【财经分析】银行业“反内卷”需从价格血拼转向价值共生

Core Viewpoint - The banking industry in China is experiencing "involution" characterized by irrational price wars, risk management relaxation, service homogenization, and distorted assessment mechanisms, leading to a historical low net interest margin of 1.43% and consumer loan rates dropping below 3% [1][2][5] Group 1: Market Conditions - The banking sector is facing increased saturation and intensified homogeneous competition, prompting regulatory bodies to call for a shift from "involution" to value-creating competition [1][2] - The net interest margin has decreased significantly, with the People's Bank of China noting a rapid decline in loan rates while deposit rates remain stagnant, affecting the efficiency of interest rate transmission [6][7] Group 2: Competitive Practices - Banks are engaging in various practices to attract deposits, such as offering high-interest rates, rebates, and gifts, leading to a phenomenon of "one-day deposit" [3][4] - The bond underwriting sector has seen extreme price competition, exemplified by a bond underwriting fee of 700 yuan, prompting self-regulatory investigations [4][5] Group 3: Regulatory Responses - Financial regulatory bodies are implementing measures to curb harmful practices, including the prohibition of commission payments to real estate companies and intermediaries [4][5] - Initiatives like the "1+3+N" system in Guangdong aim to address "involution" through a negative list that bans rebate practices and high-interest deposit solicitation [7][8] Group 4: Strategic Shifts - Experts suggest that the banking industry should transition from a focus on scale to value creation, emphasizing the importance of clear strategies and robust performance to regain market trust [8]