Debt market fluctuations drag down investment returns, while non-interest income growth of banks is currently differentiated.

In a low interest rate environment, banks' net interest margins continue to shrink, and non-interest income has become an important breakthrough in driving bank revenue growth. According to Wind data, in the first three quarters of this year, 42 listed banks collectively achieved non-interest income of 1.22 trillion yuan, an increase of over 300 billion yuan compared to the first half of this year, and an increase of 58.3 billion yuan compared to the same period last year. In terms of growth rate, differentiation in the non-interest income of the banking industry is gradually becoming apparent. In the first three quarters of this year, only 18 banks achieved year-on-year growth in non-interest income; 8 banks saw a decline in investment income year-on-year due to market fluctuations, and 31 banks had negative fair value changes. Industry insiders suggest that banks need to further balance short-term returns with long-term risks, strengthen risk management, increase the diversity of investment portfolios, reduce dependence on a single market or product; at the same time, banks should establish more flexible investment strategies and adjust asset allocation timely according to market conditions.