银行业研思录之九：银行债市浮盈拆解与26年展望

目录引言 4银行买债的资产分类及收益记账 7规模：银行金融投资结构拆解 7金融投资收益记账规则 8金融投资收益记账规则 10上市银行金融投资现状 12规模：保持较快增长 12结构：银行金融投资结构拆解 16上市银行金市收益情况 24过去两年配置户收益兑现力度较大 24配置户“余粮”还剩多少？ 30展望：Q2或为年内兑现压力高峰 31风险提示 38插图目录 39表格目录 39引言2026压力和节奏，供投资者参考。图1：上市银行金市利息收入及其他非息贡献（年度2018年以来） 上市银行金市利息收入及其他非息贡献金融投资/总资产 其他非息收入/营业入 金融投资利息收入/息收入35.00%30.00%25.00%20.00%15.00%10.00%5.00%0.00%2018A 2019A 2020A 2021A 2022A 2023A 2024A 2025A，国联民生证券研究所ACAC兑现投资收益/营收2022/122023/122024/62024/122025/32025/62025/92025/122026/3工商 国有行0.10%0.31%0.46%0.42%2.35%2.27%建设 国有行0.04%0.12%0.50%0.53%0.61%2.38%1.82%2.31%0.13%农业 国有行0.02%0.15%1.17%1.01%3.38%4.08%3.66%3.16%5.38%中国 国有行0.23%0.29%0.56%0.42%0.49%0.37%0.44%0.71%1.10%邮储 国有行0.27%0.65%0.98%0.88%5.33%4.73%4.60%5.50%4.53%交通 国有行0.02%0.02%0.08%0.17%0.57%0.42%0.60%0.68%0.03%招商 股份行0.05%0.29%2.07%1.20%0.72%0.48%兴业 股份行2.06%2.00%4.01%2.12%7.88%4.96%4.40%2.90%7.06%浦发 股份行1.42%1.39%3.15%2.29%5.66%3.14%中信 股份行0.17%1.85%1.54%1.18%1.99%1.88%1.81%2.10%1.62%民生 股份行1.55%1.27%1.53%1.37%4.76%3.83%2.98%4.59%7.99%光大 股份行0.57%-0.38%0.20%0.18%5.06%2.99%2.24%1.71%0.14%平安 股份行0.09%0.00%0.93%0.52%2.21%1.53%1.17%1.60%华夏 股份行0.01%0.01%0.18%0.14%0.07%0.45%0.34%3.40%0.02%浙商 股份行0.26%0.66%1.52%1.25%1.61%2.44%3.39%4.63%9.05%北京 城商行0.00%1.13%2.32%1.29%6.67%5.22%3.79%2.89%9.75%江苏 城商行0.02%0.08%0.00%0.01%-0.05%-0.25%上海 城商行2.03%2.97%9.18%10.50%12.09%12.44%15.27%17.40%21.21%宁波 城商行0.24%-0.01%0.00%0.00%0.00%0.00%0.00%南京 城商行0.80%0.86%2.98%1.71%7.85%3.91%4.82%5.03%6.44%杭州 城商行-0.37%3.17%0.00%-0.78%8.47%4.22%2.96%3.00%2.65%成都 城商行2.74%6.62%6.59%6.00%6.36%5.94%7.37%5.58%0.01%长沙 城商行0.87%0.46%-0.13%-0.03%1.65%3.02%4.66%3.32%5.56%重庆 城商行1.80%2.80%7.45%3.90%0.00%0.00%贵阳 城商行0.00%0.02%0.38%0.25%0.20%0.40%郑州 城商行0.00%0.00%0.00%0.00%5.77%4.16%11.17%青岛 城商行0.00%0.00%0.00%0.00%8.97%4.47%3.85%2.91%2.84%苏州 城商行0.00%0.81%0.76%0.40%7.14%3.57%4.44%3.40%2.11%齐鲁 城商行0.15%0.88%0.00%0.00%0.09%0.04%0.03%0.02%兰州 城商行0.07%-0.01%0.04%0.08%0.00%0.21%0.17%0.13%西安 城商行-0.01%-0.01%1.53%0.71%10.18%7.41%5.72%厦门 城商行0.00%0.00%0.00%0.00%0.00%7.85%7.58%渝农 农商行0.22%0.16%6.01%4.49%4.72%2.56%2.86%2.17%0.09%沪农 农商行0.02%0.00%0.04%0.02%0.00%0.00%青农 农商行0.00%0.00%0.00%0.00%13.39%11.65%常熟 农商行0.96%0.22%1.85%1.92%11.10%8.28%紫金 农商行1.61%0.70%8.95%6.68%17.85%15.40%11.26%8.95%17.81%无锡 农商行2.21%1.93%10.18%5.56%18.06%13.37%张家港 农商行0.47%1.82%0.50%0.27%13.86%12.11%苏农 农商行1.70%1.18%6.00%8.88%19.31%12.28%13.47%13.71%21.75%江阴 农商行-0.01%3.41%12.40%10.26%30.18%27.73%20.80%16.18%19.81%瑞丰 农商行0.38%0.24%0.39%0.52%1.19%0.83%3.73%2.84%1.65%上市银行 中位数0.16%0.30%0.85%0.53%4.91%3.30%3.70%3.07%3.69%国有行 中位数0.07%0.22%0.53%0.48%0.61%2.37%1.82%2.29%1.10%股份行 中位数0.26%0.66%1.53%1.20%3.38%2.44%2.24%2.90%1.62%城商行 中位数0.02%0.46%0.04%0.08%6.91%3.57%4.44%3.00%5.56%农商行 中位数0.42%0.47%3.93%3.20%17.85%12.83%11.26%10.30%17.81%表1：AC浮盈兑现/营收，国联民生证券研究所OCI+AC浮盈兑现/营收2020/122021/122022/122023/6OCI+AC浮盈兑现/营收2020/122021/122022/122023/62023/122024/62024/122025/62025/12工商国有行0.27%0.60%0.89%1.03%1.23%1.37%1.10%3.44%3.26%建设国有行0.72%0.74%0.05%0.11%0.30%0.81%0.93%4.93%3.77%农业国有行0.11%0.17%0.14%0.19%0.49%1.92%1.53%4.61%3.99%中国国有行1.78%0.63%0.46%-0.02%0.23%1.45%1.90%1.54%2.31%邮储国有行0.22%0.60%0.79%1.30%1.23%1.66%1.54%5.89%6.40%交通国有行1.01%0.66%0.08%-0.03%0.07%0.63%0.66%1.63%1.66%招商股份行0.93%0.86%1.55%1.98%1.36%5.30%3.36%4.86%3.22%兴业股份行2.54%1.04%3.26%3.10%2.41%5.31%2.24%6.36%3.32%浦发股份行0.79%0.33%1.59%0.31%0.97%4.68%3.46%9.63%5.27%中信股份行1.64%0.46%1.39%1.14%2.15%4.85%4.43%5.79%5.65%民生股份行1.32%0.95%2.69%2.75%2.19%4.93%3.21%6.89%5.94%光大股份行0.42%-0.08%0.57%-0.76%-0.67%0.63%0.69%6.30%3.59%平安股份行0.66%-0.06%-0.67%1.41%0.18%3.20%1.67%2.96%1.69%华夏股份行0.01%0.76%1.77%1.67%2.20%3.78%4.36%6.91%9.83%浙商股份行3.27%1.31%3.37%2.53%4.23%10.31%8.34%10.77%11.38%北京城商行1.48%0.13%0.89%0.90%2.12%3.17%2.92%8.77%5.02%江苏城商行0.00%0.58%1.11%0.40%0.13%1.73%1.13%5.24%3.76%上海城商行0.28%-0.18%1.95%3.38%4.13%12.15%12.38%20.66%23.03%宁波城商行-0.24%2.51%4.65%4.38%4.29%6.46%5.62%8.74%6.13%南京城商行3.25%3.24%3.90% 3.46% 4.15% 5.78%6.15%10.12%9.44%杭州城商行0.34%1.30%-0.21%2.65%2.69%2.17%0.35%9.62%5.19%成都城商行0.64%0.31%4.30%6.56%6.98%11.38%8.49%13.26%9.59%长沙城商行-0.12%0.18%1.50%0.62%1.11%1.05%0.93%8.05%6.46%重庆城商行0.00%0.02%2.79%5.95%3.59%11.38%6.01%7.52%5.11%贵阳城商行1.88%-0.13%0.70%0.37%0.48%2.62%1.95%11.73%6.61%郑州城商行13.95%0.82%-0.57%-0.20%-0.19%0.57%3.41%11.27%7.57%青岛城商行5.42%2.70%4.37%0.00%3.50%0.00%3.36%7.19%4.85%苏州城商行1.16%0.64%1.40%0.83%1.74%4.49%3.44%9.01%7.30%齐鲁城商行0.92%1.75%1.18%2.36%3.14%5.65%4.18%5.97%4.31%兰州城商行0.94%0.60%0.95%0.98%1.01%0.22%2.39%5.12%5.01%西安城商行0.46%0.14%0.04%3.87%3.74%2.68%1.34%11.69%6.14%厦门城商行3.75%1.03%1.39%0.64%0.91%5.25%4.57%11.67%14.36%渝农农商行0.13%0.40%1.62%1.51%1.03%7.32%4.96%9.49%6.50%沪农农商行0.59%0.08%1.51%0.56%0.98%1.47%2.07%8.35%7.09%青农农商行0.13%1.18%-0.07%-0.36%-1.19%0.82%0.93%19.09%13.21%常熟农商行1.37%0.55%1.25%1.59%0.78%3.82%3.19%14.27%10.23%紫金农商行7.67%2.89%3.52%2.16%3.14%12.23%10.04%22.71%13.17%无锡农商行1.68%1.89%3.28%3.88%2.70%13.17%8.79%21.45%16.64%张家港农商行0.21%0.29%3.31%5.67%7.33%10.43%7.34%23.33%21.21%苏农农商行4.43%2.33%1.70%1.09%1.18%6.00%8.88%12.28% 13.71%江阴农商行10.17%2.19%3.36%5.49%4.50%13.40%11.37%28.90%16.80%瑞丰农商行1.04%3.00%0.69%0.70%2.45%13.28%12.36%16.21%12.48%上市银行中位数0.93%0.63%1.40%1.22%1.55%4.16%3.36%8.76%6.27%国有行中位数0.50%0.62%0.30%0.15%0.40%1.41%1.31%4.02%3.52%股份行中位数0.93%0.76%1.59%1.67%2.15%4.85%3.36%6.36%5.27%城商行中位数0.92%0.60%1.39%0.98%2.69%3.17%3.41%9.01%6.14%农商行中位数1.20%1.53%1.66%1.55%1.81%8.87%8.07%17.65%13.19%，国联民生证券研究所银行买债的资产分类及收益记账何记账。22模式和合同现金流测试的不同结果，划分为三类：①以摊余成本计量的金融资产（C②以公允价值计量且其变动计入当期损益的金融资产（VTPL③以公允价值计量且其变动计入其他综合收益的金融资产（FOCI（C（VTPL金融投资底层资产包括债务工具、权益工具、衍生工具等，其中：①衍生工具因无法通过合同现金流量测试（PPI，因此直接归入VTPL；②权益工具若为交易而持有，则直接划入FVTPL，若非为交易而持有，且指定为以公允价值计量且其变动计入其他综合收益的金融资产，则归为其他权益工具投资；SPPIFVTPLSPPI则归为COI其他债权投资。下图2展示了金融投资三分类的要求和两种披露名称的对应关系。图2：i9会计准则下金融投资分类标准 企业会计准则》，国联民生证券研究所（股利（浮盈或浮亏、（浮盈或浮亏兑现3。①FVTPL：影响投资收益和公允价值变动损益FVTPL底层资产为以交易为目的持有，或无法通过合同现金流量（SPPI）测试的资产，其以公允价值计量。处置阶段，②AC：影响利息收入、资产减值损失和投资收益AC底层资产为通过SPPI测试的，且持有目的仅为“收取合同现金流量”的资产，其以摊余成本计量。备，会影响利润表中的“资产减值损失”科目。ACAC③FVOCI：影响利息收入、资产减值损失、投资收益和其他综合收益FVOCISPPI持有期间，FVOCI期净利润，但其存量列示在权益表中，会计入核心一级资本。另外，FVOCI图3：i9会计准则下金融投资分类标准 企业会计准则》，国联民生证券研究所对复杂，本节进行梳理。FVTPL时的买卖差价也能直接产生投资收益，因此我们常说的银行金市收益兑现一般指FVOCIAC，兑现未实现损益。AC主要有以下三方面的影响：其一，影响当期收益，这点我们已在上文的梳理中进行了详细说明，主要包括FVOCI持有期间的利得或损失，以及FVOCI和AC的买卖差价。其二，影响未来息差。对于银行来说，出售资产的利率与当前利率利差越高，FVOCIAC完美踩中利率反转拐点，否则代价是未来息差更大的下行压力。其三，影响核心资本。我们在前文提到，FVOCI持有期间的公允价值变动损OCI延所得税负债；②债券买卖差价需缴纳6%增值税；的影响。总体收益兑现对于核心一级资本影响有限。FVOCIACAC既贡献利润也贡献资本增长。FVOCI收益兑现AC收益兑现投资收益FVOCI收益兑现AC收益兑现投资收益正贡献（持有期间利得或损失+买卖差价）正贡献（买卖差价）息差负贡献负贡献资本有限负贡献（原先“其他综合收益”转入损益，扣除增值税和分红后重新进入资本）正贡献企业会计准则》，国联民生证券研究所上市银行金融投资现状20262025Q4和2026Q1上市银行金融投资规模分别扩张2.30万亿元、4.33万亿元，同比分别多增-1.45万亿元、0.99万亿元，25年全年上市银行金融投资同比增长13.56%，26Q1增速进一步提升至14.13%。结构上，26Q1AC大幅扩张，OCI、TPL规模温和增长，具体来看：26Q1上市银行金融投资规模增长4.33万亿元，其中AC增2.72万亿元、OCI增1.38万亿元、TPL增0.22万亿元。AC方面，大行增2.66万亿元，股份行降869亿元，城商行增0.15万亿元，农商行降91亿元。OCI方面，大行增0.78万亿元，股份行增0.17万亿元，城商行增0.36万亿元，农商行增827亿元。TPL方面，大行增0.17万亿元，股份行增516亿元，城商行降284亿元，农商行增293亿元。总体来看，26Q1银行金融投资扩张特征基本可总结为以下几点：其一，财政扩张下，大行AC规模扩张依旧较快，26Q1政府债累计净融资3.54ACOCI3.44AC（2.66万亿元；其二26Q1上市银行金融投资规模扩张4.33万亿元，而政府债规模仅扩张3.54万亿元，全3.5126Q1其三，久期压力下，银行二级市场买债或以短债为主。25年末大行ΔEVE考核压力仍大，且26Q1一级市场承接大量政府债后久期拉长，因此预计其二级市TPL26Q10.17（若在交易账簿则不影响EVE考核，以缓解久期压力，这与26Q1短债利率回落，利率曲线变陡峭相印证；其四，OCI保持温和增长，配置灵活度提升。26Q1各板块银行OCI规模均上升，金市配置的灵活度提升，以应对利率市场的不确定性。亿元 单季增量 亿元 单季增量 2024Q1 2024Q2 2024Q3 2024Q4 2025Q1 2025Q2 2025Q3 2025Q4 2026Q1贷款上市银行 金融投同业资产存放央行71,51823,215 18,344 14,99376,76425,69727,45521,18015,4319,18376,76121,442 18,46927,99937,491 33,35640,10923,00343,29119,115-27,0845,423 2,998-3,460-7,1335,3225,017-2,376-1,509-9,772-2,9161,968-21,74111,554237 -234国有行总贷款 股份城商农商行52,42511,14318,67014,5311,7159,91155,88821,71012,5534,39954,65012,2252453,16410,855-7947802,6087,0509003,9283721,8891,6069,0554,4831,9901,6548,6402083129652981075221,246国有行金融投资 股份城商农商行21,23013,85019,67825,43223,30918,94930,16820,5812,45436,153-3,0772,0045,6107,0573,020 2,7535,6511,3012,8802,4262,8154,5666,1765,7204,427-984,808408188-10543685233-137661,029国有行FVTPL 农商行1,506-156542,3352,541-5191,091-3431,721-1,6652,3031,450 1,554-1,17642842,38754229 -50349-18-187-2,115213-154-37869281185-182 -169293国有行AC 农商行4,0899,196-5307,59513,6519,2198,61721,44019,66026,620-1,3839522,698-846-2,4493,6761,665-869-384574731,2934821,7651,0122,0331,5423517-111107-170-88-142-29-91国有行FVOCI 农商行15,6354,81112,0293,2089,44611,54910,8517,6371,26453-167,811-282312,8045,0425,3451,0301,8933,6021,6548781,8272,3123,3232613,9723,551160324385741-64187264827国有行同业资产 股份城商农商行13,392-27,7944,946275-4,50717,982-6,305-4,022 -2,9973,841346-1492,483-5701,092-1,431357,390-7721,353406 4364931,2332,0631,9461,572528-42190-254384445678-179国有行存放央行 股份城商农商行-5,889-2,4112,900-21,36710,5251,184 1,818 1,362-3,229-3,057-815-1,465-526-750220-403-2,1773,098509942-346249763-503-40854821,193-1219-6112845417519增速 2024Q1 2024H1 2024Q1-3 2024A 2025Q1 2025H1 2025Q1-3 2025A 2026Q1贷款上市银行 金融投同业资产10.13%10.17%8.96% 8.17% 7.93% 7.91% 7.94% 7.69% 7.29% 6.98%10.29% 11.36%13.03%14.13% 14.88% 15.79%13.56% 14.13%12.80%-10.67%3.03%2.15%0.28%-12.23%17.00%8.53%9.81% 10.70%存放央行-0.51% -1.86%-16.09%-5.80% -4.22% -5.33%9.79%1.94%国有行总贷款 股份城商农商行11.56%10.12%9.06% 8.79% 8.69% 8.82%8.54%8.00% 7.54%5.27%4.60% 4.38% 4.27%4.08%3.81% 3.56% 3.39% 3.63%13.64%12.92%12.46%11.97%12.88% 12.91% 12.81% 12.69%11.61%8.27%6.94%6.43%6.73% 6.74%6.39%5.98%6.65%7.39%国有行金融投资 股份城商农商行13.55% 13.55% 14.74% 16.25% 15.98% 16.53% 17.85% 16.21% 17.73%3.17% 3.12% 4.03%5.71%8.85% 9.13% 8.90%6.46% 5.59%9.22% 10.02% 11.22% 13.38%16.36% 19.25% 20.29%15.09% 13.07%4.88% 5.34%3.16%5.37%7.76% 6.80% 6.66%4.47% 5.20%国有行同业资产 股份城商农商行10.29%-21.51%-8.31% -8.32%-21.87%19.47%7.38%3.11% 4.82%17.41% 13.55%34.47%18.16%5.31% 7.12% 3.94%15.28% 15.00%22.10% 22.34% 23.28%21.09%18.21%29.11%25.58%34.17% 33.68%19.52% 18.79%29.15%15.58%8.57%11.36%21.87%32.01%12.52%国有行存放央行 股份城商农商行-0.17%-1.37%3.44%-17.52%-16.87%-7.05%-8.05%-4.68% -5.32%11.82%0.83%-2.15%-7.06%-4.53%-4.89%-10.61%2.59%3.57%0.04%5.92%3.76%3.51%0.24%14.01%1.31%4.91%6.71%9.60%-2.61%-0.15%3.21%5.71%3.14%7.72%5.10%3.93%表4：分板块上市银行生息资产单季度增量及增速（亿元），国联民生证券研究所8.61% 15.00% 20.23% 18.64% 21.17%2024/122025/32025/62025/92025/122026/319.44%23.56%8.61% 15.00% 20.23% 18.64% 21.17%2024/122025/32025/62025/92025/122026/319.44%23.56%19.86%23.87%19.46%18.25%10.85%14.38%18.60%18.96% 20.72% 21.36%23.50%12.69%12.35%15.64% 17.85%21.83%简称类型2023/122024/32024/62024/9工商国有行12.56%10.88%15.40% 15.40%建设国有行12.86%11.36% 7.22%9.52%农业 国有行17.67%28.08% 27.66% 26.61%中国 国有行11.06% 10.98% 10.02%14.88% 16.78%19.95%24.56%19.62%15.54% 14.67%邮储国有行8.64%8.81%8.65%7.48%11.44%9.45%8.96%12.06%5.90%13.75%交通国有行3.77%0.69%-0.17%3.81%5.26%8.90%9.89%7.68%4.81%5.08%15.19%兴业股份行5.61%15.19%兴业股份行5.61%-3.93%-2.62%-0.23%3.56%11.68%9.59%1.82%2.80%-8.26%浦发股份行4.72%-3.94%-3.55%-0.26%4.97%5.86%6.30%8.36%5.44%11.69%中信股份行3.60%1.15%0.79%1.56%1.08% 9.45% 10.54%11.50% 11.67%11.24%

7.71% 11.16%

12.58% 12.51%民生股份行2.08%-2.81%-0.79%5.63%5.57%3.73%3.27%3.50%1.07%-0.82%光大股份行9.52%6.61%0.34%-4.69%-1.46%0.38%5.58%9.28%7.39%2.82%平安股份行2.53%8.64%14.08%18.37%14.82%3.02%9.23%2.56%7.43% 21.30%华夏股份行23.97%18.37%11.06%9.73%2.85%4.55%7.60%12.31%4.06%2.06%浙商股份行33.09%18.51%11.36%11.91%5.48%16.14%3.29%2.71%-0.37%0.74%北京城商行13.18%9.08%3.45%6.29%12.76%19.97%30.80%33.51%21.96%9.97%江苏城商行16.59% 18.35% 18.96%24.33% 24.20%29.90% 35.79%37.54%26.30% 25.78%上海 城商行 13.18% 6.94% 10.22% 7.87% 5.18% 3.62%-0.04% 1.53%2.52%2.86%宁波 城商行 10.36% 5.81% 10.20% 7.03% 11.28% 13.66% 12.70%17.86%16.93%16.29%南京 城商行 7.79% 9.76% 13.03% 13.05% 11.06% 13.27%19.32%21.48% 21.35%17.04%14.05% 11.51% 11.89% 10.90% 13.12% 6.36%7.34%青岛城商行11.81% 10.51% 8.66% 13.74% 13.12%14.05% 11.51% 11.89% 10.90% 13.12% 6.36%7.34%青岛城商行11.81% 10.51% 8.66% 13.74% 13.12%15.11%22.56%26.03%21.06%29.78%苏州城商行16.46%10.92% 10.97%19.78% 17.98%10.82%19.03% 17.10%18.66%31.08%成都城商行7.39%3.56%4.41%3.41%10.29%18.06%27.73%26.20%12.57%7.42%长沙城商行10.05%8.36%7.71%10.10%15.93%16.46%16.05%7.08%7.23%4.05%重庆城商行14.20%0.85%-3.17%7.86%23.93%46.61%56.94%37.41%15.92%2.44%贵阳城商行-6.00%-1.18%-2.49%0.56%6.76%6.64%7.95%7.83%2.39%1.07%郑州城商行1.68%2.19%0.78%7.57%8.05%15.19%16.85%17.73%16.40%15.12%厦门城商行14.86%6.16%17.46%12.86%26.54%19.94% 22.74%15.28% 2.09% 1.25%渝农农商行4.50% -2.03%0.79%0.78% 4.88% 7.94% 5.29% 6.32% 2.49% 10.05%沪农农商行22.41%12.41% 10.63%7.85% 6.08% 8.73% 8.72% 5.22% 6.06% 4.56%青农农商行11.77% -0.72%1.08%-2.73% 0.87% 3.60% 4.48% 7.06% -0.58% -6.08%19.18% -1.21%无锡农商行11.72%3.66%-0.08%2.26%6.45%7.23%13.48%10.05%5.14%19.18% -1.21%无锡农商行11.72%3.66%-0.08%2.26%6.45%7.23%13.48%10.05%5.14%5.39%张家港农商行12.26%4.39%0.82%-3.93%-0.12%-5.30%-7.38%-8.18%-6.60%2.74%苏农农商行15.84%9.68%6.26%-0.25%5.01%1.86%-2.04%4.22%4.69%0.24%江阴农商行9.38%-5.57%-2.09%7.17%6.86% 18.70% 20.37%15.08%10.17% 5.52%常熟农商行20.61%16.02%25.82%13.29%7.97%3.36% 12.67% 12.71% 13.31% 9.63% 齐鲁 城商行22.44% 24.04% 24.15% 24.13%20.80%19.13%18.07%16.55%17.53%17.86%兰州城商行2.83%-2.45%2.06%14.53%20.07%17.80%19.39%19.87%14.38%15.76%西安城商行-1.98%-4.44%0.17%0.01%8.94%7.86%1.48%0.63%-5.06%1.67%

-7.76% -7.54%

16.47%5.45% 24.12% 4.78% 13.44%-11.33%5.45% 24.12% 4.78% 13.44%-11.33%瑞丰 农商行 50.98%38.94% 26.69% 10.93% 16.38%12.81%9.50%11.86%5.68%8.42%国有行 12.27% 13.55% 13.55% 14.74%16.25%15.98%16.53%17.85%16.21%17.73%股份行 8.81%3.17% 3.12% 4.03% 5.71%8.85%9.13%8.90%6.46%5.59%城商行 11.58% 9.22% 10.02% 11.22% 13.38%16.36% 19.25%20.29% 15.09% 13.07%农商行13.64%4.88% 5.34% 3.16% 5.37%7.76%6.80% 6.66% 4.47% 5.20%上市银行11.33%10.17% 10.29% 11.36% 13.03% 14.13% 14.88%15.79% 13.56% 14.13%，国联民生证券研究所简称 银行类型26Q1增量25Q4增量简称 银行类型26Q1增量25Q4增量TPL AC OCITPL AC OCI工商 国有行建设 国有行农业 国有行中国 国有行邮储 国有行交通 国有行招商 股份行兴业 股份行浦发 股份行中信 股份行民生 股份行光大 股份行平安 股份行华夏 股份行浙商 股份行北京 城商行江苏 城商行上海 城商行宁波 城商行南京 城商行杭州 城商行成都 城商行长沙 城商行重庆 城商行贵阳 城商行郑州 城商行青岛 城商行苏州 城商行齐鲁 城商行兰州 城商行西安 城商行厦门 城商行渝农 农商行沪农 农商行青农 农商行常熟 农商行紫金 农商行无锡 农商行张家港 农商行苏农 农商行江阴 农商行瑞丰 农商行6482867,2281,797-4516,086-1,2113,7204,2446193655933,6311,206-380-3686,8721,7451,5627,3072,2952,5122,786-1,2404635,423-726-911-90-1721,073 865-811-557-61 386894 225 826-77 522 328887 -8 539460 145 170-773-879-1,24916 -27 483713-20969061-4371,234-583-466-548-4 -744 713-838196 462119 206-964850 176 -121-122 199 112242 -2 390-26 -367 189666 170 75-617-57-274-263-228196 51318-255239 8091,750-606229 -156 -848 317 10 255 -86 -121 66 290 -186 199 259 -157 -27 -38 130 12 94 -86 40 134 -32 197 -19 137 64 -9 72 -40 28 10 299 21 -36 -5 -22 -12 16 -30 35 -2 -1 -20 13 -8 10 -9 -11 -28 -10 2 -200 610 -15629 408 12-263 -63 427-434-193 77168 17-302-162 223 188-55 102 -54-87 -48 6-27 -51 2046 101 -10267 -8 5146 248 -10030 26 -1115 -52 3716 15 -17-249-88 20821 6 50-8 -5 -111-2 35 -340 22 52-20 -2 296 -1 36-3 23 3779-39 3821 -8国有行股份行城商行农商行上市银行1,72126,6207,811-343 19,660 1,26453-16516-8691,654736 1,665-2841,542 3,551-2,115 2,033 293-91827-169 -292641,5652,24627,20213,843-1,89123,329，国联民生证券研究所3.2我们整理了42家上市银行三类金融投资的占比，以及各个科目的底层资产明8~1020263，A108.1339%。2026359TPL占比高达65%，TPL占比仅7%，股份行、TPL24%OCI49%TPLOCI底层资产方面，利率债仍为银行金市配置的主要资产。20251267%，且部分银行将政金债与其他金融债合并披露，因此实际占比可能更高。从边际趋势来看，25（更多数据见表11~15TPLPPITPL（ACOCI）另外非标AC。简称银行类型总资产万亿元)金融投资简称银行类型总资产万亿元)金融投资（万亿元）金融投资/总资产交易性金融资产(FVTPL)/总资产债权投资(AC)/总资产其他债权投资&其他权益工具投资(FVOCI)/总资产FVTPL/金融投资AC/金融投资FVOCI/金融投资工商国有行55.7717.8732.0%1.8%23.1%7.2%5.6%72.0%22.4%建设国有行47.1313.7229.1%1.9%17.2%10.0%6.6%59.1%34.3%农业国有行51.0317.1533.6%1.0%24.5%8.1%3.0%72.8%24.1%中国国有行39.5910.0325.3%1.8%11.4%12.1%7.2%45.1%47.7%邮储国有行19.516.8735.2%5.2%26.8%3.3%14.6%76.1%9.3%交通国有行16.274.6428.5%4.4%17.1%7.0%15.3%60.1%24.7%招商股份行13.484.3332.1%5.5%15.9%10.7%17.0%49.6%33.4%兴业股份行11.283.2628.9%7.6%16.2%5.1%26.2% 56.2%17.7%浦发股份行10.313.0129.2%8.0%12.1%9.1%27.3%41.5%31.2%中信股份行10.243.0529.7%7.3%12.6%9.8%24.6%42.4%33.0%民生股份行7.852.3329.7%4.1%16.4%9.2%14.0%55.2%30.9%光大股份行7.202.3532.7%5.2%17.4%10.1%15.9%53.2%30.8%平安股份行6.031.8129.9%14.1%13.3%2.6%47.1%44.3%8.7%华夏股份行4.881.7435.6%9.5%18.2%8.0%26.6%51.1%22.4%浙商股份行3.711.1130.0%6.8%12.2%10.9%22.8%40.8%36.4%北京城商行4.951.7335.1%7.0%15.3%12.7%20.1%43.6%36.3%江苏城商行5.582.2139.6%10.2%13.5%15.8%25.9%34.1%40.0%上海城商行3.381.3740.5%5.7%25.6%9.1%14.2%63.2%22.6%宁波城商行3.861.6843.5%8.7%14.2%20.6%19.9%32.7%47.4%南京城商行3.211.3441.7%10.5%13.8%17.5%25.1%33.0%41.9%杭州城商行2.441.0944.6%5.6%19.4%19.6%12.5%43.6%44.0%成都城商行1.480.4127.6%3.1%16.8%7.7%11.2%60.9%27.9%长沙城商行1.320.5340.5%12.2%19.0%9.3%30.2%46.8%23.0%重庆城商行1.110.4035.7%5.2%21.8%8.7%14.6%61.1%24.3%贵阳城商行0.770.3140.7%12.0%17.2%11.5%29.6%42.2%28.2%郑州城商行0.780.2532.4%7.0%17.9%7.5%21.6%55.4%23.1%青岛城商行0.830.3440.3%9.4%18.0%12.9%23.4%44.7% 31.9% 苏州城商行0.860.3237.6%10.5%10.9%16.2%27.8%29.0%43.1%齐鲁城商行0.840.3743.5%5.2%21.8%16.5%12.0%50.1% 37.9% 兰州城商行0.540.1833.4%7.7%15.9%9.7%23.1%47.8%29.2%西安城商行0.550.1935.2%8.3%19.1%7.7%23.6%54.4%22.0%厦门城商行0.470.1430.9%8.1%13.0%9.8%26.1%42.0%31.9%渝农农商行1.770.7240.9%6.3%14.2%20.4%15.4%34.7%49.9%沪农农商行1.630.5735.1%3.4%12.6%19.1%9.7%35.9%54.4%青农农商行0.510.1732.5%8.7%12.2%11.6%26.9%37.6%35.6%常熟农商行0.420.11627.7%3.1%11.2%13.3%11.3%40.5%48.1%紫金农商行0.290.06020.3%1.3%4.7%14.3%6.2%23.3%70.5%无锡农商行0.290.08328.6%2.9%15.9%9.8%10.3%55.6%34.1%张家港农商行0.240.06326.4%5.0%7.3%14.1%18.9%27.7%53.4%苏农农商行0.240.06928.6%4.9%13.3%10.4%17.2%46.4% 36.4% 江阴农商行0.220.07031.3%13.3%7.6%10.5%42.4%24.2%33.4%瑞丰农商行0.250.08433.0%4.3%13.9%14.8%12.9%42.2%44.8%国有行229.3170.2930.7%2.1%20.1%8.5%6.9%65.4%27.6%股份行74.9922.9930.7%7.2%14.9%8.5%23.6%48.7%27.7%城商行32.9512.8639.0%8.1%16.8%14.1%20.8%43.0%36.3%农商行5.862.0034.2%5.1%12.4%16.7%15.0%36.3%48.7%上市银行343.11108.1331.5%3.9%18.5%9.2%12.3%58.7%29.1%，国联民生证券研究所TPL规模(元) TPL/金融 TPL规模(元) TPL/金融 TPL/总 利率债 金融债含 信用债 基金& 非标 权益 其他投资 资产 存单） 理财 利息工商 国有行9,4405.6%1.8%35.3%19.7%9.2%21.2%14.5%建设 国有行8,7506.8%1.9%10.3%36.9%5.3%47.6%农业 国有行5,5703.4%1.1%16.9%43.1%1.3%12.4%23.4%3.0%中国 国有行7,5777.8%2.0%28.8%30.7%6.5%18.0%16.0%邮储 国有行9,59715.1%5.1%0.2%14.1%2.1%82.6%0.9%0.1% 0.0% 交通 国有行6,00613.3%3.9%15.5%18.0%22.4%30.6%11.7%1.8%招商 股份行6,47815.7%5.0%36.7%11.6%6.7%41.6%1.4%0.3%1.7%兴业 股份行9,30726.2%8.4%8.8%11.6%5.0%68.1%2.1%4.0%0.4%浦发 股份行8,20927.7%8.1%15.4%1.1%2.9%60.7%17.8%2.0%中信 股份行6,78823.2%6.7%2.7%31.1%62.5%0.8%2.9%民生 股份行3,71615.3%4.7%26.6%5.9%18.3%36.2%5.3%6.2%1.5%光大 股份行4,58619.3%6.4%8.7%12.1%9.6%40.9%1.4%27.3%平安 股份行7,65144.6%12.9%36.6%8.7%2.7%22.4%29.1%0.5% 0.0% 华夏 股份行4,73727.6%10.0%29.6%4.9%4.9%59.4%1.0%0.2%浙商 股份行2,29821.9%6.6%2.1%18.1%18.6%59.7%0.6%0.9%北京 城商行3,50820.0%7.1%5.3%2.8%5.5%84.2%2.2%江苏 城商行5,48028.4%11.1%9.6%1.1%11.5%69.9%0.2%0.3%7.4%上海 城商行2,78319.8%8.4%8.1%16.4%18.6%50.0%6.3%0.6%宁波 城商行3,33820.8%9.2%28.2%0.8%24.0%44.2%2.7%0.1%0.0%南京 城商行3,44126.3%11.4%2.4%33.1%6.1%46.7%11.5%0.2%0.0%杭州 城商行1,28612.4%5.4%19.1%18.2%6.8%54.9%0.0%1.1%成都 城商行64216.1%4.6%16.1%0.6%70.9%12.4%0.0%长沙 城商行1,35125.7%10.7%17.6%13.6%1.2%66.5%0.6%0.6%重庆 城商行60615.0%5.9%6.1%26.8%7.4%44.8%10.2%4.7%贵阳 城商行79527.0%10.7%47.0%3.3%0.7%48.3%0.6% 0.2% 0.0% 郑州 城商行45419.4%6.1%16.9%19.2%2.7%48.9%10.8%1.2%0.3%苏州 城商行93030.9%11.8%24.8%10.7%2.7%61.3%0.0%0.5%青岛 城商行74724.1%9.2%0.4%31.0%2.1%66.1%0.4%0.0%齐鲁 城商行45712.9%5.7%5.8%3.0%13.3%70.5%3.9%1.7%1.8%兰州 城商行41222.6%7.8%0.2%11.3%62.8%22.8%1.6%1.2%西安 城商行38221.0%7.1%14.5%6.9%5.1%58.0%15.5%0.1%徽商 城商行1,91120.1%8.2%19.3%42.6%36.4%1.6%0.1%0.0%厦门 城商行35123.6%7.8%21.9%2.5%26.4%49.2%渝农 农商行81112.6%4.9%7.1%26.4%4.3%60.0%1.8%0.4%沪农 农商行59110.6%3.7%4.4%46.6%3.9%44.8%0.3%青农 农商行46627.3%9.3%10.7%2.1%2.0%72.9%12.3%常熟 农商行11610.9%2.9%9.5%0.2%0.5%89.8%紫金 农商行20.3%0.1%100.0%无锡 农商行8610.5%3.1%6.5%92.8%0.7%张家港 农商行10717.3%4.7%2.4%97.2%0.3%0.0%苏农 农商行10915.9%4.7%11.8%4.3%83.8%瑞丰 农商行11815.1%4.9%20.7%4.0%30.9%44.4%江阴 农商行30642.7%14.0%60.2%18.4%0.6%20.8%0.0%1国有46,9397.0%2.1%17.7%26.1%7.3%38.3%0.2%9.8%0.6%2股份53,77123.5%7.3%18.8%7.8%9.7%50.9%8.0%2.1%2.7%3城商26,96221.8%8.6%12.3%11.0%10.3%60.2%3.9%0.6%1.6%4农商2,71314.3%4.8%13.0%21.2%4.4%58.5%2.7%0.0% 0.2% A股上市银行130,38612.6%3.9%16.9%15.3%8.9%48.5%4.2% 4.5%1.7%，国联民生证券研究所AC规模(元) AC/金融AC规模(元) AC/金融资 AC/总资产 利率债 金融债含存） 信用债 非标 其他及息工商 国有行121,40271.8%22.7%92.2%6.4%0.7%0.7%建设 国有行77,39760.0%17.0%95.6%1.6%2.1%0.6%农业 国有行117,99372.3%24.2%92.8%1.9%1.4%2.5%1.4%中国 国有行42,71144.2% 11.1% 89.6%3.4%2.3%4.0%0.7%邮储 国有行46,88473.7%25.1%52.7%43.2%4.6%-0.5%交通 国有行27,01659.7%17.4%93.1%3.6%2.6%0.7%招商 股份行21,25051.4%16.3%89.6%5.5%0.7%4.7%-0.5%兴业 股份行19,19354.1%17.3%59.3%5.7%13.2%23.2%-1.4%浦发 股份行12,50342.2%12.4%56.6%4.3%13.7%25.5%-0.2%中信 股份行13,12944.9%13.0%0.1%15.5%-0.9%民生 股份行13,40255.3%17.1%80.8%7.5%8.3%2.8%0.6%光大 股份行12,33752.0%17.2%48.8%23.8%23.1%4.1%0.2%平安 股份行7,82045.6%13.2%76.7%0.2%11.5%11.7%-0.1%华夏 股份行8,67250.5%18.3%67.3%0.1%19.5%13.2%-0.2%浙商 股份行4,54943.3%13.1%52.8%29.5%1.4%20.0%-3.8%北京 城商行7,92345.2%16.0%60.5%13.7%10.8%17.8%-2.8%江苏 城商行6,72734.9%13.6%76.0%2.3%17.8%1.8%2.0%上海 城商行8,32659.2%25.2%53.0%24.5%20.5%2.4%-0.3%宁波 城商行5,23432.6%14.4%92.1%0.2%0.1%6.7%0.9%南京 城商行4,53734.6%15.0%57.6%29.3%11.4%1.0%0.7%杭州 城商行4,44143.0%18.8%72.0%1.1%16.0%11.4%-0.6%成都 城商行2,28357.1%16.3%81.5%2.6%11.9%3.6%0.4%长沙 城商行2,65250.4%20.9%70.2%22.2%3.7%3.9%-0.1%重庆 城商行2,45260.8%23.7%74.9%0.2%19.9%4.3%0.7%贵阳 城商行1,30644.3%17.6%64.3%0.9%6.9%30.5%-2.6%郑州 城商行1,49163.6%20.0%54.3%9.8%19.6%17.6%-1.3%苏州 城商行74024.5%9.4%81.3%0.7%14.6%2.8%0.5%青岛 城商行1,37044.3%16.8%42.6%32.0%26.0%1.6%-2.3%齐鲁 城商行1,69748.0%21.1%85.2%9.2%4.0%0.2%1.4%兰州 城商行87047.8%16.4%66.1%27.9%4.8%1.2%西安 城商行1,08559.6%20.2%83.7%3.7%11.9%0.6%0.1%徽商 城商行5,47657.6% 23.5% 1.4%-0.3%厦门 城商行59940.3%13.2%99.0%0.5%0.5%渝农 农商行2,48938.7%14.9%84.3%8.5%7.4%0.4%-0.7%沪农 农商行2,05837.0%13.0%66.2%32.4%0.3%0.0%1.1%青农 农商行63437.2%12.6%91.6%2.1%5.0%1.3%常熟 农商行50246.9%12.4%85.3%0.1%13.6%0.8%0.1%紫金 农商行14122.5%4.8%85.4%11.8%3.7%-0.8%无锡 农商行48458.8% 17.2% 86.1%1.0%11.7%1.3%张家港 农商行18329.5%8.1%89.6%0.8%10.0%-0.4%苏农 农商行32747.8%14.2%55.9%18.7%25.4%0.0%瑞丰 农商行35144.9%14.5%92.5%3.0%4.7%-0.2%江阴 农商行19627.4%9.0%98.7%0.5%0.2%0.6%1国有433,40365.0%19.7%88.5%7.8%1.8%1.1%0.8%2股份112,85249.4%15.3%60.8%7.2%19.7%12.9%-0.5%3城商53,73343.4%17.2%68.6%11.8%12.9%6.8%-0.1%4农商7,36438.7%13.0%79.7%13.3%6.3%0.4%0.3%A股上市银行607,35258.5% 18.4% 81.5%8.1%6.2%3.8%0.4%，国联民生证券研究所OCI规模亿元) OCI/金投资 OCI规模亿元) OCI/金投资 OCI/总产利率债 金融债含存） 信用债 非标 权益 其他及息工商国有行38,23322.6%7.1%63.9%13.0%19.6%2.6%0.9%建设国有行42,82733.2%9.4%76.2%13.2%8.7%1.2%0.7%农业国有行39,65124.3%8.1%74.4%19.4%4.6%0.8%0.8%中国国有行46,30847.9%12.1%81.0%11.1%6.7%1.2%0.0%邮储国有行7,10111.2%3.8%33.8%58.8%6.6%0.8%0.0%交通国有行12,25727.1%7.9%48.7%35.5%12.2%0.3%2.3%1.0%招商股份行13,62432.9%10.4%71.5%17.5%8.3%0.0%0.2%2.5%兴业股份行7,00819.7%6.3%30.9%38.9%28.8%0.1%0.5%0.8%浦发股份行8,90730.1%8.8%55.1%17.2%25.6%0.2%2.0%中信股份行9,35132.0%9.2%1.4%0.9%0.7%民生股份行7,12629.4%9.1%44.2%32.4%21.4%1.1%0.9%光大股份行6,79628.7%9.5%52.3%30.3%16.3%1.1%平安股份行1,6869.8%2.8%42.5%24.9%31.3%0.4%0.1%0.7%华夏股份行3,77122.0%8.0%53.6%25.1%18.6%1.6%1.1%浙商股份行3,66934.9%10.5%22.3%48.1%28.1%0.4%1.1%北京城商行6,11434.8%12.4%68.7%22.5%8.7%0.2%0.0%江苏城商行7,07236.7%14.3%58.8%3.2%28.1%0.1%9.8%上海城商行2,96621.1%9.0%59.0%16.2%22.5%1.4%1.0%宁波城商行7,49646.7%20.7%77.1%3.7%15.5%2.6%0.1%1.0%南京城商行5,12339.1%17.0%13.7%65.9%19.0%0.1%0.5%0.8%杭州城商行4,60344.6%19.5%62.2%23.6%13.4%0.2%0.7%成都城商行1,07526.9%7.7%75.3%0.5%11.5%12.0%0.8%长沙城商行1,25623.9%9.9%86.6%11.3%1.1%0.3%0.8%重庆城商行97524.2%9.4%37.1%5.0%56.3%0.1%1.4%贵阳城商行84528.7%11.4%86.9%7.6%4.3%0.4%0.9%郑州城商行39917.0%5.4%77.9%20.5%0.0%0.8%0.9%苏州城商行1,34544.6%17.0%39.9%17.1%41.9%1.1%青岛城商行97831.6%12.0%26.5%32.7%39.0%0.1%1.5%齐鲁城商行1,38239.1%17.2%59.3%11.6%28.0%0.1%0.9%兰州城商行54029.6%10.2%45.5%52.4%1.6%0.6%0.0%西安城商行35419.5%6.6%87.1%3.0%7.3%1.7%0.9%徽商城商行2,12622.3%9.1%0.7%0.2%1.1%厦门城商行53736.1%11.8%54.5%4.2%41.1%0.3%0.0%渝农农商行3,13648.7%18.8%55.5%33.0%11.5%0.0%沪农农商行2,91052.3%18.3%19.1%53.2%26.3%0.2%1.3%青农农商行60435.4%12.0%66.4%6.1%26.4%0.0%1.1%常熟农商行45242.3%11.2%66.8%10.9%19.8%1.7%0.9%紫金农商行48177.2%16.6%21.9%67.6%9.6%0.8%无锡农商行25330.7%9.0%82.2%17.0%0.9%张家港农商行32953.1%14.5%50.3%21.8%26.0%0.7%1.1%苏农农商行24936.4%10.8%49.2%21.3%15.8%2.1%11.6%瑞丰农商行31340.0%13.0%85.6%13.2%0.3%0.9%江阴农商行21429.8%9.7%70.8%17.7%8.8%1.8%0.8%1国有186,37628.0%8.5%71.1%17.2%9.7%0.0%1.4%0.6%2股份61,93827.1%8.4%43.7%23.0%31.3%0.0%0.5%1.4%3城商43,05934.8%13.8%58.6%19.0%19.1%0.8%0.3%2.2%4农商8,94047.0%15.8%45.0%35.8%17.9%0.3%1.0%A股上市银行300,31328.9%9.1%62.9%19.2%15.8%0.1%1.0%1.0%，国联民生证券研究所科目类型2022/122023/62023/122024/62024/12科目类型2022/122023/62023/122024/62024/122025/62025/12总资产(亿元)2,540,4562,736,1152,828,7102,931,9193,041,4873,213,2703,309,611金融投资(亿元)732,407769,435815,601848,638921,845974,9391,038,051TPL/金融资

15.29%

14.39% 14.21%

13.81%

13.49%

12.56%AC/金融资 OCI/金投资 TPL/总资产 AC/总资产 OCI/总产 政府债券 政金债 金融债券 信用债券 资产支证券 其他债券含未类) 基金投资 理财产品 非标资产 权益投资 其他 应收利息 减值准备 ，国联民生证券研究所科目类型2022/122023/62023/122024/6科目类型2022/122023/62023/122024/62024/122025/62025/12总资产(亿元)1,641,1271,799,7941,851,1421,938,9421,996,7802,140,2322,204,828金融投资(亿元)439,575465,541493,521528,601573,711615,969666,718

62.16%22.55%4.30%17.48%6.34%52.14%9.09%11.11%6.48%0.97%3.90%7.13%0.05%4.81%0.94%0.88%0.92%-0.61%

62.18% 60.67%23.42% 25.12% 4.15% 4.11%17.93% 17.56%6.75% 7.27%53.53% 54.58%9.36% 9.05%11.21% 12.43%6.21% 8.37%2.10% 0.81%2.34% 0.02%6.80% 7.32%0.05% 0.05%4.14% 3.70%0.87% 0.86%0.88% 0.51%0.94% 0.89%-0.55% -0.53%

59.21%26.98%4.19%17.95%8.18%55.48%9.03%11.96%5.21%2.13%2.24%6.94%0.05%2.94%0.82%0.92%0.84%-0.47%

57.24%29.28%4.09%17.37%8.88%54.62%8.91%11.47%5.33%0.63%5.96%6.54%0.05%2.29%0.83%1.19%0.75%-0.41%

58.51%28.93%3.94%18.35%9.07%58.68%8.61%11.13%6.12%0.69%2.49%6.04%0.05%2.77%0.87%0.37%0.77%-0.38%TPL/AC/TPL/总资产AC/总资产OCI/政金债资产支持证券其他债券(含未分类)基金投资理财产品非标资产权益投资其他应收利息减值准备

8.98%69.29%21.73%2.40%18.56%5.82%63.24%10.42%12.78%5.09%0.34%0.00%3.07%0.00%1.02%1.26%0.73%1.00%-0.29%

8.67%68.60%22.73%2.24%17.75%5.88%64.02%10.34%12.95%4.56%0.32%0.27%2.95%0.00%0.81%1.23%0.48%0.98%-0.31%

8.19%68.88%22.93%2.18%18.36%6.11%64.88%10.29%12.92%4.28%0.24%0.00%2.77%0.00%0.76%1.16%0.63%0.96%-0.24%

7.90%66.82%25.27%2.15%18.22%6.89%65.01%9.56%13.93%4.00%0.19%0.00%2.90%0.00%1.18%1.11%0.20%0.91%-0.24%

7.70%65.27%27.03%2.21%18.75%7.77%67.34%9.23%13.21%3.65%0.18%0.11%2.83%0.00%0.53%1.08%0.21%0.84%-0.21%

7.50%63.69%28.81%2.16%18.33%8.29%64.69%7.96%11.48%3.76%0.13%5.83%2.67%0.00%0.51%1.09%0.32%0.75%-0.20%

7.04%65.01%27.95%2.13%19.66%8.45%70.04%8.30%11.15%4.02%0.14%0.26%2.70%0.00%0.71%1.09%0.10%0.78%-0.17%，国联民生证券研究所科目类型2022/122023/62023/122024/6科目类型2022/122023/62023/122024/62024/122025/62025/12总资产(亿元)620,576653,068666,801679,599698,998715,544735,199金融投资(亿元)186,652195,899203,088202,015214,682220,456228,561TPL/金融投资23.99%24.72%22.80%23.24% 23.27%24.02%23.53%52.67%53.55%53.71%53.04%51.61%48.77%49.38%23.34%21.73%23.49%23.71%25.12%27.21%27.10%TPL/总资产7.21%7.42%6.95%6.91%7.15%7.40%7.31%AC/总资产15.84%16.06%16.36%15.77%15.85%15.03%15.35%OCI/总资产7.02%6.52%7.15%7.05%7.71%8.38%8.42%政府债券35.44%33.33%35.39%37.72%34.73%38.47%38.18%政金债6.64%6.39%7.66%7.74%8.09%8.54%8.09%金融债券9.31%7.99%7.36%9.84%8.87%11.41%10.35%信用债券7.69%7.22%7.36%17.20%6.10%6.40%7.91%资产支持证券2.66%2.55%7.49%2.62%8.37%1.98%2.12%其他债券(含未分类)9.35%14.61%9.13%0.00%9.11%9.99%10.45%基金投资14.02%13.06%12.95%13.89%13.64%12.87%11.92%理财产品0.05%0.05%0.06%0.08%0.05%0.08%0.07%非标资产11.58%10.76%8.94%7.89%6.89%6.29%8.24%权益投资0.70%0.66%0.57%0.59%0.50%0.48%0.62%其他1.01%1.90%1.63%1.27%1.79%2.23%0.81%应收利息0.89%0.86%0.92%0.88%0.85%0.77%0.78%减值准备-1.15%-1.11%-1.05%-1.09%-0.96%-0.87%-0.83%，国联民生证券研究所科目类型2022/122023/62023/122024/6科目类型2022/122023/62023/122024/62024/122025/62025/12总资产(亿元)233,869235,039261,658261,795293,262302,338313,092金融投资(亿元)90,97791,