Investment Rating - The report provides a "Buy" rating for all listed banks analyzed, indicating a positive outlook for their stock performance [6]. Core Insights - The report focuses on the classification of financial investments, the current allocation of listed banks, and how related revenues are accounted for under new accounting standards [5]. - As of Q3 2025, the financial investments of 42 listed banks total approximately 101.5 trillion CNY, with 87% allocated to the configuration portfolio and 13% to the trading portfolio [5][23]. - The bond market is the primary investment direction for listed banks, accounting for 87.6% of their financial investments, with government bonds making up 59.5% of this total [5]. Summary by Sections 1. Classification of Financial Investments - Financial assets are classified into three categories under the new accounting standards: FVTPL (fair value through profit or loss), AC (amortized cost), and FVOCI (fair value through other comprehensive income) [12][13]. - The classification is based on the business model for managing financial assets and the cash flow characteristics of the financial assets [14]. 2. Accounting for Market Revenues - FVTPL assets reflect market fluctuations through "fair value changes" in profit or loss, while AC assets do not reflect fair value changes and primarily generate income from interest [5]. - FVOCI assets account for market fluctuations in other comprehensive income, with interest income recognized in profit or loss [5]. 3. Financial Investment Structure - The configuration portfolio is dominant, with state-owned banks showing the highest allocation to AC, while joint-stock banks and city commercial banks have a higher proportion of trading assets [23][24][25]. - The report notes a structural shift where FVOCI is becoming the main growth area, as banks seek flexibility in their investment strategies [5][23].

Core Insights - The 2025 Analyst Conference highlighted the current challenges faced by high-net-worth individuals regarding asset allocation, emphasizing the phrase "wealth has nowhere to go, and safety is hard to guarantee" [1] Group 1: Market Conditions - The fixed income assets, particularly non-standard assets, which were once considered a "ballast" for wealthy individuals, are now facing dual pressures: declining interest rates compressing yield space and a gradual supply shortage of non-standard assets [1] - Traditional investment channels for high-net-worth individuals are continuously narrowing, leading to increased asset allocation anxiety [1] Group 2: Real Estate Market - The real estate market is viewed through a dual lens: as a consumption good, its residential attributes are beginning to reflect corresponding value; however, as an investment, the current rental yield levels lack sufficient attractiveness for high-net-worth individuals [1]

Core Viewpoint - The insurance industry's fund utilization balance has steadily increased, with a further rise in equity asset allocation and a decrease in bond asset allocation, indicating the growing importance of active management capabilities in investment [1][4]. Group 1: Fund Utilization Overview - As of Q3 2025, the insurance industry's fund utilization balance reached 37.5 trillion yuan, a year-to-date increase of 12.6%, driven by stable growth in new and renewal premiums, with a year-on-year premium growth of 8.8% [2]. - The life insurance sector accounted for 33.7 trillion yuan, also up 12.6% year-to-date, while the property insurance sector reached 2.4 trillion yuan, increasing by 7.5% [2]. Group 2: Asset Allocation Changes - By the end of Q3 2025, the insurance industry allocated 3.62 trillion yuan to equity assets, an increase of 1.19 trillion yuan year-to-date, with an allocation percentage of 10.0%, up 2.5 percentage points from the beginning of the year [3]. - The allocation to equity funds rose to 5.5%, up 0.2 percentage points year-to-date, while bond asset allocation was 50.3%, up 0.8 percentage points year-to-date but down 0.8 percentage points from Q2 [3]. - Bank deposits accounted for 7.9% of the allocation, down 1.1 percentage points year-to-date, and other assets (primarily non-standard) accounted for 18.4%, down 2.7 percentage points year-to-date [3]. Group 3: Investment Management Strategy - The net investment yield is trending downward due to a low interest rate environment and narrowing credit spreads, indicating a need for insurance companies to shift from passive to active management strategies [4]. - The focus should be on flexibly seizing market opportunities and continuously optimizing asset allocation structures to achieve stable investment returns [4]. Group 4: Investment Recommendations - The expectation is that insurance companies will continue to optimize their asset allocation strategies, leading to improved profitability, maintaining an "overweight" rating for the industry [5].

Investment Rating - The report maintains a "Positive" investment rating for the banking sector as of October 23, 2025 [6]. Core Insights - The external environment's uncertainty has increased, leading to a temporary decline in market risk appetite. However, the report is optimistic about the relative performance of the banking sector in Q4 2025 [3]. - The report identifies two main investment themes: the ongoing demand for financial investments and the motivation behind realizing unrealized gains in bank assets [4][9]. Summary by Sections 1. Investment Assets Driving Bank Expansion - Financial investment growth has accelerated to 15%, with significant performance differentiation across sectors. In H1 2025, financial investments were the core driver of asset expansion, with a year-on-year growth of 14.9% [14]. - The structure of financial investments shows that interest-bearing bonds continue to dominate, with their proportion increasing to 60.2% by mid-2025. The growth rates for state-owned banks and city commercial banks were 8% and 11%, respectively [16]. 2. Changes in How Banks Smooth Earnings Volatility - Banks are increasingly shifting from using the income statement to the balance sheet to smooth earnings volatility. The report highlights that the contribution of investment income, particularly from the amortized cost (AC) assets, has been rising significantly [9][10]. - The unrealized gains in the Other Comprehensive Income (OCI) account were estimated at CNY 438.4 billion, representing 7.8% of annual revenue as of H1 2025 [9]. 3. Motivation for Realizing Unrealized Gains - Smaller banks exhibit a stronger motivation to realize unrealized gains compared to larger banks, which need to balance performance and interest rate risk management (IRRBB) assessments [9]. - The report anticipates continued demand for realizing unrealized gains in Q3 2025, although the intensity may weaken compared to mid-year [9][10]. 4. Investment Recommendations - The report recommends focusing on fundamentally strong small and medium-sized banks, such as Chongqing Rural Commercial Bank (601077, Buy) and Nanjing Bank (601009, Buy) [9]. - For state-owned banks with solid fundamentals and defensive value, the report mentions Industrial and Commercial Bank of China (601398, Not Rated) and Agricultural Bank of China (601288, Not Rated) as potential investment targets [9].

老婆昨天和我说，之前投城投债2年期的产品到期了，本金1000加利息（6.7%）已收到，暂时买了个3% 的理财过十一，节后我就要重新规划这笔钱的去向。 之前零星的聊过我有给家庭做财务配置规划，很多读者好奇，那今天正好说说这个。 我们家房产的比例不高，一共就北京一套，临海一套，不算投资，纯自住 ， 现在房价跌了，加起来也 不到2000。剩下资产都是金融资产，股票、债券、期货、港美、股权、信托、黄金、加密货币，甚至还 投了一点非标玩票。 看似种类不少，但本质上还是可以根据风险级别来划分。比如年化预期收益在6%以下的算低风险资 产，6-15%的算中风险资产，15%以上的算高风险资产。 行情好的时候策略比较积极，按照1:3:6配置，行情不好的时候就保守一下，改为2:4:4，或者2:5:3。资 金会在同一个风险级别的不同项目里互通，但不会随意跨风险级别流动，比如a股减仓了可以加仓美 股，但债券赎回来的钱不会买股票。 所以最近赎回来的这笔钱也肯定是找债券类的标的，不会说看到a股行情好就往里加仓，只是这几年债 券资产收益率跌的很厉害，现在只能买到5%左右的，所以我会从这笔钱里抽出一部分去增持链上资 产，以提升整体的收益率。 ...