In the context of a continuously narrowing net interest margin, investment income has become a significant source of profit for many listed Banks, especially in the past two years. As of April 24, 28 A-share listed Banks have disclosed their annual reports for 2024. Among them, over 90% of these Banks achieved positive growth in investment income, with the highest increase reaching 176.81%, particularly outstanding among rural commercial Banks. The significant growth in investment income can be attributed to the rich profits brought by the bull market in the bond market. Many Banks pointed out in their annual reports that the significant increase in investment income is closely related to the rise in bond investment returns, with some Banks achieving rapid growth in other non-interest income by cashing out unrealized gains from existing bonds. However, will bond market investments continue to strongly support the performance of the Banks in the future? From the first-quarter report of listed Banks for 2025, it can be seen that the volatility in the bond market has noticeably intensified as 2025 has begun, with some Banks already cashing out unrealized gains ahead of time, including major bond purchasers like Ping An Bank, Bank Of Nanjing, and Jiangsu Jiangyin Rural Commercial Bank. Looking ahead, industry insiders expect that as the volatility in the bond market increases, it will also become more difficult for Banks to obtain profit through the buying and selling of bonds. (First Financial News)