly by 712.96%, showcasing the company's commitment to enhancing its wealth management capabilities [3]