银行行业深度报告:2025Q4上市银行AC潜在兑现及回补债券评估-行业深度报告

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Nov 18, 2025

盈利压力下,上市银行卖出AC 存量债券兑现浮盈(1)投资增速来看,2024 年以来上市银行AC 账户投资增速持续低于金融投资增速,其中农商行2025 年以来AC 单季同比均少增。(2)占比来看,2023Q2-2025Q2 利率震荡下行期间,银行自营投资交易活跃提升,叠加卖债兑现浮盈支撑营收,上市银行纯配置账户AC 占比整体持续下降,2025Q3 末上市银行AC 占比为57.5%,较2023Q1 末...

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