萨利机长

透视银行中报｜9家银行8家投资收益负增长，为什么？_我的网站

A |     　　“最会赚钱”的银行业，自己投资却“栽了跟头”。

B |     WASHINGTON -- President Joe Biden is considering a trip to Israel in the coming days, but nothing has been finalized, a senior administration official said Sunday.A trip would send the strongest message yet that the U.S. is behind Israel following the Oct. 7 attack by Hamas. The administration has already pledged military support, sending U.S. aircraft carriers to the region as well as aid. Officials have said they would ask Congress for upward of $2 billion in aid for both Israel and Ukraine.The official could not publicly discuss internal deliberations about the potential presidential travel and spoke to The Associated Press on condition of anonymity. THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.Egypt's president criticized Israel’s military operation in Gaza in a stern pushback Sunday to the United States as America's top diplomat extended his frenetic travels across the Mideast trying to prevent the war with Hamas from igniting a broader regional conflict.With an Israeli ground offensive looming, U.S. Secretary of State Antony Blinken reaffirmed in some of his strongest language to date that Washington would stand with Israel “today, tomorrow and every day” in a partnership of shared democratic values, but that Israel must take “every possible precaution to avoid harming civilians.” He leveled no direct public criticism of Israel or its bombing campaign that has killed civilians in Gaza.From Cairo, where President Abdel Fattah el-Sissi conveyed his criticism, Blinken went to Jordan and planned to return to Israel on Monday, carrying to Israeli leaders the feedback he received in a rush of meetings with leaders throughout the Arab world.His second visit to Israel in recent days will come amid heightening fears that a looming Israeli move into Gaza could spark a wider war with devastating humanitarian consequences, a growing concern for the Biden administration. And the death toll of U.S. citizens rose to 30, with 13 still missing.Egypt’s state-run media said el-Sissi told Blinken that Israel’s Gaza operation has exceeded “the right of self-defense” and turned into “a collective punishment."Blinken told reporters before leaving Egypt that “Israel has the right, indeed it has the obligation to defend itself against these attacks from Hamas and to try to do what it can to make sure that this never happens again." Mindful of the potential human cost in Gaza, Blinken said "the way that Israel does this matters. It needs to do it in a way that affirms the shared values that we have for human life and human dignity, taking every possible precaution to avoid harming civilians.’’Earlier Sunday, the envoy met with Saudi Crown Prince Mohammed bin Salman in Riyadh, talks that built upon earlier sessions with the leaders of the United Arab Emirates, Bahrain, Qatar, Jordan and the Palestinian Authority. Blinken said that what he heard in every meeting with Arab leaders “was a determination of shared view that we have to do everything possible to make sure this doesn’t spread to other places, a shared view to safeguard innocent lives, a shared view to get assistance to Palestinians in Gaza who need it and we’re working very much on that.”The White House also appointed David Satterfield, a former ambassador to Lebanon and Turkey, to lead U.S. efforts to get humanitarian assistance to “vulnerable people through the Middle East.” Satterfield was expected to arrive in Israel on Monday.From Washington, President Joe Biden’s national security adviser said the U.S. was not “making requests or demands of Israel with respect to its military operations.” Jake Sullivan, making the rounds of the Sunday TV news shows, said the administration was “simply stating our basic principles — the principles upon which this country is based and all democracies, including Israel, are based. It’s what makes us different from the terrorists, that in fact we respect civilian life.”He said the U.S. was not “not interfering in their military planning or trying to give them instructions or requests specific.” Sullivan said the U.S. is conveying the message in public and in private that “all military operations should be conducted consistent with law of war, that civilians should be protected, that civilians should have a real opportunity to get to safety” and have access to food, water, medicine and shelter.Those remarks marked a shift in the U.S. administration's comments in recent days as officials have heard concerns from Arab leaders about the consequences of what a humanitarian catastrophe resulting from an Israeli ground offensive would do not only to Palestinians but also in inflaming public opinions in Arab nations and potentially destabilizing relatively friendly countries.Sullivan also said the U.S. has been unable so far to get American citizens out of Gaza through Egypt’s Rafah crossing with Gaza. “It has been difficult to execute that operation to facilitate their passage out. … It’s a high priority,” acknowledging that “I’m not aware of anyone else being able to get out at this time.” The crossing was closed because of airstrikes early in the war. There are an estimated 500 Americans living in Gaza, but that number is imprecise, officials have said.U.S. officials have said the Arab reaction to Blinken’s message has been generally positive — acknowledging Israel has a right to respond to the Hamas attacks but expressing deep concern about the humanitarian situation in Gaza and unable to stay silent about the Palestinian civilian casualties that result. The Arab leaders have also said the current situation cannot be resolved without an Israeli-Palestinian peace deal that gives the Palestinians an independent state.Blinken made clear in Egypt that the U.S. will not waver in supporting Israel, saying, "We will stand with it today, tomorrow and every day and we’re doing that in word and also in deed.’’In his roughly hourlong meeting with Prince Mohammed at the de facto Saudi leader’s private farm outside Riyadh, Blinken “highlighted the United States’ unwavering focus on halting terrorist attacks by Hamas, securing the release of all hostages, and preventing the conflict from spreading,” the State Department said.“The two affirmed their shared commitment to protecting civilians and to advancing stability across the Middle East and beyond,” according to a department statement.The Saudi description of the meeting focused primarily on Palestinian civilians, echoing the sentiments that the other Arab leaders with whom Blinken has met. It said Saudi Arabia would object to the targeting of “civilians in any way or disrupt(ing) infrastructure and vital interests that affect their daily lives.”The prince “stressed the need to work to discuss ways to stop the military operations that claimed the lives of innocent people,“ the Saudi Press Agency said in a report about the meeting.___Associated Press writers Sam Magdy in Cairo, Colleen Long in Washington and Michelle L. Price in New York contributed to this report.。　　据贝壳财经记者不完全统计，截至8月25日，已披露2026年中报的9家银行中，有8家银行的投资收益同比负增长。重庆银行、贵阳银行同比“腰斩”，就连“债券之王”南京银行也未能幸免。　　投资收益曾是银行非息收入的“王牌”，部分中小银行更靠它撑起利润的半壁江山。如今，王牌“变脸”，非息收入增长反成拖累。　　成也债券，败也债券。过去两年，中小银行蜂拥债市，靠牛市红利赚得盆满钵满、拉升业绩。

C | 但今年债券市场持续震荡，中小行投资收益随之回落。　　在业内人士看来，这组数据下挫的背后，是过去依赖市场波动兑现浮盈的增长模式难以为继的集中体现，亦暴露出中小银行盈利结构对单一市场变量的过度依赖。信贷投放乏力才是迫使它们涌入债市的根本原因，投资收益缩水是这一结构性失衡的显性化。

D | 而中小银行应回归本源、做小做散、轻装上阵。　　投资收益“变脸” 从“利润发动机”到“核心拖累”　　当前，银行年中报正在密集披露中。截至目前，已披露2026年中报的9家A股上市银行主要为城农商行，仅平安银行一家股份制银行。而在这9家银行中，仅宁波银行的投资收益同比小幅增长3.37%，其余8家银行的投资收益均同比下降。　　具体来看，重庆银行今年上半年的投资收益同比下降61.61%，是9家银行中降幅最大的银行。

E | 贵阳银行投资收益亦被腰斩，同比降幅达到50.02%。瑞丰银行同比降幅47.06%。而素有“债券之王”称号的南京银行，投资收益同比亦下降28.80%。　　值得注意的是，小银行的投资收益是非利息收入的绝对主力军。在2024年至2025年间，不少小银行这项收入的涨幅超过100%。如今这项收益的“变脸”，将成为银行营收增长的核心拖累。　　以瑞丰银行为例，在非息收入中，该行今年上半年投资收益占比为71.30%，而去年同期这一占比则达到89.20%。究其原因，该行非利息净收入因债券买卖取得的投资收益下降而减少。报告期内，该行实现非利息净收入4.57亿元，同比下降33.77%，主要为投资收益、其他收益以及汇兑损益的减少。　　苏农银行也指出，该行实现非利息净收入7.67 亿元，同比下降13.78% ，其中，手续费及佣金净收入0.61 亿元，同比增长30.79%。非利息净收入下降主要受投资收益减少及汇兑收益由盈转亏影响。而该行投资收益占营业收入的近三成。　　成也债券败也债券，小银行为何重仓债市？　　银行投资收益的主要来源是其用自有资金参与债券市场投资，获得的资本利得，即通过买卖债券产生的价差，低买高卖获得收益。　　招联首席经济学家董希淼表示，已披露业绩报的银行投资收益普遍大幅下滑，在于2025年债牛行情下“大行放贷、小银行卖债”策略积累的高基数效应，以及2026年债市从趋势性牛市转向震荡市后的回吐。随着利率下行空间收窄、前期浮盈基本耗尽，中小银行通过波段操作获取差价收益的难度急剧加大。　　今年以来，利率债市场走出一轮超预期的震荡牛市，10年期国债收益率从年初的1.85%下探至5月末的1.71%附近。进入6月，受财政供给前置、交易盘止盈、资金边际收敛等因素扰动，长端利率小幅反弹至1.75%附近，市场多空分歧显著放大。银行债券投资收益也因此受到影响。　　近两年，城农商行已经成了“债市大户”，有关城农商行债券投资持仓占比的话题一度引起市场瞩目。央行等金融监管部门曾多次喊话中小银行激进的债券市场投资策略。

F | 　　一般来讲，当债券利率相对于贷款利率比较高，而且价格比较低的时候，银行会买入债券，有助于稳定市场。

G | 反之，当债券利率较低、债券价格较高时，银行卖出部分债券能够实现它自己的利润，也能够保持银行自身支持实体经济的可持续性。　　但“小行买债”的现象则有些形势所迫。

H | 受经济下行等因素影响，今年以来有效融资需求不足，一定程度上出现“资产荒”，部分中小金融机构信贷难以有效投放。另一方面，市场信用风险有所上升，金融机构资产质量下降压力较大。

I | 在这样的情况下，国债由国家信用背书，具有较强的安全性，成为金融机构资产配置的重要选择。

J | 　　对于投研能力本就薄弱的中小银行而言，缺乏独立的资产定价能力与跨周期配置视野，极易陷入“追涨杀跌”的被动局面。

K | 　　这种“被动”仍在持续。据贝壳财经记者梳理发现，部分中小银行依然在加仓债券资产。南开大学金融发展研究院院长田利辉表示，当前小银行增配债券拉久期，更多是负债成本下行后维持正利差的被动选择，而非主动进攻。　　债券投资“退潮”，银行需加快调整投资收益结构　　2026年中报给银行业敲响的警钟：过去依赖市场波动兑现浮盈的增长模式难以为继。　　已有银行正在对债券投资做出调整，将对资本利得的依赖，从一定程度上“回摆”到稳定的票息收益上。　　南京银行业务部门负责人在业绩说明会上指出，随着债券收益率持续低位窄幅波动，投资收益增长将更多依赖精细化波段操作与稳定票息积累，增速趋于平稳，对业绩贡献从高弹性逐步回归常态。　　根据南京银行数据，上半年该行利息净收入同比大增40.19%。其中，该行债券投资利息收入为120.26亿元，同比增长32.58%。　　“投资收益的角色正从利润弹性来源退化为利息收入的薄垫。”田利辉认为，在净息差已至历史低位的背景下，把债券交易当作第二信贷来经营既不现实也不健康，中小银行应让债券投资回归流动性管理与资产负债匹配的本职，而非继续充当利润的救命稻草。

L | 　　在多位银行业内人士看来，回归本源、做小做散、轻装上阵，才是未来中小银行发展的真正内核。　　田利辉表示，中小银行真正的护城河从来不在金融市场交易平台上，而在对本地小微客户的信息优势和关系网络。

M | 与其在债券市场与大行拼资金成本，不如把信贷颗粒度做细，用人缘地缘换风险定价。同时应主动压降交易性资产占比，出清自营理财转向代销服务，以客户关系变现替代资本消耗。对于自身造血不足的机构，顺应行业减量提质的大势，主动融入合并重组，远比苦撑体面更为理性。　　对于城农商行的发展，天府立言金融研究院院长曾刚建议，城商行和农商行都需要回归地方法人银行的基本定位，选择差异化、错位化的发展路径，而非简单模仿彼此、追求同质竞争。对城商行而言，立足属地、深耕本地应是经营主线。对农商行而言，县域市场是最具价值的主场。责任编辑：曹睿潼。

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