李若愚：用理财服务竞争代替价格“内卷”

Core Viewpoint - The banking wealth management industry in China is experiencing a "fee reduction wave" due to increasing market competition in a low-interest-rate environment, indicating that attracting and retaining customers will ultimately depend on high-quality development rather than just fee reductions [1][2]. Group 1: Industry Overview - As of the end of 2025, there are 159 banking institutions and 32 wealth management companies in China with active wealth management products, totaling a scale of 33.29 trillion yuan, which accounts for 10% of all RMB and foreign currency deposits and 20% of resident deposit balances [1]. - Wealth management products have become an important avenue for household savings and "deposit migration," with a significant portion of funds being reinvested into the banking system through deposits and interbank certificates, while the remainder is invested in bonds, public funds, and non-standardized debt assets, providing substantial financial support for the real economy [1]. Group 2: Comparison with International Markets - The wealth management industry in developed countries like the US and Europe is more mature and diversified, with a high degree of institutional specialization, whereas China's industry is characterized by its reliance on banks, fixed-income products, and dual market-regulatory drivers [2]. - The low interest rate environment in China, driven by both long-term demographic changes and short-term economic policies, has compressed bank profit margins and intensified competition among financial sectors, leading to phenomena such as "deposit migration" and "deposit wars" [2]. Group 3: Challenges and Recommendations - The Chinese banking wealth management industry faces challenges such as product homogeneity, insufficient differentiation, and short-term fee adjustments driven by marketing strategies, leading to "involutionary fee reductions" [3]. - To address market competition, the industry should focus on high-quality development, enhance regulatory guidance, and encourage institutions to establish scientific fee structures linked to performance, while promoting differentiated product development and investor education [3]. - Wealth management institutions should shift from merely pursuing scale to emphasizing product differentiation, professional services, and improved customer experiences, transitioning from a sales-driven model to a client advisory model, and leveraging financial technology to enhance service efficiency [3].