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考虑FVOCI账户当期浮盈后,2025Q1-Q3金融投资业绩贡献度为
考虑FVOCI账户当期浮盈后,2025Q1-Q3金融投资业绩贡献度为
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### 表3：2025H1国有行资金业务营收贡献度提升  
| 银行名称   | 营业收入占比较上年同期变动 - 对公 | 营业收入占比较上年同期变动 - 零售 | 营业收入占比较上年同期变动 - 资金 |
|------------|------------------------------------|------------------------------------|------------------------------------|
| 工商银行   | 1.6%                               | -0.9%                              | -0.7%                              |
| 建设银行   | -0.9%                              | -0.5%                              | 0.2%                               |
| 农业银行   | -4.1%                              | -4.1%                              | 7.9%                               |
| 中国银行   | -2.6%                              | -1.1%                              | 3.4%                               |
| 邮储银行   | 3.5%                               | -6.6%                              | 3.1%                               |
| 交通银行   | 0.3%                               | -2.2%                              | 1.9%                               |
| 招商银行   | -0.3%                              | 1.1%                               | -0.8%                              |
| 中信银行   | 3.3%                               | -1.6%                              | -0.6%                              |
| 民生银行   | -2.5%                              | -1.2%                              | 3.7%                               |
| 光大银行   | 1.1%                               | -2.2%                              | 0.9%                               |
| 浙商银行   | 5.5%                               | -3.4%                              | -4.1%                              |
| 北京银行   | 4.0%                               | -5.2%                              | 0.9%                               |
| 南京银行   | -0.2%                              | 2.8%                               | -2.6%                              |


### 表4：除工行外，国有行资金业务业绩贡献度普遍提高（亿元）  
| 银行名称   | 营业收入（2025H1）- 对公 | 营业收入（2025H1）- 零售 | 营业收入（2025H1）- 资金 | 营业收入较上年同期 - 对公 | 营业收入较上年同期 - 零售 | 营业收入较上年同期 - 资金 | 利润总额（2025H1）- 对公 | 利润总额（2025H1）- 零售 | 利润总额（2025H1）- 资金 | 利润总额较上年同期 - 对公 | 利润总额较上年同期 - 零售 | 利润总额较上年同期 - 资金 |
|------------|--------------------------|--------------------------|--------------------------|---------------------------|---------------------------|---------------------------|--------------------------|--------------------------|--------------------------|---------------------------|---------------------------|---------------------------|
| 工商银行   | 2030                     | 1693                     | 509                      | 99                        | -11                       | -21                       | 636                      | 928                      | 391                      | -291                      | 292                       | 10                        |
| 建设银行   | 1138                     | 1815                     | 832                      | -13                       | 18                        | 25                        | 175                      | 787                      | 774                      | -19                       | -192                      | 53                        |
| 农业银行   | 1379                     | 1902                     | 294                      | -140                      | -135                      | 292                       | 770                      | 685                      | 89                       | -68                       | -211                      | 304                       |
| 中国银行   | 1244                     | 1459                     | 610                      | -37                       | 19                        | 129                       | 627                      | 419                      | 483                      | -125                      | 15                        | 143                       |
| 邮储银行   | 407                      | 1169                     | 217                      | 68                        | -99                       | 58                        | 363                      | 91                       | 128                      | 63                        | -81                       | 66                        |
| 交通银行   | 646                      | 496                      | 186                      | 9                         | -26                       | 26                        | 251                      | 75                       | 143                      | 49                        | -68                       | 11                        |
| 招商银行   | 703                      | 962                      | 35                       | -17                       | 3                         | -15                       | 371                      | 520                      | -2                       | 6                         | 8                         | -22                       |
| 中信银行   | 491                      | 405                      | 152                      | 20                        | -30                       | -12                       | 290                      | 56                       | 124                      | 28                        | 29                        | -11                       |
| 民生银行   | 355                      | 286                      | 83                       | 9                         | 13                        | 31                        | 146                      | 65                       | 17                       | -35                       | -2                        | 30                        |
| 光大银行   | 250                      | 255                      | 154                      | -7                        | -30                       | -2                        | 152                      | 9                        | 150                      | -27                       | 28                        | 11                        |
| 浙商银行   | 189                      | 51                       | 73                       | 8                         | -15                       | -19                       | 86                       | -29                      | 35                       | 54                        | -19                       | -37                       |
| 北京银行   | 164                      | 111                      | 85                       | 17                        | -16                       | 5                         | 75                       | 33                       | 62                       | 19                        | -16                       | 0                         |
| 南京银行   | 130                      | 76                       | 78                       | 10                        | 13                        | -1                        | 84                       | 8                        | 62                       | 8                         | 15                        | -11                       |


### 资料来源  
Wind、各银行财报、开源证券研究所
所属报告:
【开源证券】银行行业2026年度投资策略:“稳健锚”与“增长帆”,从红利重估到能力定价-251105(63页).pdf
打包全文图表
相关数据
测算浮盈及超额拨备回拨后ROE情况(2025A)
| 银行     | AC+OCI   | 5%AC+OCI | 5%AC+OCI（考虑利息收入下降） | 超额拨备1   | 超额拨备2    | (5%AC+OCI浮盈+超额拨备1)/归母净利润 | 提升空间 | 2025-12 | 回拨后   |
|----------|----------|----------|----------------------------|------------|-------------|----------------------------------|----------|---------|----------|
| 国有行1   | 179.25%  | 29.49%   | 23.28%                     | 180.77%    | 111.13%     | 59.43%                           | 3.5PCT   | 10.38%  | 13.91%   |
| 国有行2   | 73.12%   | 22.52%   | 12.34%                     | 59.90%     | -15.53%     | 24.32%                           | 1.8PCT   | 8.77%   | 10.55%   |
| 国有行6   | 128.31%  | 11.55%   | 4.27%                      | 91.17%     | 34.95%      | 22.50%                           | 1.5PCT   | 9.50%   | 10.98%   |
| 国有行4   | 116.13%  | 14.91%   | 5.35%                      | 58.43%     | -63.61%     | 17.04%                           | 1.1PCT   | 8.15%   | 9.26%    |
| 国有行5   | 108.90%  | 9.27%    | 4.32%                      | 55.13%     | -8.68%      | 15.35%                           | 1.0PCT   | 9.45%   | 10.44%   |
| 国有行3   | 135.41%  | 12.00%   | 7.77%                      | 34.09%     | -11.46%     | 14.59%                           | 0.8PCT   | 8.45%   | 9.22%    |
| 招商银行  | 71.35%   | 16.96%   | 12.00%                     | 100.98%    | 72.47%      | 32.19%                           | 2.5PCT   | 13.16%  | 15.69%   |
| 股份行7   | 54.42%   | 6.44%    | 0.34%                      | 27.75%     | -45.74%     | 5.89%                            | 0.6PCT   | 9.40%   | 9.98%    |
| 股份行5   | 67.65%   | 3.63%    | 1.44%                      | 20.35%     | -122.69%    | 5.51%                            | 0.4PCT   | 9.43%   | 9.82%    |
| 股份行8   | 14.83%   | 4.14%    | 0.17%                      | -1.05%     | -81.74%     | -0.04%                           | 0.2PCT   | 9.58%   | 9.79%    |
| 股份行6   | 59.34%   | 13.72%   | 1.11%                      | -43.27%    | -159.74%    | -7.55%                           | 0.2PCT   | 6.48%   | 6.65%    |
| 股份行3   | 82.06%   | 13.63%   | 4.87%                      | -96.79%    | -188.93%    | -14.49%                          | -0.2PCT  | 7.99%   | 7.81%    |
| 股份行9   | 50.43%   | 0.60%    | -7.02%                     | -47.62%    | -110.44%    | -16.54%                          | -0.5PCT  | 8.45%   | 7.94%    |
| 股份行2   | 123.91%  | 21.64%   | 10.67%                     | -213.30%   | -356.66%    | -31.99%                          | -0.6PCT  | 5.30%   | 4.66%    |
| 股份行4   | 47.31%   | 17.84%   | 2.90%                      | -243.28%   | -244.95%    | -45.75%                          | -1.3PCT  | 7.75%   | 6.50%    |
| 杭州银行  | 151.86%  | 20.74%   | 7.44%                      | 242.34%    | 223.28%     | 55.91%                           | 5.2PCT   | 13.77%  | 18.93%   |
| 青岛银行  | 158.10%  | 37.24%   | 27.99%                     | 117.12%    | 111.64%     | 51.41%                           | 4.6PCT   | 11.57%  | 16.12%   |
| 齐鲁银行  | 106.45%  | 35.58%   | 27.84%                     | 198.41%    | 182.73%     | 67.52%                           | 4.4PCT   | 10.89%  | 15.27%   |
| 宁波银行  | 67.39%   | 31.06%   | 20.26%                     | 99.70%     | 69.89%      | 40.20%                           | 3.8PCT   | 12.42%  | 16.17%   |
| 江苏银行  | 79.52%   | 16.36%   | 6.00%                      | 75.49%     | 65.04%      | 21.10%                           | 2.2PCT   | 12.94%  | 15.18%   |
| 苏州银行  | 15.84%   | 6.66%    | 0.29%                      | 175.88%    | 122.47%     | 35.46%                           | 2.2PCT   | 10.49%  | 12.71%   |
| 成都银行  | 24.08%   | -0.38%   | -4.75%                     | 119.09%    | 98.39%      | 19.07%                           | 1.7PCT   | 14.47%  | 16.16%   |
| 城商行5   | 227.00%  | 22.33%   | 11.29%                     | 84.32%     | 2.16%       | 28.16%                           | 1.7PCT   | 9.27%   | 10.95%   |
| 城商行10  | 107.10%  | 9.92%    | 0.92%                      | 55.35%     | 3.05%       | 11.99%                           | 1.3PCT   | 11.61%  | 12.94%   |
| 城商行12  | 56.01%   | 9.97%    | -0.15%                     | 80.54%     | 5.80%       | 15.96%                           | 1.3PCT   | 9.37%   | 10.66%   |
| 城商行8   | 14.64%   | 12.38%   | 6.65%                      | 68.16%     | -127.79%    | 20.29%                           | 1.3PCT   | 9.64%   | 10.90%   |
| 城商行6   | 83.07%   | 16.13%   | 10.62%                     | 28.96%     | -2.90%      | 16.41%                           | 1.2PCT   | 9.62%   | 10.78%   |
| 城商行13  | 65.35%   | 3.45%    | -2.08%                     | 68.78%     | 0.27%       | 11.68%                           | 1.1PCT   | 11.11%  | 12.19%   |
| 城商行1   | 63.53%   | 63.53%   | 38.84%                     | -208.20%   | -309.10%    | -2.80%                           | 0.5PCT   | 6.20%   | 6.66%    |
| 城商行16  | 185.96%  | 1.73%    | -10.20%                    | 46.53%     | -333.14%    | -0.89%                           | 0.4PCT   | 7.42%   | 7.83%    |
| 城商行17  | 59.59%   | 2.16%    | -12.16%                    | 21.09%     | -121.99%    | -7.95%                           | 0.2PCT   | 7.87%   | 8.10%    |
| 城商行14  | 150.90%  | 11.86%   | -3.40%                     | -1127.72%  | -1127.72%   | -228.94%                         | -6.5PCT  | 4.14%   | -2.34%   |
| 沪农商行  | 66.80%   | 30.90%   | 20.78%                     | 89.40%     | -15.48%     | 38.66%                           | 2.5PCT   | 9.53%   | 12.04%   |
| 无锡银行  | 28.06%   | 6.56%    | 6.78%                      | 171.78%    | 130.90%     | 41.13%                           | 2.4PCT   | 10.02%  | 12.39%   |
| 苏农银行  | 33.84%   | 12.67%   | 9.70%                      | 111.13%    | 74.96%      | 31.93%                           | 2.3PCT   | 10.60%  | 12.94%   |
| 渝农商行  | 113.29%  | 14.33%   | 1.19%                      | 160.63%    | 116.39%     | 33.32%                           | 2.2PCT   | 8.84%   | 11.00%   |
| 常熟银行  | 37.59%   | 12.64%   | 7.68%                      | 55.75%     | 1.87%       | 18.83%                           | 2.1PCT   | 13.26%  | 15.34%   |
| 张家港行  | 51.79%   | 18.13%   | 24.11%                     | 37.83%     | 27.43%      | 31.67%                           | 1.6PCT   | 10.44%  | 12.05%   |
| 农商行10  | 36.71%   | -1.03%   | 0.88%                      | 63.10%     | 30.13%      | 13.50%                           | 0.7PCT   | 11.13%  | 11.84%   |
| 农商行8   | 41.50%   | 10.11%   | 2.78%                      | 9.86%      | -16.56%     | 4.76%                            | 0.7PCT   | 10.14%  | 10.82%   |
| 农商行3   | 114.83%  | 23.26%   | 12.94%                     | -42.55%    | -160.36%    | 4.43%                            | 0.6PCT   | 7.75%   | 8.38%    |
| 农商行4   | 47.01%   | 9.73%    | 12.06%                     | -37.75%    | -349.99%    | 4.51%                            | 0.1PCT   | 7.29%   | 7.36%    |
| 国有行    | 122.83%  | 16.78%   | 9.55%                      | 89.09%     | 21.15%      | 27.36%                           | 1.7PCT   | 9.34%   | 11.06%   |
| 股份行    | 61.21%   | 11.13%   | 4.46%                      | 1.63%      | -72.82%     | 4.78%                            | 0.6PCT   | 9.13%   | 9.74%    |
| 城商行    | 97.18%   | 17.23%   | 6.95%                      | 81.69%     | 35.55%      | 23.29%                           | 2.1PCT   | 10.94%  | 13.00%   |
| 农商行    | 72.19%   | 18.34%   | 14.54%                     | 90.40%     | 17.28%      | 32.62%                           | 2.1PCT   | 9.54%   | 11.59%   |
| 上市银行  | 104.92%  | 15.52%   | 9.42%                      | 68.23%     | 0.80%       | 23.07%                           | 1.6PCT   | 9.43%   | 10.98%   |

资料来源：Wind、公司财报、广发证券发展研究中心，注：考虑到若利率震荡上行，存量浮盈变薄，实际可兑现部分可能少于静态测算。
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行业数据
2026-07-10
原图定位
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南京银行压降FVPL规模,增加FVOCI和AC配置
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市场规模
2026-05-19
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2025末寿险业FVOCI股票配置余额或为1.8万亿元左右
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行业数据
2026-03-31
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全寿险业约欠配FVOCI股票1.1-1.9万亿(估计值)(或在未来2~3年完成配置)
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行业数据
2026-03-31
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Financial assets and liabilities at FVOCI and FVTPL as of December 31, 2024
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行业数据
2026-03-11
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2025年多数银行通过增加FVOCI及AC类债券浮盈兑现以平滑营收表现
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行业数据
2026-01-29
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图表44险资以FVOCI分类股票资金翻倍(百万元)
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行业数据
2026-01-07
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图表132025-2027年险资增量FVOCI与红利资金测算
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行业数据
2026-01-07
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以FVOCI+FVTPL类资产同比增速衡量各类银行金市投资影响力的边际变化,
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行业数据
2026-01-05
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2021年以来各类银行普遍增加FVOCI类配置来突出灵活性,呈现“国有行配置稳
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行业数据
2026-01-05
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同期投资相关非息收入高基数以及息差下行共同影响下,2025年多数银行通过增加FVOCI及AC类债
| 银行   | 投资相关其他非息收入占营收 | | | 投资相关其他非息收入 - YoY | | 2025年额外来自存量债券浮盈兑现对利润增厚影响 | | 处置AC类金融资产的投资收益/当期其他非息收入 | | 处置FVOCI类金融资产的投资收益/当期其他非息收入 | |
| ------ | -------------------------- | -------------------------- | -------------------------- | -------------------------- | -------------------------- | ---------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- |
|        | 2023                       | 2024                       | 9M25                       | 2024                       | 9M25                       | 增厚利润（亿元）                               | 占2025年归母净利润                             | 2024                                           | 1H25                                           | 2024                                           | 1H25                                           |
| 工行   | 8.1%                       | 9.1%                       | 11.8%                      | 9.2%                       | 27.6%                      | 148                                            | 4.0%                                           | 4.6%                                           | 21.6%                                          | 7.4%                                           | 10.0%                                          |
| 建行   | 4.8%                       | 7.4%                       | 9.8%                       | 50.6%                      | 31.0%                      | 187                                            | 5.5%                                           | 7.2%                                           | 22.2%                                          | 5.4%                                           | 23.7%                                          |
| 农行   | 6.2%                       | 7.6%                       | 9.7%                       | 26.3%                      | 31.7%                      | 147                                            | 5.0%                                           | 13.2%                                          | 41.9%                                          | 6.9%                                           | 5.5%                                           |
| 中行   | 12.4%                      | 16.6%                      | 20.3%                      | 35.0%                      | 22.2%                      | -                                              | -                                              | 2.5%                                           | 1.8%                                           | 8.9%                                           | 5.7%                                           |
| 邮储   | 9.5%                       | 10.7%                      | 11.9%                      | 15.2%                      | 27.5%                      | 96                                             | 11.0%                                          | 8.2%                                           | 36.2%                                          | 6.2%                                           | 8.9%                                           |
| 招行   | 11.9%                      | 16.0%                      | 14.0%                      | 34.1%                      | -11.4%                     | 37                                             | 2.5%                                           | 7.5%                                           | 4.6%                                           | 13.5%                                          | 26.8%                                          |
| 中信   | 14.6%                      | 16.8%                      | 14.8%                      | 19.7%                      | -17.0%                     | 19                                             | 2.7%                                           | 7.0%                                           | 11.3%                                          | 19.4%                                          | 23.4%                                          |
| 民生   | 13.6%                      | 14.2%                      | 17.2%                      | 1.1%                       | 36.6%                      | 27                                             | 8.7%                                           | 9.6%                                           | 20.5%                                          | 12.9%                                          | 16.4%                                          |
| 浦发   | 17.6%                      | 19.5%                      | 18.9%                      | 8.7%                       | -2.7%                      | 64                                             | 12.7%                                          | 11.7%                                          | 25.5%                                          | 6.0%                                           | 17.9%                                          |
| 兴业   | 17.3%                      | 18.9%                      | 18.7%                      | 9.4%                       | -9.3%                      | 54                                             | 6.9%                                           | 11.2%                                          | 23.2%                                          | 0.6%                                           | 6.6%                                           |
| 光大   | 10.0%                      | 14.5%                      | 10.5%                      | 35.6%                      | -32.5%                     | 36                                             | 9.0%                                           | 1.3%                                           | 19.7%                                          | 3.5%                                           | 21.7%                                          |
| 华夏   | 17.6%                      | 30.5%                      | 21.4%                      | 81.1%                      | -29.6%                     | 17                                             | 6.4%                                           | 0.4%                                           | 1.7%                                           | 13.8%                                          | 24.8%                                          |
| 平安   | 10.5%                      | 19.9%                      | 15.3%                      | 68.7%                      | -24.1%                     | 13                                             | 3.1%                                           | 2.6%                                           | 12.7%                                          | 5.8%                                           | 4.3%                                           |
| 浙商   | 17.5%                      | 26.6%                      | 23.3%                      | 61.7%                      | -11.8%                     | 16                                             | 11.5%                                          | 4.7%                                           | 10.3%                                          | 26.7%                                          | 35.0%                                          |
| 北京   | 18.9%                      | 20.8%                      | 17.6%                      | 15.4%                      | -12.8%                     | 24                                             | 9.3%                                           | 6.2%                                           | 24.0%                                          | 7.8%                                           | 16.4%                                          |
| 南京   | 35.6%                      | 41.9%                      | 30.8%                      | 30.9%                      | -16.2%                     | 18                                             | 8.3%                                           | 4.1%                                           | 11.1%                                          | 10.6%                                          | 17.6%                                          |
| 宁波   | 24.2%                      | 21.0%                      | 19.3%                      | -6.2%                      | -9.0%                      | 12                                             | 3.9%                                           | 0.0%                                           | 0.0%                                           | 26.8%                                          | 37.6%                                          |
| 江苏   | 23.4%                      | 25.3%                      | 19.0%                      | 17.7%                      | -24.1%                     | 29                                             | 8.3%                                           | 0.0%                                           | -0.3%                                          | 4.4%                                           | 27.2%                                          |
| 上海   | 20.7%                      | 31.2%                      | 31.9%                      | 57.8%                      | 14.7%                      | 32                                             | 13.2%                                          | 33.6%                                          | 38.5%                                          | 6.0%                                           | 25.4%                                          |
| 杭州   | 21.5%                      | 26.6%                      | 19.0%                      | 35.3%                      | -24.7%                     | 22                                             | 11.4%                                          | -2.9%                                          | 18.1%                                          | 4.3%                                           | 23.3%                                          |
| 苏州   | 18.1%                      | 26.7%                      | 21.5%                      | 52.0%                      | -14.6%                     | 5                                              | 9.5%                                           | 1.5%                                           | 15.4%                                          | 12.0%                                          | 23.5%                                          |
| 成都   | 15.6%                      | 16.6%                      | 15.0%                      | 12.5%                      | -13.0%                     | 6                                              | 4.1%                                           | 36.2%                                          | 32.3%                                          | 15.0%                                          | 39.8%                                          |
| 重庆   | 17.8%                      | 19.1%                      | 17.6%                      | 11.2%                      | 5.8%                       | 2                                              | 3.2%                                           | 20.4%                                          | 0.0%                                           | 11.1%                                          | 40.2%                                          |
| 长沙   | 13.1%                      | 15.3%                      | 20.7%                      | 22.7%                      | 16.8%                      | 14                                             | 17.1%                                          | -0.2%                                          | 15.3%                                          | 6.3%                                           | 25.4%                                          |
| 青岛   | 12.9%                      | 15.7%                      | 14.9%                      | 31.8%                      | -15.5%                     | 3                                              | 5.0%                                           | 0.0%                                           | 22.9%                                          | 21.4%                                          | 14.0%                                          |
| 齐鲁   | 16.4%                      | 17.6%                      | 11.3%                      | 12.6%                      | -38.1%                     | 2                                              | 3.5%                                           | 0.0%                                           | 0.3%                                           | 23.7%                                          | 41.1%                                          |
| 厦门   | 15.4%                      | 23.8%                      | 20.2%                      | 59.2%                      | -3.2%                      | 4                                              | 14.4%                                          | 0.0%                                           | 0.0%                                           | 19.2%                                          | 62.9%                                          |
| 无锡   | 20.8%                      | 24.3%                      | 27.6%                      | 21.3%                      | 11.5%                      | 4                                              | 16.0%                                          | 22.9%                                          | 60.7%                                          | 13.3%                                          | 11.4%                                          |
| 常熟   | 13.5%                      | 15.4%                      | 18.6%                      | 25.9%                      | 20.0%                      | 8                                              | 18.4%                                          | 12.4%                                          | 52.6%                                          | 8.3%                                           | 15.0%                                          |
| 江阴   | 20.8%                      | 26.8%                      | 30.9%                      | 32.3%                      | 21.9%                      | 3                                              | 13.9%                                          | 38.3%                                          | 70.7%                                          | 4.2%                                           | 3.0%                                           |
| 苏农   | 24.5%                      | 31.2%                      | 34.0%                      | 31.5%                      | 7.1%                       | 5                                              | 24.4%                                          | 1.0%                                           | 42.8%                                          | 25.6%                                          | 29.2%                                          |
| 张家港 | 14.3%                      | 27.6%                      | 35.4%                      | 100.4%                     | 20.1%                      | -                                              | -                                              | 28.5%                                          | 28.3%                                          | -                                              | -                                              |
| 瑞丰   | 20.1%                      | 30.6%                      | 25.0%                      | 75.9%                      | -16.4%                     | 1                                              | 7.1%                                           | 1.7%                                           | 2.9%                                           | 38.7%                                          | 54.6%                                          |
| 紫金   | 7.8%                       | 13.7%                      | 21.3%                      | 76.9%                      | 57.5%                      | 1                                              | 4.3%                                           | 48.8%                                          | 55.9%                                          | 24.6%                                          | 26.5%                                          |
| 沪农   | 13.0%                      | 16.9%                      | 18.7%                      | 30.4%                      | 3.9%                       | 11                                             | 9.1%                                           | 0.1%                                           | 0.0%                                           | 12.1%                                          | 42.8%                                          |
| 渝农   | 9.6%                       | 14.7%                      | 12.7%                      | 55.5%                      | -22.4%                     | 8                                              | 6.7%                                           | 30.5%                                          | 17.0%                                          | 3.2%                                           | 46.1%                                          |
| 四大行 | 7.7%                       | 9.9%                       | 12.7%                      | 28.0%                      | 27.1%                      | 451                                            | 3.6%                                           | 6.0%                                           | 18.6%                                          | 7.5%                                           | 10.7%                                          |
| 国有行 | 8.7%                       | 10.8%                      | 13.2%                      | 22.9%                      | 23.9%                      | 582                                            | 4.1%                                           | 5.5%                                           | 18.4%                                          | 6.6%                                           | 9.9%                                           |
| 股份行 | 14.0%                      | 18.4%                      | 16.3%                      | 29.3%                      | -12.1%                     | 292                                            | 5.8%                                           | 6.7%                                           | 14.7%                                          | 10.9%                                          | 18.8%                                          |
| 城商行 | 21.7%                      | 24.9%                      | 21.2%                      | 22.8%                      | -11.4%                     | 178                                            | 8.8%                                           | 7.7%                                           | 15.0%                                          | 10.5%                                          | 25.9%                                          |
| 农商行 | 13.4%                      | 18.5%                      | 19.9%                      | 43.1%                      | 2.1%                       | 43                                             | 10.5%                                          | 16.7%                                          | 29.3%                                          | 11.8%                                          | 29.4%                                          |
| 上市银行 | 11.3%                      | 14.2%                      | 14.8%                      | 25.5%                      | 5.7%                       | 1081                                           | 5.0%                                           | 6.5%                                           | 17.1%                                          | 8.8%                                           | 15.3%                                          |

资料来源：公司财报，申万宏源研究；注：“2025年额外来自存量债券浮盈兑现”，根据1H25 AC类和FVOCI类金融资产投资
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行业数据
2026-01-05
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图表432025-2027年险资增量FVOCI与红利资金测算
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行业数据
2025-12-03
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图表392023年至今上市同业FVOCI/股票分类情况
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行业数据
2025-11-12
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2025Q3末国有行和农商行FVOCI账户累积浮盈空间相对较大
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行业数据
2025-11-07
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最新数据
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2026-07-30
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2026-07-30
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行业数据
2026-07-30
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考虑FVOCI账户浮盈(亏)后金融投资业绩贡献度为24.18%。伴随2023-2024年债市利率的持续下行,债券持有至到期收益下降,银行交易活跃度提升,同时为规避FVTPL账户市值波动对业绩的,影兼响具配置价值和交易灵活度的FVOCI账户占比提升。考虑FVOCI账户当期浮盈后,2025Q1-Q3上市银行金市业绩贡献24度.18为%,较2025H1下降3.34pct,主要源于三季度债市利率上行幅度较大,FVOCI账户占比较高的城农商行下降幅度更多,分别下降-6.78pct和-7.26pct。
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【开源证券】银行行业2026年度投资策略:“稳健锚”与“增长帆”,从红利重估到能力定价-251105(63页).pdf
2026年银行行业投资策略报告:稳健锚与增长帆,银行三层功守道分析
【开源证券】银行行业2026年度投资策略:“稳健锚”与“增长帆”,从红利重估到能力定价-251105
各类型银行金融投资分账户规模变动(亿元)
2025H1国有行资金业务营收贡献度提升
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