金融业也要反内卷了？

Core Viewpoint - The article discusses the recent surge in the stock market, highlighting the significant rise in stock prices and the ongoing "anti-involution" movement within the banking industry, particularly in Guangdong, where banks are addressing asymmetric interest rate competition and narrowing net interest margins [1][4]. Group 1: Banking Industry - The Guangdong Banking Association has initiated measures to combat "involution" in the banking sector, which is characterized by asymmetric declines in deposit and loan interest rates, leading to intensified market competition and a slowdown in net income growth [1][4]. - The phenomenon of extreme price competition is exemplified by a recent case where a bank issued 35 billion yuan in subordinated debt, with the lowest bid coming in at an astonishingly low rate, highlighting the severe competitive pressures within the industry [2][3][5]. - Industry insiders predict that more regions will join the anti-involution efforts, indicating a potential shift in the competitive landscape of the banking sector [1]. Group 2: Securities Market - The total annual underwriting scale for securities firms is projected to grow significantly from 5.16 trillion yuan in 2021 to 14.45 trillion yuan by 2024, while underwriting fees have decreased from 6.489 billion yuan to 3.084 billion yuan during the same period, reflecting a substantial decline in profitability despite increased activity [4]. - The trading volume in the market remains robust, with a total turnover of 1.9 trillion yuan, and the performance of brokerage-related ETFs has outpaced that of financial technology ETFs, indicating a strong focus on brokerage performance amid rising trading volumes [6][8]. - Recent data shows that the financing balance has reached 1.9222 trillion yuan, nearing its historical high, suggesting a highly enthusiastic market environment, although caution is advised as this could lead to potential market corrections [8][10].