Three important pieces of information implied in the semi-annual reports of banks about the bond market

Guotai Junan analyzed the semi-annual report of banks and pointed out three important pieces of information: first, although the net interest margin of banks has slowed down, it is still under pressure, especially for large state-owned banks; second, banks are increasingly relying on investments in the financial market, especially state-owned banks and city commercial banks; third, some banks are facing increased liquidity pressure, but the capital adequacy ratio is generally good. It is expected that the bond market will be affected by the downward trend of asset interest rates, making long-term interest rate bond investments more attractive, and local government bonds becoming a prudent choice