上市银行25年报及26Q1季报分析：债市熊牛切换大小行配债特征分化

一、上市银行金融资熊市期间阶段性回归AC账户，但OCI账户或仍趋势 6（一）融资规速跟政债供节同步动 6（二）AC账户占优，但OCI7（三）融资种行增政债基，行持基大缩水 10（四）融资限：TPL户期长，AC久期短 15二、负债端：存款定大幅压降成本，资活特征延续 17（一）债本高存重价应中放负债本幅降 17（二）债模活款扩超节，股主动债征显 181、收款对短放量撑期款长个人存向行家 182、付券受行愿以监因影，模明下滑 203、业债主负特征续国行业款规大增长 21三、资产端：信贷比节性提升，同业资压降 22（一）26Q122（二）业产规年初所滑国行入返资缩明显 23四、风险提示 24图表1 市行融资增：节性 6图表2 率供和业银配存正关性 6图表3 市行融资增：节性 7图表4 市行产主要目量比 7图表5 市行融资均增：同行 7图表6 市行收款增：同行 7图表7 市行融资变：账户 8图表8 市行融资账结构 8图表9 市行融资：户构不银类型 9图表10 大银二场换率 9图表中型行市场手率 9图表12 上银金资账投环规及户结构 图表13 国行融账户资比模账结构 12图表14 股行融账户资比模账结构 13图表15 城行融账户资比模账结构 14图表16 农行融账户资比模账结构 15图表17 上银金资：限构 16图表18 2026Q1上行负成至1.36% 17图表19 2026Q1四行负成明下降 17图表20 2026Q1净已经现跌升象 17图表21 2026Q1负项占及比速况 18图表22 2026Q1存来开红但去偏低 18图表23 四银存比增速 18图表24 商银活款同增持提升 19图表25 2025Q4以公短和据资量快 19图表26 大行期增长额比 19图表27 大行人存款长额比 19图表28 四行+中：个和位款结变化 20图表29 2026Q1银付债增处季性位 20图表30 2026Q1国应付券比速明下滑 20图表31 2026Q1同债当增处季性位 21图表32 除商，银行业债步速升 21图表33 2026Q1同债有增，中业款规显增（元） 22图表34 2026Q1上行资端要目比速和比况 22图表35 2026Q1，资产比至55.2% 23图表36 分行型份行农行款速升 23图表37 上银同产季性增 23图表38 除有，银行业产张度慢 23图表39 2026Q1，商行，余类行业资规环压（元） 24一、上市银行金融投资：熊市期间阶段性回归AC账户，但OCI账户或仍是趋势参考金融-42（一）金融投资：规模增速跟随政府债券供给节奏同步波动2025Q3-2026Q1，政府债券供给规模先下后上，上市银行金融投资规模增速同步波3.82.33.625Q426Q1特征，由于政府债供给和银行债券投资存在明显正相关性，对应上市银行金融投资同比增速分别为15.79%、13.56%、14.13%。图表1 上市银行金融资增量：季节性 图表2 利率债供给和业银行配债存在正关性注：为排除新上市银行对于金融投资增速的干扰，使用上市银行金融投资余额均值同比增速分析。2026Q12026Q13.62025（4.1）Q11.31108.131.52%14.13%图表3 上市银行金融资增量：季节性 图表4 上市银行资产主要科目增量对比2025Q32025Q3-17.8%16.2%、%6.7%、4.5%5.2%8.9%6.5%20.3%、15.1%、13.1%20244202552025Q26.75%、4.09%、10.02%、6.23%25Q1分别、-5.36pct、-1.61pct，与类行金投增变基匹配。图表5 上市银行金融资均值增速：不同行 图表6 上市银行吸收款增速：不同银行注：以国有行为例，金融投资余额均值=国有行金融投资余额/上市国有行家数（二）金融投资账户：债市调整阶段AC账户占优，但OCI账户增长或仍为趋势AC账户占比重回增长态势。2026Q1FVTPL、FVOCIAC13.331.463.52025Q2+1159+2.87+7.65万12.3%、29.1%、58.7%2025Q2-1.2pct、-0.2pct+1.4pctAC力，而OCI账户和TPL后续来看，信贷需求偏弱环境下银行配债增速或维持高位，且低利率环境下对于交易增厚收益的诉求仍较强，OCI账户攻守兼备的优势或决定了其占比仍将抬升，可以看出在2026Q1债市环境好转之后，OCI账户占比回升至29.1%。图表7上市银行金融资变动：分账户 图表8上市银行金融资账户结构分银行类型来看：AC账户。AC2024AC2025TPL和OCIACAC2026Q12025Q2AC占比由63.765.4OCI账户和L28.8.52.6.9。从节奏来看，大行AC2025年下半年，2026Q1债市收账户和TPLOCITPL占比下行速度放缓。AC持对OCIACOCITPL2025OCIOCIAC2026Q1AC48.8%由27.2%24.0%AC42.4%33.1%24.5%20.8%AC账户占比反弹集中在2025OCI以来OCI账户占比明显上行。ACOCIAC与TPLOCI+2026Q12025Q2AC39.5%36.3%，OCI44.5%升至48.7%，TPL由16.1%15.0%2025年下半年AC账户下行速度明显OCI账户扩张更多挤压TPL以来OCI账户和TPL账户同步扩张账户占比加速下行。图表92025/202520252026主）0.67%0.66%、0.71%（2.03%1.71%可以发现2025年下半年由于债市表现偏弱，银行二级换手率下降，且以中小行较为明显，与下半年AC账户占比增加规律相符，跨年后随债市环境好转，银行换手率也有明显上行，对应2026Q1大行OCI账户占比下行速度放缓，中小行OCI占比加速扩张。图表10大型银行二级场换手率 图表中小型银行二市场换手率（三）金融投资品种：大行增持政府债和基金，小行持仓基金大幅缩水2025（（、（（、（。2025AC2025年下107749753分账户来看，（1）AC账户：2025AC账AC4.4万亿ACFVTPL图表12 上市银行金融资账户投资环比规及户结构90.00%80.00%60.00%50.00%40.00%30.00%20.00%10.00%0.00%

上市银行：金融投资结构7.26%7.45%7.26%7.45%4.69%7.15%10.99%5.81%6.88%7.13%4.63%7.08%11.37%5.90%5.95% 5.22%6.86% 7.29%4.59% 4.14%6.57% 6.47%11.29% 12.08%5.90% 6.01%4.65%7.00%4.32%6.07%12.12%6.39%4.20%6.54%4.43%6.07%11.69%6.48%4.28%6.04%4.28%6.13%11.03%6.55%56.64% 57.01%58.84%58.80% 59.45%60.59%61.70%

60,00050,00040,00030,00020,00010,0000-10,000

上市银行：金融投资变动（亿元）497534743442658212403446政府债政金债金融债497534743442658212403446政府债政金债金融债企业债其他债券-1077其他

2023/6/30 2023/12/31 2024/6/30 2024/12/31 2025/6/30 2025/12/3190.00%80.00%70.00%60.00%50.00%40.00%30.00%20.00%0.00%

上市银行：AC账户结构7.02%6.34%7.02%6.34%5.41%4.92%4.34%3.48%4.62%8.39%5.00%3.48%4.66%8.41%5.15%3.11%4.42%8.22%5.14%2.69%4.28%8.20%5.16%2.91%4.01%8.84%5.06%2.85%3.70%3.88%8.48%4.55%3.08%3.78%7.48%4.40%71.48% 71.96%73.70%74.75% 74.84%76.51%77.55%政府债政金债金融债企业债其他债券其他

50,00040,00020,00010,0000-10,000

上市银行：AC账户变动（亿元）440511341129029471544政府债政金债金融债 企业债440511341129029471544政府债政金债金融债 企业债-1859其他债券其他90.00%80.00%70.00%60.00%50.00%40.00%30.00%20.00%10.00%

上市银行：FVOCI账户结构2.61% 2.59%8.38%2.61% 2.59%8.38%13.58%6.64%13.71%2.23%7.48%12.65%6.62% 6.69%11.69% 10.88%2.06%1.99%6.69%10.66%2.22%6.40%11.27%2.24%17.33%18.46%18.63%21.75%18.96% 17.75% 17.30%9.98%9.67%9.27%9.49%10.63%10.81%11.42%48.13% 48.93% 49.76%48.38%50.85% 51.86% 51.37%

25,00020,00010,0005,0000-5,000

上市银行：FVOCI账户变动（亿元）100.00%90.00%80.00%70.00%60.00%50.00%40.00%30.00%

626334246263342434171309107364政府债政金债金融债企业债其他债券其他上市银行：FVTPL账户结构

7,00015.07% 15.42%14.38%15.07% 15.42%14.38%12.05% 11.20% 10.42% 11.68%49.12% 46.63%47.97%51.27%5 %48.48%48.06%4.29%8.22%12.45%3.07%7.79%6.32%7.12%12.98%3.36%8.18%6.33% 5.97%6.00% 6.57%12.67% 11.57%3.69% 3.47%8.96% 9.10%5.70%5.49%12.83%3.82%10.03%6.36% 5.02%5.37% 5.19%12.14% 13.11%5.27% 5.30%11.97% 11.64%0.935,0004,0003,0002,0001,0000

2023/6/30 2023/12/31 2024/6/30 2024/12/31 2025/6/30 上市银行：FVTPL账户变动（亿元）1133

153720.00%10.00%0.00%

2022/12/312023/6/302023/12/312024/6/302024/12/312025/6/302025/12/31

-1,000-2,000-3,000

政府债 政金-561

金融债 企业债 其他债券 基金 其他-281-1077-1815政府债政金债金融债企业债其他债券基金其他

2023/6/30 2023/12/31 2024/6/30 2024/12/31 2025/6/30 2025/12/31业预警大行政府债投资回归AC账户，TPL账户中金融债和基金规模抬升。2025年下半年，国有行金融投资持仓中，各类资产均维持增长态势，其中以增持政府债为主，下半年累计增长45588亿元。从品种账户分布来看，下半年新发政府债票面利率跟随二级收益率抬升，债市震荡回调环境中大行政府债增量持仓回归AC账户，下半年增量由上半2.14.2OCITPL账户TPL。图表13 国有行金融投账户投资环比规模账结大型银行金融投资结构

大型银行金融投资变动（亿元）45588大型银行金融投资变动（亿元）4558826013589155030政府债政金债金融-1014企业债其他债券 基金-1594其他100.00%70.00%60.00%50.00%40.00%30.00%20.00%10.00%0.00%

2022/12/31 2023/6/30 2023/12/31 2024/6/30 2024/12/31 2025/6/30

40,0003.3.04%2.94%2.77%2.90%5.38%12.37%5.62%1.31%4.84%12.56%5.69%4.53%12.43%5.63%4.16%13.52%5.61%3.88%13.07%5.91%2.83%4.02%12.21%5.80%2.67%4.25%11.13%5.75%2.70%69.13%69.69%70.50%69.98%70.93%71.98%73.34%20,00010,0000-10,000100.00%90.00%80.00%70.00%60.00%50.00%40.00%30.00%20.00%10.00%0.00%100.00%90.00%80.00%70.00%60.00%50.00%30.00%20.00%10.00%0.00%

政府债政金债金融债企业债其他债券基金其他1.45%2.55%9.27%3.91%1.1.45%2.55%9.27%3.91%1.57%2.24%9.25%3.99%2.15%8.88%3.92%1.97%8.88%3.67%1.88%9.59%3.39%1.86%8.80%3.05%1.92%7.16%2.97%81.38%81.70%82.41%83.10%83.05%84.50%86.21%2022/12/31 2023/6/30 2023/12/31 2024/6/30 2024/12/31 2025/6/30 2025/12/31政府债政金债金融债企业债其他债券其他00.22%13.04%0.29%12.06%0.29%11.26%0.40%9.44%0.51%8.54%0.64%8.59%0.04%9.52%17.73%18.13%19.08%23.65%19.10%17.37%16.98%12.47%11.81%11.83%12.47%12.76%11.70%12.92%54.01%55.34%55.39%52.75%57.00%58.91%58.30%2022/12/31 2023/6/30 2023/12/31 2024/6/30 2024/12/31 2025/6/30 政府债政金债金融债企业债其他债券其他

50,00040,00030,00020,00010,0000-10,00020,00015,00010,0005,0000-5,000

2023/6/302023/12/312024/6/302024/12/312025/6/302025/12/31421439361037227275政府债政金债金融债 企业债421439361037227275政府债政金债金融债 企业债-3517其他债券其他2023/6/302023/12/312024/6/302024/12/312025/6/302025/12/3140931653409316532484828276政府债政金债金融债企业债-433其他2023/6/302023/12/312024/6/302024/12/312025/6/302025/12/31100.00%90.00%80.00%60.00%50.00%40.00%30.00%20.00%10.00%0.00%

大型银行FVTPL账户结构1 %17.02%17.92%1 %17.02%17.92%17.21%1 %1 %12.91%33.91%33.97%33.87%36.74%36.72%3 %38.28%2.84%8.66%2.87%6.51%3.46%5.78%3.36%5.82%2.92%4.44%4.78%4.78%1.75%4.85%23.39%24.24%23.64%2.30%11.17%3.15%12.24%2.74%12.60%20.32%2.48%14.07%21.35%2.57%17.14%21.28%24.51%3.55%15.81%3.52%14.18%5.554.254.867.73

2,0001,5001,0000-1,000-1,500-2,000

大型银行FVTPL账户变动（亿元）167515501169政府债 政金债金融债企业债其他债券 基金其他167515501169政府债 政金债金融债企业债其他债券 基金其他-649-521-1387

2023/6/302023/12/312024/6/302024/12/312025/6/302025/12/31业预警股份行增持政府债回归AC账户，增持金融债由TPL账户转向OCI账户，基金减持力度加大。2025539026059610141999536从品种账户分布来看TPLOCI9101145850439图表14 股份行金融投账户投资环比规模账结构

股份制银行金融投资结构13.31%13.21%113.31%13.21%11.07%9.78%14.02%13.06%12.95%13.73%9.13%13.64%8.74%12.87%10.16%11.92%13.16%8.50%9.05%5.60%12.64%9.06%9.92%5.56%12.95%8.32%9.26%5.55%12.37%9.02%9.67%5.86%13.69%8.15%10.27%6.14%13.50%7.97%9.96%6.56%13.89%7.76%10.05%6.12%36.37%36.56%39.90%39.57%38.97%40.39%40.10%

股份制银行金融投资变动（亿元）

3962260519991014160-4903962260519991014160-490-1145

股份制银行AC账户结构18.42%16.97%10.42%18.42%16.97%10.42%7.49%6.94%6.99%10.18%8.10%7.17%7.32%14.31%9.32%7.90%7.25%7.60%14.08%8.42%8.33%6.86%8.42%12.76%10.28%7.71%7.10%8.68%12.15%10.30%7.73%6.62%8.57%13.20%11.77%7.53%6.81%7.25%49.74%50.25%53.61%53.88%53.46%54.63%53.44%

22061566220615661834571191-1028股份制银行FVOCI账户结构股份制银行FVOCI账户结构股份制银行FVOCI账户变动（亿元）2.71%2.75%2.46%2.27%2.11%1.99%2.04%27.28%23.80%26.23%25.16%25.71%24.03%23.41%12.37%14.45%12.06%12.99%11.97%11.45%11.46%51875129816.74%5.28%19.64%4.27%17.59%2.90%18.88%2.40%19.14%3.27%19.56%3.50%19.42%4.61%229846735.62%35.10%38.77%38.30%37.80%39.46%39.06%

股份制银行FVTPL账户结构8.648.28%5.01%7.74%8.648.28%5.01%7.74%1 %1 %12.33%1 %1 %12.33%7.63%8.65%9.45%13.14%53.60%5 %5 %56.78%5 %5 %50.66%6.20%2.86%7.74%7.34%2.88%8.19%7.81%5.44%5.42%3.46%8.76%6.69%3.57%8.18%3.61%8.07%8.05%4.53%5.88%5.96%12.52%7.39%3.98%6.06%5.47%13.30%6.54%8.32%9.066.38%8.14%2.814.266.94%5.44%8.432.38

股份制银行FVTPL账户变动（亿元）

2061521145-212-261 2061521145-212-261 -291-1145业预警城商行金融投资主要增持品种切换为政金债，且增持重心普遍转向AC账户，基金26431352ACOCIOCIACACTPL图表15 城商行金融投账户投资环比规模账结构

城商行金融投资结构15.75%14.38%11.71%15.75%14.38%11.71%10.02%8.43%15.93%3.55%12.74%6.28%8.12%15.84%3.39%13.41%6.63%8.57%15.01%3.46%12.60%8.04%8.89%16.95%2.76%12.82%7.82%9.35%15.64%2.72%12.97%9.30%10.35%6.25%14.41%4.70%12.55%10.81%10.55%5.64%12.83%5.51%12.49%10.81%12.32%37.64%37.78%40.29%40.27%40.59%40.73%40.40%

城商行金融投资变动（亿元）

264313521203472 472264313521203472 472-485-1327

城商行AC账户变动（亿元）20.57%1.96%11.82%20.57%1.96%11.82%3.85%8.80%17.99%1.79%12.85%3.93%9.00%15.09%1.88%12.09%4.66%8.96%12.82%1.10%11.92%5.13%9.71%11.02%0.85%11.64%6.15%10.31%8.09%2.65%11.04%9.19%8.25%6.62%3.45%10.57%10.77%10.44%53.00%54.44%57.31%59.33%60.02%60.77%58.15%

城商行AC账户变动（亿元）

14261126443510841426112644351084-543

城商行FVOCI账户结构3.02%7.17%3.71%3.02%7.17%3.71%3.59%19.39%20.31%20.25%3.43%20.67%3.93%19.96%3.47%7.28%17.86%3.27%8.47%17.39%12.56%10.75%13.25%14.03%13.33%14.56%13.96%12.66%12.65%12.31%13.74%14.19%16.13%17.18%47.10%46.49%46.99%46.93%45.22%41.31%41.03%4.07%2.36%

城商行FVOCI账户变动（亿元）13611032773439391361103277343939-57

1 %1 %1 %1 %1 %1 %10.66%6.82%7.47%56.83%5%5 %5 %3.93%9.71%6.30%5.81%7.11%6.58%4.98%2.37%4.85%2.06%9.10%5.92%3.94%5.07%3.91%3.24%5.26%4.03%4.713.439.36%6.07%5.325.765.876.41%8.29%7.00%

城商行FVTPL账户结构2.408.644.88%7.63%2.408.644.88%7.63%7.47%58.11%4.60%7.90%9.08%58.79%4.77%8.00%9.36%58.89%4.88%8.50%7.94%

城商行FVTPL账户变动（亿元）18519-5118519-51-80-596-452-1327

业预警OCI2025155209205、OCIAC101TPL91图表16 农商行金融投账户投资环比规模账结构

农商行金融投资结构4.81%6.74%4.81%6.74%4.89%10.85%3.56%6.83%7.61%11.69%2.68%7.17%7.06%11.15%2.17%9.92%6.74%10.11%2.02%9.19%6.24%9.96%1.83%9.05%6.57%9.65%1.51%8.27%4.66%10.77%21.19%0.93%20.83%0.97%20.65%1.00%20.83%0.82%20.87%1.29%20.26%2.14%20.91%2.09%50.60%48.52%50.30%49.40%50.42%50.50%51.78%

农商行金融投资变动（亿元）

209205110-11 209205110-11 -61-155-368

农商行AC账户结构4.52%3.94%4.52%3.94%8.59%1.64%9.20%0.01%0.49%0.52%6.25%13.27%0.84%0.32%0.39%18.15%1.02%16.90%0.88%8.47%14.52%0.92%7.32%14.27%0.70%6.70%14.26%0.92%6.10%13.05%0.95%73.77%75.57%76.14%78.34%78.80%63.77%68.36%

7575-39-22 -21-101

农商行FVOCI账户结构33.81%14.49%6.65%16.71%1.66%6.42%15.56%1.58%1.36%9.65%1.88%8.82%1.89%8.66%14.25% 14.64%14.93%4.69%17.14%30.44%31.84%33.30%34.19%31.96%30.47%31.63%1.14%1.25%1.34%1.21%2.05%3.12%2.83%48.23%41.89%41.80%39.34%40.66%40.93%42.13%

291241291241265-12-18-316

农商行FVTPL账户结构4.11%64.41%5.66 4.11%64.41%5.6613.07%9.22%13.07%9.22%6.26%5.60%3.74%3.43%41.20%43.47%48.83%6%56.37%57.93%11.13%10.39%26.72%27.75%1 %7.78%1 %8.06%76%0.09%7.93%6.74%0.61%7.62%6.54%0.38%6.45%5.51%0.21%4.00%7.37%2.62%16.19%3.41%9.15%2.63%8.51%16.20%2.44%6.97%2.75%10.28%7.41%6.300.985.70%

农商行FVTPL账户变动（亿元）18-6 18-6 -38-91-56-21-155

业预警（四）金融投资期限：TPL账户久期拉长，AC账户久期缩短2025TPL2025年3.653.68账OCI0.260.012.583.140.01年4.07分银行类型：OCI20253.733.76TPL0.36年，而OCIAC0.01ACOCI20253.543.58TPLOCI0.190.090.02年以来，股份行AC账户持续缩久期，而TPL账户和OCI账户明显拉久期，或是由于低利率阶段需要更多通过拉长久期、积极交易从而增厚收益。AC20253.363.39TPLOCI0.010.032025OCI账户ACAC20253.123.15TPL账TPL0.9OCIAC0.10.03年。图表17 上市银行金融资：期限结构金融投资整体国有行股份行城商行农商行FVTPL整体国有行股份行城商行农商行2022H13.653.793.363.353.232022H12.642.772.602.342.642022H23.743.833.673.333.022022H22.853.072.952.241.042023H13.723.923.413.092.892023H12.793.092.622.441.412023H23.733.893.433.403.022023H22.583.032.112.391.202024H13.673.773.523.332.992024H12.432.832.002.321.422024H23.683.783.493.363.032024H22.432.762.311.830.772025H13.653.733.543.363.122025H12.322.502.401.761.772025H23.683.763.583.393.152025H22.582.852.601.870.87FVOCI整体国有行股份行城商行农商行AC整体国有行股份行城商行农商行2022H13.023.062.823.153.322022H13.984.093.703.723.352022H23.092.983.343.192.972022H24.094.173.953.753.442023H12.992.992.943.222.722023H14.114.293.773.253.512023H23.022.973.063.252.712023H24.154.263.893.823.782024H12.932.783.363.112.602024H14.134.213.933.823.782024H23.062.953.323.302.742024H24.104.203.883.763.732025H13.133.013.483.302.782025H14.084.153.873.883.822025H23.143.003.583.282.882025H24.074.143.843.853.85注：根据上市银行报表-附录-流动性风险部分数据作为期限结构，其中1月以内、1-3月、3个月-1年，1年-5年假设使用算数平均作为该区间年份，分别为0.04年、0.17年、0.63年、3年，5年以上假设主要以5-10年为主，对应平均期限为6年。二、负债端：存款重定价大幅压降成本，资金活化特征延续（一）负债成本：高息定存重定价效应集中释放，负债成本大幅压降以422026Q1上市银行综合负债成本为1.36%，相较2025年1.52%的水平继续下行16bp。202Q11.2131.52、2025-15bp-18bp-15bp-22bp20221220263年初为2.6%，利率降幅高达135BP。图表182026Q1上市行负债成本降至1.36% 图表192026Q1四类行负债成本明显下降随着负债端成本下行速度加快，商业银行净息差企稳信号明确。2026Q11.40%2025Q42BP20251BP1BP2025年末2024Q117BP15BP图表202026Q1净息差已经出现止跌回升迹象（二）负债规模：活期存款扩张超季节性，国股行主动负债特征明显“截至2026Q1316.811.82024-2025（11.0万元。比速9.4%左，于2024-2025同平增速8.6%。图表21 2026Q1负债分项占比及同比增速情况主要负债科目负债规模（亿元）占总负债比重同比增速()-25Q3存量规模25Q4存量规模26Q1存量规模26Q1环比增量环比增速2025Q32025Q42026Q12025Q32025Q42026Q1吸收存款项217011221918122285984941724.372.271.972.27.87.46.5应付债券238270237535222491(15044)-6.37.97.87.010.94.3-8.3向中央银行借款70223744427859441525.62.32.42.51.428.036.4拆入资金54442535845474711632.21.81.81.712.24.76.7卖出回购金融资产975609735610056332073.33.23.23.287.746.529.6同业和其他金融机构存放款项289990303901330041261408.69.610.010.47.723.140.5总负债3006967305040031679641175643.9---9.39.79.4注：由于衍生金融负债、应付职工薪酬、应交税费等负债占总负债比重较小，不对以上科目进行比较研究。1、吸收存款：对公短贷放量支撑活期存款增长，个人定存或向大行搬家2026Q12026Q19.41.220263228.672.2%6.8%4.1%10.0%2025Q20.97pct4.38pct3.33pct0.77pct，综合来看，中小行存款增速下行压力较国有行更大，背后原因或是经过多轮存款利率调降后，中小行相对大行存款利差优势不断收窄。图表22 2026Q1存款来开门红，但较去偏低 图表23 四类银行存款比增速22542026Q170.72.92024-20252.36500。2026Q134.8%2025Q42025Q3明显下行0.9pct图表24 商业银行活期款同比增速持续提升 图表25 2025Q4以来公短贷和票据融资量快定期存款：2026Q1120.04.76.12万亿、2.3+495-1202552025图表26 大小行定期存增长份额对比 图表27 大小行个人定存款增长份额对比4.82026Q181743573+12.025+752026Q121146060+4083+40922026Q1，保证7.8202527112025年全年+5.3%的同比增速明显下降。分银行类型来看，2026Q1四大行、中小行保证金存款新增规模分别为+2136亿元、-4848亿元。图表28四大行2、应付债券：受发行意愿以及监管因素影响，规模明显下滑应付债券主要反映银行同业存单和金融债券的发行存续情况。20252026Q122.220251.5比分别-0.81pct、-0.71pct-0.53pct、-0.60pct4.7%、10.4%、15.1%7.6%应付债券图表292026Q1银行付债券增量处于季性位 图表302026Q1国有应付债券同比增速明下滑3、同业负债：主动负债特征延续，国股行同业存款规模大幅增长48.520531864pct+334202Q，2614032071163按银行类40.0%19.2%39.1%3.5%，2025+11.4pct+5.7pct+1.7pct-4.3pct图表31 2026Q1同业债当季增量处于季性位 图表32 除农商行，其银行同业负债同步速升2026Q133.020252.61.19pct40.5%按银行类型看+17994+7214+94816亿元。卖出回购：央行买断式逆回购小规模净投放，商业银行卖出回购科目跟随放缓。10.1202532070.02pct29.6%20241020252026Q12.73.160003.13207按银行类型看202587253313200亿元、26482026Q15.5202511631.7%6.7%按银行类型看，2026Q1，国有行、股份行、城商行拆入资金新增规模分别为+166亿元、+256亿元、+748亿元，仅农商行拆入资金余额则小幅环比下降7亿元。图表33 2026Q1同业债有所增加，其中业款规模显著增加（元）银行类型同业负债明细项目2025Q42026Q1Q1明细规模变动（+/-）Q1同业负债规模变动对该类型银行同业负债规模变动的影响贡献负债规模占总负债比重负债规模占总负债比重国有行卖出回购627873.0%715123.4%87252688532%拆入资金244651.2%246311.2%1661%同业存款1943339.2%21232710.0%1799467%股份行卖出回购202192.9%170192.5%-32004269-75%拆入资金179662.6%182212.7%2566%同业存款8448212.3%9169613.4%7214169%城商行卖出回购121154.0%94673.1%-2648-953-278%拆入资金93583.1%101063.3%74878%同业存款249258.1%258738.4%948100%农商行卖出回购22364.2%25664.8%331308107%拆入资金17953.3%17893.3%-7-2%同业存款1620.3%1460.3%-16-5%三、资产端：信贷占比季节性提升，同业资产压降从422026Q1，42343万亿元，2026Q1新增12.22024-2025（11.5万亿元2025年（9.5%）。季20250.23pct（三项2026Q15.1%1