PAB(SZ:000001) Zhong Guo Zheng Quan Bao·2025-06-09 21:13Core Viewpoint - The banking industry in China is undergoing a deep transformation from reliance on traditional deposit and loan services to a focus on comprehensive financial services due to narrowing net interest margins and increasing pressure for non-interest business transformation [1][7]. Group 1: Marketing Strategies - Banks are utilizing creative marketing strategies, such as offering LABUBU blind box toys for deposits, to attract younger customers and increase deposit inflows [2][3]. - While these marketing tactics can temporarily lower customer acquisition costs and attract deposits, they may lead to higher non-interest expenses and long-term challenges in managing interest margins [4][5]. Group 2: Regulatory Concerns - There are regulatory restrictions against banks using gifts or other incentives to attract deposits, as outlined in the 2018 notice on deposit management [4]. - Despite the popularity of such promotional activities, they may violate regulations and could lead to increased competition among banks, further raising funding costs [5]. Group 3: Industry Trends - The banking sector is experiencing a shift towards enhancing comprehensive financial service offerings, such as payroll services and efficient settlement networks, rather than relying on promotional gifts [6]. - In a low-interest-rate environment, banks are encouraged to develop wealth management services and create a differentiated financial ecosystem to meet the diverse asset allocation needs of customers [7].