Core Viewpoint - The article discusses the recent trends in bank deposit acquisition strategies, particularly in response to regulatory scrutiny and changing interest rates, highlighting the innovative approaches some banks are taking to attract new customers while managing deposit levels [1][2][5]. Group 1: Deposit Acquisition Strategies - As the June assessment deadline approaches, banks are intensifying their deposit acquisition efforts, with some engaging in promotional activities that have drawn regulatory attention [1]. - A specific case is noted where Ping An Bank offered promotional gifts, such as LABUBU blind boxes, to attract new account holders, indicating a shift towards integrating cultural elements into financial services [1][5]. - Regulatory bodies have begun to restrict banks from using high-value gifts for deposit acquisition, aiming to reduce "loss-making deposit acquisition" practices [2][3]. Group 2: Interest Rate Changes and Market Impact - Since late May, major state-owned banks have collectively lowered deposit interest rates, with one-year fixed deposit rates dropping below 1%, leading to a "deposit migration" phenomenon as customers seek better returns [2]. - The decline in interest rates has resulted in a significant increase in fixed-income products, surpassing 23 trillion yuan, and cash management products exceeding 7 trillion yuan, reflecting a nearly 8% increase since March [2]. Group 3: Customer Acquisition Focus - Banks are increasingly focusing on acquiring high-quality customers who can generate intermediary income, rather than solely increasing deposit volumes [5]. - The article emphasizes that the LABUBU promotional strategy is designed to attract a younger demographic with both spending and investment potential, which could enhance retail business growth [5].

华福证券 固 收 研 究 Table_First|Table_Summary 固定收益专题 2025 年 6 月 6 日 【华福固收】存单利率需要担忧吗 投资要点： 团队成员 Table_First|Table_Author 分析师: 徐亮 执业证书编号： S0210524040003 邮箱：xl30484@hfzq.com.cn Table_First|Table_Contacter 研究助理： 黄紫仪 邮箱：hzy30614@hfzq.com.cn 相关报告 诚信专业 发现价值 1 请务必阅读报告末页的重要声明 Table_First p eR _ e lb aT e p yT tro |ts r iF _ e lb aT Table_First|Table_ReportDate Table_First|Table_RelateReport 6月存单到期规模陡升至4.17万亿元，创历史新高，存单续作压力加大，与此同时 新一轮存款利率调降于5月20日启动，存款搬家理论上会进一步加大银行负债端压 力，双重影响下，市场对后续存单利率出现担忧。 固 定 收 益 专 题 从历史情况来看，存单的发行量与到期量具有较好 ...

Core Insights - The decline in deposit interest rates below 1% and the expected return on wealth management products around 2% is prompting depositors to rethink their money management strategies [1] - Wealth management companies are increasing their marketing efforts, contributing to the growth of bank wealth management scale [1] - As of June 3, the scale of bank wealth management reached 31.24 trillion yuan, an increase of over 140 billion yuan since the end of April [1] - Industry experts believe that the reduction in deposit rates is further driving "deposit migration," making it more challenging for banks to attract deposits, while wealth management products are seeing an influx of new funds [1] - The wealth management scale is expected to surpass the historical high of 33 trillion yuan within the year [1]

Investment Rating - The report maintains an "Outperform" rating for the banking wealth management industry, indicating expected performance above the market benchmark by more than 10% [37]. Core Insights - The banking wealth management scale continued to grow significantly in May, with a weighted average annualized return of 2.57%, remaining stable compared to the previous month. The scale of wealth management products reached 31.3 trillion yuan, an increase of 0.5 trillion yuan month-on-month [1][9][10]. - Regulatory policies are increasingly standardizing wealth management operations, focusing on quality over scale. Future regulatory ratings will emphasize governance, asset management capabilities, risk management, and investor protection [1][2]. - The average performance benchmark for newly issued products fell to 2.55% in May, reflecting a downward trend in return expectations [16][24]. Summary by Sections Investment Rating - The report rates the banking wealth management industry as "Outperform" [37]. Market Performance - In May, the average annualized return for bank wealth management products was 2.57%, with cash management products yielding 1.49% and pure bond products yielding 2.69% [9]. - The total scale of wealth management products increased to 31.3 trillion yuan, marking a month-on-month rise of 0.5 trillion yuan [10]. Regulatory Environment - Regulatory policies are evolving to prioritize the quality of wealth management products, with a focus on governance and risk management rather than mere scale [1][2]. - The new regulatory framework will not encourage banks to pursue growth in scale without regard for quality, with a rating system that categorizes firms from 1 to 6 based on their operational quality [1]. Product Trends - The report predicts a further decline in performance benchmarks for wealth management products by 30-50 basis points [2]. - There is a shift towards longer-term liabilities and shorter-term assets in wealth management configurations, alongside an increase in the proportion of equity and risk assets [2].

Investment Rating - The report maintains an "Outperform" rating for the banking wealth management industry, indicating expected performance above the market benchmark by over 10% [37]. Core Views - The banking wealth management scale continued to grow significantly in May, with a weighted average annualized return of 2.57%, remaining stable compared to the previous month [9][10]. - Regulatory policies are increasingly standardizing wealth management practices, focusing on quality over mere scale growth, with a new classification and rating system for wealth management companies being discussed [1][2]. - The new regulatory framework aims to reduce reliance on performance benchmarks, encouraging investors to focus on underlying assets and risk levels instead [1][2]. Summary by Sections Wealth Management Scale and Returns - In May, the total scale of wealth management products rebounded to 31.3 trillion yuan, an increase of 0.5 trillion yuan month-on-month [10]. - The annualized return for cash management products was 1.49%, while pure bond products yielded 2.69% [9]. Regulatory Environment - The regulatory framework is shifting to emphasize business quality, with a new rating system that includes governance, asset management capability, risk management, and investor protection [1]. - The new policies will allow wealth management products to not disclose performance benchmarks, which may initially confuse investors but ultimately guide them towards more rational decision-making [1][2]. Product Trends - The report predicts a further decline in wealth management product pricing benchmarks by 30-50 basis points [2]. - There is a trend towards long-term liabilities and short-term assets in wealth management configurations, with an increased focus on equity and risk assets [2].

Core Viewpoint - The article discusses the increasing pressure on banks to retain deposits as customers shift their funds from low-interest savings accounts to wealth management products, driven by recent interest rate cuts [1][2][3]. Group 1: Deposit Trends - Following the interest rate cut on May 20, many customers have opted to transfer their deposits to wealth management products, with the one-year fixed deposit rate dropping below 1% [2][3]. - As of May 29, the total scale of bank wealth management products reached 31.35 trillion yuan, an increase of 1.49 trillion yuan since the end of January [2]. - The trend of "deposit migration" is exacerbated by expectations of further monetary easing, leading banks to issue interbank certificates of deposit to alleviate funding pressures [2][8]. Group 2: Funding Pressure on Banks - The reduction in deposit rates has raised the cost of acquiring funds for banks, particularly as loan rates decline, putting additional pressure on net interest margins [3][9]. - Banks are responding by increasing efforts to attract corporate deposits through services like payroll management and treasury management, which are less sensitive to interest rate changes [7][10]. - The recent interest rate cuts have led to a significant increase in the issuance of interbank certificates of deposit, with rates rising approximately 6 basis points post-rate cut [8][9]. Group 3: Challenges in Wealth Management Products - Wealth management product managers face challenges in meeting customer expectations for returns, with many customers seeking annualized returns of around 2.3% despite declining bond yields [12][13]. - The demand for low-volatility investment options complicates the promotion of wealth management products that include equity-linked features, as many customers prefer conservative risk profiles [4][16]. - The competition for high-quality bonds has intensified, making it difficult for banks to secure sufficient high-yield bonds to meet the demand from wealth management products [14][15]. Group 4: Strategic Adjustments - Banks are adjusting their product offerings by incorporating assets like REITs and convertible bonds to enhance returns while managing volatility [17]. - There is a plan to introduce products linked to gold ETFs to attract customers looking for stable returns amid rising gold prices [17]. - The overall strategy involves balancing the need for higher returns with the requirement for low volatility to satisfy customer preferences [12][16].

LPR年内首降，利好将传导到楼市及消费领域 王运金 广开首席产业研究院首席金融研究员 对于已购房者来说，LPR下调会带来存量房贷利率下调，居民每月的月供会相应减少，意味着可收入支 配的增加。这使得居民在满足基本生活开支后，有更多的资金用于消费，如购买家电、汽车、旅游等， 从而刺激了消费需求，带动了相关产业的发展，家具家电、汽车、旅游、餐饮零售等行业都能从中受 益，进而促进经济增长。 宏观慧眼 从宏观经济层面来看，消费和房地产市场的活跃对内需的拉动作用较为明显。消费作为经济增长的主要 动力之一，居民消费扩张可以刺激企业扩大生产，增加就业岗位，居民收入也会有所提升，会进一步刺 激消费，形成正向反馈。同时，房地产市场的稳定发展不仅对上下游产业有巨大拉动作用，还能加快城 市化进程，带动区域经济的发展。LPR的调降可以有效减轻居民房贷压力、刺激消费需求、活跃楼市、 改善预期，有利于扩大内需、促进经济增长。 存款利率下调不仅是促"存款搬家"，更是呼应资本市场"顶层设计" 薛洪言 苏商银行特约研究员 近年来，存款搬家一直是热议话题。从2022年9月份起，经过累计7轮存款挂牌价下调，主要期限定期存 款利率全面进入"1.0"时 ...

Core Viewpoint - The recent reduction in deposit interest rates by major banks has led to a significant shift of funds from deposits to wealth management products, creating pressure on banks' funding costs and challenging their ability to maintain net interest margins [2][3][5][7]. Group 1: Deposit Rate Changes and Market Reactions - Major banks initiated a new round of deposit rate cuts on May 20, with one-year fixed deposit rates falling below 1% [2][7]. - As of May 29, the scale of bank wealth management products reached 31.35 trillion yuan, an increase of 1.49 trillion yuan since the beginning of the year, indicating a trend of "deposit migration" towards these products [2][5]. - The issuance rate of one-year AAA-rated interbank certificates of deposit rose to 1.7%, approximately 6 basis points higher than on May 20, increasing banks' funding costs [3][7]. Group 2: Challenges for Banks - Banks are facing increased pressure on their liability side as retail deposits flow into wealth management and other asset management products [5][6]. - To counteract this, banks are focusing on corporate clients, promoting loan products alongside payroll services to secure low-cost settlement funds [6][8]. - The reduction in deposit rates has made it more challenging for banks to retain deposits, as corporate clients are less sensitive to rate changes compared to retail clients [6][8]. Group 3: Wealth Management Product Adjustments - Wealth management product managers are under pressure to meet customer expectations for returns, with many clients seeking annualized returns of around 2.3%, despite declining bond yields [3][9][11]. - There is a growing demand for high-yield, low-volatility investment options, leading banks to accelerate the development of structured wealth management products that incorporate equity-like assets [9][12]. - The market for high-rated bonds is tightening, making it increasingly difficult for banks to secure the necessary assets to meet client expectations [10][11]. Group 4: Future Strategies and Market Outlook - Banks are adjusting their asset allocation strategies to include more REITs and convertible bonds, aiming to enhance overall returns while controlling volatility [12]. - The anticipated continuation of high interest rates by the Federal Reserve may lead banks to increase investments in dollar-denominated fixed-income products for stable income [12]. - The ongoing "asset shortage" in the bond market is expected to persist, driven by the migration of deposits into wealth management products, which increases demand for high-quality bonds [10].

Core Viewpoint - A new round of banks lowering deposit rates has led to a wave of fee reductions by wealth management subsidiaries, with some fees dropping to as low as 0.01% [1][2][5] Group 1: Fee Reductions by Wealth Management Subsidiaries - Multiple wealth management subsidiaries, including Bank of China Wealth Management and China Merchants Bank Wealth Management, have announced significant fee reductions for their products, with management fees as low as 0.01% [2][4] - Bank of China Wealth Management has issued 27 announcements regarding fee reductions since May, with specific products seeing management fees drop from 0.15% to 0.01% [2] - Other banks, such as Hunan Bank and Everbright Wealth Management, have also adjusted their fee structures, with some fees being eliminated entirely [3][4] Group 2: Market Dynamics and Trends - The reduction in fees is attributed to two main factors: the decrease in deposit rates leading to a shift of funds into wealth management products, and the need to retain existing investors amid declining product performance benchmarks [5][6] - The total scale of bank wealth management products has exceeded 31 trillion yuan, indicating a recovery in the market [6] - The wealth management market is undergoing strategic adjustments in response to a low-interest-rate environment, characterized by increased competition and a shift towards multi-asset allocation [6][7] Group 3: Performance Benchmarks and Product Issuance - The performance benchmarks for bank wealth management products have declined, with various product categories experiencing drops in their annualized returns [7] - In April 2025, the issuance scale of bank wealth management products was 556 billion yuan, reflecting a decrease from the previous month [6]

华夏时报（www.chinatimes.net.cn）记者 卢梦雪 见习记者 张萌 北京报道 "定存利息太低，手上的存单到期后准备转投理财！"有投资向记者表示。 近期，随着国有大行和股份行相继下调存款利率，中小银行也纷纷跟进。多家银行定期存款利率已全面调整为"1 字头"，利率较高的大额存单因额度紧张而"一单难求"。 记者在多个社交平台上注意到，越来越多的投资者开始关注理财、保险、基金等资产管理产品，其中年轻投资者 尤为活跃。 有股份行人士向记者表示，来存款的人少了，来咨询理财产品的客户未见明显增加，"可能大家固有的投资习惯已 经形成了，选择存款的依然选择存款，偏好理财的继续关注理财。" "存款利率下调以及相关预期会进一步降低存款产品的吸引力，预计会有一定比例的存款寻找替代产品。但当前公 众风险偏好较难出现大的改变，经济主体对资金安全性更加看重，因此我们判断存款搬家规模有限、可控。"5月 29日，北京财富管理行业协会特约研究员杨海平向《华夏时报》记者表示。 投资者寻找替代产品 5月20日，新一轮降息周期开启，国有六大行及招商银行率先下调存款利率，中信银行等多家股份银行迅速响应， 跟进下调。本次下调后，活期存款利 ...