金融“反内卷”反的是劣质低价竞争

Core Viewpoint - The financial industry is experiencing a wave of "anti-involution," prompting reflection on unhealthy competition practices that undermine market integrity [2][3]. Group 1: Industry Practices - Regions like Guangdong and Ningxia are promoting "anti-involution" through self-regulatory agreements to address malicious competition in the financial sector [2]. - Banks have engaged in practices such as high-interest deposits and excessive rebates on loans to capture market share, often at the expense of profitability [2]. - The insurance sector has faced prolonged "involution," with companies focusing solely on yield, leading to chaotic commission competition and increased risk [2]. - Brokerage firms are also involved in price wars, with bond underwriting fees dropping to as low as 700 yuan, prompting regulatory investigations into these practices [2][3]. Group 2: Consequences of Malicious Competition - The prevalence of low-price strategies and rebates is damaging the health of the financial ecosystem, necessitating a rejection of "poor quality low prices" [2][3]. - Short-term gains from such practices may lead to market share increases, but they ultimately deplete industry profits and degrade service quality, risking long-term sustainability [2][3]. - The "prisoner's dilemma" in the industry results in a distorted ecosystem where compliant firms struggle to compete against low-cost disruptors, leading to a loss of innovation and a homogenized market [3]. Group 3: Regulatory and Institutional Responses - Regulatory intervention is essential to shift the focus from zero-sum competition to cooperative strategies, reinforcing the need to reject low-quality pricing [3]. - Institutions should refocus their competitive strategies from price wars to value-based competition, emphasizing service quality and professional capabilities [4]. - Financial services should prioritize risk identification, resource allocation, and wealth management expertise, which should not be undermined by low-price tactics [3][4]. - A shift towards "quality over price" is necessary for the financial industry to escape the cycle of involution and foster a sustainable environment that benefits consumers [4].