大家好，今晚简单关注一下海内外的消息。 平安银行存款5万送LABUBU盲盒 近日，社交媒体上有用户发文称，只要在平安银行存款就能获得LABUBU盲盒，吸引了大量关注。 据悉，这是平安银行近期在全国多地支行推出的一项面向"纯新客户"（之前未开立/销户满一年）的定期存款促销活动。新客户开立储蓄 卡后，存入超过5万元（人民币），定期3–6个月起，可获泡泡玛特热门潮玩IP"LABUBU"系列盲盒（1.0、2.0）。若同时办理信用卡，即 可获得3.0版盲盒。银行方面称通过正规渠道采购，保证正品。 平安银行对外回应称，目前该行部分分行推出"平安好邻居"新开户回馈活动，参与即有机会获得LABUBU。本次活动针对年轻潮流客 群，探索"金融+国潮文化"的一次创新尝试，为客户打造有趣有价值的金融服务体系。 作为泡泡玛特的现象级IP，4月起LABUBU新系列在全球范围内引发抢购。 美银美林研究报告指出，泡泡玛特的LABUBU 3.0系列已经在全球范围内走红，4月美国及欧洲市场销售同比增长约8倍和5倍，多数零售 店前出现大量排队购买的场景。 更重要的是，Labubu在时尚领域的影响力正在提升，越来越多的名人和KOL将其作为装饰物，包 ...

Core Viewpoint - The article discusses the recent trends in bank deposit acquisition strategies, particularly in response to regulatory scrutiny and changing interest rates, highlighting the innovative approaches some banks are taking to attract new customers while managing deposit levels [1][2][5]. Group 1: Deposit Acquisition Strategies - As the June assessment deadline approaches, banks are intensifying their deposit acquisition efforts, with some engaging in promotional activities that have drawn regulatory attention [1]. - A specific case is noted where Ping An Bank offered promotional gifts, such as LABUBU blind boxes, to attract new account holders, indicating a shift towards integrating cultural elements into financial services [1][5]. - Regulatory bodies have begun to restrict banks from using high-value gifts for deposit acquisition, aiming to reduce "loss-making deposit acquisition" practices [2][3]. Group 2: Interest Rate Changes and Market Impact - Since late May, major state-owned banks have collectively lowered deposit interest rates, with one-year fixed deposit rates dropping below 1%, leading to a "deposit migration" phenomenon as customers seek better returns [2]. - The decline in interest rates has resulted in a significant increase in fixed-income products, surpassing 23 trillion yuan, and cash management products exceeding 7 trillion yuan, reflecting a nearly 8% increase since March [2]. Group 3: Customer Acquisition Focus - Banks are increasingly focusing on acquiring high-quality customers who can generate intermediary income, rather than solely increasing deposit volumes [5]. - The article emphasizes that the LABUBU promotional strategy is designed to attract a younger demographic with both spending and investment potential, which could enhance retail business growth [5].

Group 1 - Ping An Bank has launched a promotional campaign offering "LABUBU blind boxes" to new customers who open a savings account with a minimum deposit of 50,000 yuan, aiming to attract the younger demographic and explore the integration of finance with national cultural trends [1][2] - The LABUBU blind boxes, a product of Pop Mart, have seen a surge in demand, with prices on secondary markets reaching between 200 to 600 yuan, and hidden variants exceeding 3,000 yuan, indicating a strong consumer interest in collectible items [1][2] - The campaign aligns with the growing trend of "social currency" among Generation Z, providing a fresh marketing strategy for financial institutions [2] Group 2 - Ping An Bank reported a decline in its Q1 2025 financial performance, with operating revenue of 33.709 billion yuan, a year-on-year decrease of 13.1%, and a net profit attributable to shareholders of 14.096 billion yuan, down 5.6% from the previous year [3] - The bank's basic earnings per share stood at 0.62 yuan, reflecting the challenges faced in maintaining profitability amidst a competitive market [3]

Core Viewpoint - The article discusses the innovative deposit attraction strategies employed by banks, particularly focusing on the recent promotional activities by Ping An Bank, which include offering physical gifts to new customers as a means to attract deposits amidst increasing competition and regulatory scrutiny [1][3][11]. Summary by Sections Deposit Attraction Strategies - Banks are diversifying their deposit attraction methods, moving from traditional interest rate competition to offering physical gifts, collaborations with popular IPs, and partnerships with internet platforms [3][4]. - Ping An Bank has launched a promotional campaign where new customers can receive a LABUBU blind box by depositing 50,000 yuan for a minimum of three months [3][4]. Interest Rates and Deposit Trends - The annualized interest rates for deposits at Ping An Bank are relatively competitive, with 1% for 3-month deposits and up to 1.75% for 3-year deposits on larger amounts [4]. - There is a notable trend towards "deposit regularization," with household time deposits growing by 12.62% year-on-year, significantly outpacing demand deposits [7][8]. Cost of Deposit Acquisition - Banks face increasing interest expenses due to the rising costs associated with attracting deposits, leading them to employ promotional strategies to retain customers [7][8]. - The phenomenon of "deposit migration" is becoming more prevalent, with customers moving their funds to higher-yielding financial products, prompting banks to enhance their marketing efforts [8]. Regulatory Environment - Regulatory bodies have reiterated the prohibition of improper deposit attraction methods, including the use of physical gifts, to maintain market stability and fair competition [11][12]. - Recent communications from financial regulators in the Yangtze River Delta have emphasized the need for banks to cease such promotional activities and clean up existing non-compliant products by the end of 2025 [12].

Core Viewpoint - The banking industry is increasingly adopting innovative methods for deposit acquisition, such as offering physical gifts and collaborating with popular IPs, amidst intensified competition and regulatory scrutiny [1][2][8]. Group 1: Deposit Acquisition Strategies - Banks are diversifying their deposit acquisition methods, moving from traditional interest rate competition to offering physical gifts and partnerships with internet platforms [2][3]. - Ping An Bank has launched a promotional activity where new customers can receive a LABUBU blind box by depositing 50,000 yuan for at least three months, highlighting the trend of using attractive gifts to draw in customers [2][3]. - Other banks, including China Merchants Bank and SPDB, are also engaging in similar promotional activities, offering various gifts to new depositors [3][6]. Group 2: Regulatory Environment - Regulatory authorities have reiterated the prohibition of improper competition in deposit acquisition, emphasizing the need for banks to comply with regulations and avoid practices that could lead to systemic risks [1][8][10]. - The recent activities by banks, such as Ping An Bank's gift promotions, have raised questions about their compliance with existing regulations against disguised interest rate increases [8][9]. - Regulatory bodies have previously outlined specific prohibited behaviors, including the use of gifts or cash rebates to attract deposits, which remain a focus of enforcement [9][10]. Group 3: Market Dynamics and Trends - The trend of "deposit migration" is becoming more pronounced as customers seek higher returns from alternative financial products, prompting banks to enhance their deposit acquisition efforts [5][6]. - The overall deposit landscape is shifting towards a higher proportion of fixed-term deposits, with a notable increase in household term deposits compared to demand deposits [4][5]. - As banks face rising interest expenses due to increased fixed-term deposits, they are compelled to find cost-effective ways to attract and retain customers, often resorting to promotional gifts [5][6].

被视为债市"科技板"的科创债新政落地后，市场主体发行科创债的热度持续攀升。 以发行起始日计，5月7日新规落地后的首月（截至6月7日），已有221只科创债正式发行，募集资金规模超 4000亿元，同比增长3倍还多。 新获发行资质的银行、券商等金融机构共发行科创债2303亿元； 其中，16家银行发债超2000亿元，凭借五成以上的份额成为科创债的绝对主力与最大增量。 科创债起源于双创债实践，后为以科创公司债（交易所）与票据（银行间）为主要品种。 5月7日，央行、证监会联合提出丰富科创债产品体系的13条具体举措，通过金融机构与股权投资机构的双 重扩容，构建覆盖科创企业全生命周期的融资链条； 同日，交易商协会、银行间市场、三大交易所宣布优化科创债发行、交易等环节。 5月14日，科技部、央行等7个部门发布《加快构建科技金融体制有力支撑高水平科技自立自强的若干政策 举措》，再提建立债市"科技板"。 密集的新规推动下，科创债发行量持续走向高峰。 超3倍增量入市 科创债新政落地首月，新发科创债已达221只、募资4027亿元，两项数据同比增幅分别为130.21%、 322.12%。 科创债基于科创企业类、升级类、投资类、孵化类等属 ...

Core Viewpoint - A recent legal case involving an elderly investor and a bank has raised concerns about the responsibilities of financial institutions in selling investment products to older clients, particularly regarding risk disclosure and suitability obligations [1][5]. Group 1: Case Summary - An 80-year-old investor, Zhao, purchased a fund worth 1.05 million yuan through a bank, only to face a loss of nearly 300,000 yuan two years later, leading to a lawsuit against the bank [2][3]. - The first-instance court ruled that the bank bore 70% of the responsibility for the losses due to failure to fulfill suitability obligations, while the second-instance court reversed this decision, stating that Zhao should bear all losses [3][4]. Group 2: Legal and Regulatory Implications - The case highlights the ongoing debate about how to determine whether banks have adequately fulfilled their risk disclosure obligations, especially when selling high-risk products to elderly clients [5][6]. - Experts suggest that there is currently no explicit prohibition against selling high-risk products to older investors, provided they have the necessary investment experience and have undergone risk assessments [5][6]. Group 3: Recommendations for Financial Institutions - Financial institutions are advised to implement a "dual recording + follow-up" mechanism, particularly for investors over 65, and to establish a proactive notification system for significant losses [6]. - The case serves as a warning for the financial industry to enhance compliance in sales practices and for regulatory bodies to improve protections for elderly investors [6].

Core Viewpoint - The evolution of China's banking industry in attracting deposits has shifted from traditional methods to innovative marketing strategies, particularly targeting younger consumers through trendy products like LABUBU blind boxes [1][5][12] Group 1: Historical Context of Deposit Attraction - In the 1990s, banks relied on interest rates and physical branch expansion to attract deposits, focusing on local service advantages [8] - Post-2010, banks diversified their strategies with promotional gifts like essential goods and appliances, but this led to increased costs and regulatory scrutiny [9][10] - Recent years have seen banks adopting more creative approaches, such as customer points systems and partnerships with e-commerce platforms to enhance customer engagement [10][11] Group 2: Current Trends and Innovations - The LABUBU blind box craze has become a new marketing tool for banks, with promotional activities like "deposit to receive LABUBU" gaining significant traction among young customers [5][6] - The promotional activities have clear participation criteria, such as minimum deposit amounts and account types, aimed at attracting new customers [6][7] - Banks are leveraging the social media buzz around LABUBU to create a viral marketing effect, which is more appealing than traditional gifts [7] Group 3: Challenges and Considerations - While innovative marketing strategies can attract younger customers, they may not contribute to long-term customer loyalty or financial service ecosystem development [7][12] - Analysts caution that such promotional tactics could lead to unsustainable practices, including potential regulatory violations and increased competition among banks for high-cost customer acquisition [12][13] - The banking industry is urged to focus on compliance and sustainable practices rather than relying on gimmicks, emphasizing the need for quality products and services to retain customers [12][13]

Investment Rating - The report maintains an "Overweight" rating for the banking sector [7] Core Insights - The average dividend yield for listed banks is 4.14% as of June 6, 2025, with state-owned banks yielding between 4.3% and 5% [2][3] - The dividend payout ratios for several banks have increased compared to 2023, indicating a positive trend in shareholder returns [1][2] - The banking sector is expected to benefit from expansionary policies aimed at stabilizing the economy, which may enhance investment opportunities [3] Summary by Sections Dividend Distribution - As of June 6, 2025, 11 banks have completed their annual dividend distributions, with notable early payouts in April and May, compared to previous years [1] - Some banks have increased their annual dividend payout ratios, such as Ningbo Bank (+6.4%), Xi'an Bank (+7.3%), and others [1] Sector Performance - The banking sector is projected to benefit from government policies aimed at economic stabilization, with specific banks like Ningbo Bank, Postal Savings Bank, and others highlighted as potential investment opportunities [3] - The report emphasizes the stability of bank profits and the long-term value of dividends, making the sector attractive for medium to long-term investments [2] Key Data Tracking - The average daily trading volume for stocks reached 12,089.75 billion yuan, reflecting an increase from the previous week [4] - The balance of margin financing and securities lending increased by 0.13% to 1.81 trillion yuan [4]

Core Insights - The article discusses the evolution and current state of intellectual property asset-backed securities (ABS) in China, highlighting its significance in financing for small and medium-sized technology enterprises [1][2][10] - It emphasizes the growth of the market, with a cumulative issuance scale exceeding 200 billion yuan by June 2025, and the increasing recognition of intellectual property as a valuable asset [1][10] Market Development - The first intellectual property ABS in China was approved in December 2018, and as of June 5, 2023, at least 12 intellectual property ABS have been issued this year, totaling 1.356 billion yuan [1] - In 2024, the issuance of intellectual property ABS products reached 57, with a total scale of 9.806 billion yuan, marking a year-on-year increase of 25.97% [2] Institutional Concentration - The majority of intellectual property ABS issuers are small loan companies, commercial factoring companies, and financing leasing companies, with a high concentration among the top five issuers, accounting for 74.68% of the total issuance [2][4] - Shenzhen's small loan companies dominate the market, with Shenzhen Zhongxiaodang and Shenzhen Gaoxin Investment holding a combined market share of 58.80% [2][4] Product Characteristics - Intellectual property ABS typically have smaller issuance sizes, around 100 million yuan, and primarily serve smaller enterprises, reflecting a certain degree of inclusive finance [4][8] - The underlying asset types for intellectual property ABS are diversifying, including agricultural IP, new energy vehicle IP, and digital currency IP [5] Financing Channels - The article highlights the exploration of cross-border financing channels for intellectual property ABS, particularly in the Greater Bay Area, allowing companies to leverage their intellectual property for overseas financing [5][6] Operational Standards - The operational model for intellectual property ABS has become more standardized, with established processes for small loan companies to provide funding and guarantee enhancements [7][8] - The Shenzhen model of intellectual property ABS is characterized by state-owned enterprises leading the initiative, government subsidies reducing financing costs, and active market participation [10][12] Market Challenges - Despite the growth, the intellectual property ABS market is still in its early stages, with limited investor recognition and liquidity issues affecting issuance and trading [13][14] - Challenges include the lack of unified standards for intellectual property valuation and the need for improved risk management practices [14][15]