证券研究报告|固收研究报告 [Table_Date] 2025 年 09 月 16 日 [Table_Title] 商业银行浮息债扩容，怎么看？ [Table_Summary] 投资要点: 国内浮息债市场始于 1995年，经历了三轮扩张期（1995-2000年、2003-2011 年、2014-2021 年），规模量级逐轮抬升，债券品种也逐渐丰富。2022-2024 年，浮息债发行规模显著下降，全年发行规模在 1300-2000 亿元，2025 年浮 息债发行规模再次进入扩张周期，发行量（截至 9 月 12 日）达到 2649 亿元。 不过目前我国浮息债存量规模依然偏小。截至 2025年 9 月 12 日，国内浮息债 存量规模合计 6216 亿元，占所有债券余额的比重仅为 0.3%。分债券类型来 看，政策银行债是我国浮息债市场最大品种，占比达到 80%。分基准利率来 看，浮息债挂钩利率主要为 DR007 和 LPR，分别占比 49%、42%。 ►2025 年商业银行浮息债扩容，但流动性偏弱 2025 年 6 月以来，商业银行先后发行多只浮息债，发行规模合计 389 亿元， 是 2013 年之后再次重启发行。不 ...

Investment Rating - The report maintains a "Recommendation" rating for the banking industry [1] Core Insights - The report highlights a decline in bill rates and emphasizes the importance of large maturing certificates of deposit [5][11] - The central bank's actions include a net injection of 656.6 billion yuan through reverse repos, indicating a focus on liquidity management [12][33] - The report anticipates significant pressure on the funding environment in June due to the maturity of over 40 billion yuan in certificates of deposit and 12 billion yuan in reverse repos [12][16] Summary by Sections Industry Scale - The banking sector comprises 41 companies with a total market capitalization of 991.12 billion yuan, representing 11.6% of the market [1] Bill Rates - As of the end of May, the 1-month, 3-month, and 6-month bill rates were 1.1%, 1.16%, and 1.06%, reflecting changes of -8 basis points, +7 basis points, and -3 basis points respectively [11][19] - The net buying of bills by state-owned banks reached 1,537.018 billion yuan, slightly higher than the previous year's figure [11][19] Monetary Policy - The central bank conducted 16.026 billion yuan in 7-day reverse repos at an interest rate of 1.40%, with a net injection of 656.6 billion yuan [12][33] - The report notes that the central bank's reverse repo balance has significantly increased compared to historical levels [12][36] Fiscal Insights - The government bond net financing for the week was 514.104 billion yuan, with expectations of a slight decrease in net payments in the upcoming period [14] Certificates of Deposit - The report indicates that June will see a record maturity of over 40 billion yuan in certificates of deposit, which is the largest single-month maturity in history [16] - The large maturities are expected to impact the stability of the funding environment but will also allow for a shift from unstable to more stable liabilities [16] Commercial Bank Financing - The total bond issuance by commercial banks was 762.2 billion yuan, with a net financing scale of 59.3 billion yuan [17]