Core Viewpoint - The popularity of Labubu, an IP under Pop Mart, has led to a surge in demand, prompting banks to offer promotional activities involving Labubu blind boxes as incentives for deposits, although such marketing strategies have faced regulatory scrutiny and subsequent bans [1][2][4]. Group 1: Marketing Activities - Several branches of Ping An Bank in cities like Xi'an, Shijiazhuang, and Wuhan launched a promotion where new customers could receive Labubu blind boxes by depositing at least 50,000 yuan for a minimum of three to six months [1]. - The promotional strategy aimed to attract more customers amid declining deposit rates and increased competition among banks [1][5]. Group 2: Regulatory Environment - Financial regulatory authorities in the Yangtze River Delta region reiterated a ban on banks using physical gifts or collaborations with internet platforms to attract deposits, requiring immediate cessation of such activities [2]. - The 2018 regulation explicitly prohibits banks from using improper means, such as cash returns or physical gifts, to attract deposits, with multiple banks having faced penalties for violating these rules [4]. Group 3: Financial Implications - The effective cost of the Labubu promotion, when calculated, suggests that the annualized interest rate for a three-month deposit of 50,000 yuan could reach approximately 2.27%, exceeding the typical rates of 1% to 1.5% offered by banks [4][5]. - Concerns have been raised that if banks continue to use such promotional tactics, it could lead to a "gift competition" that raises overall deposit costs and disrupts healthy competition based on service quality [5]. Group 4: Recommendations for Banks - Experts suggest that banks should focus on enhancing service quality and product offerings rather than relying on gift promotions to attract deposits, which could increase non-interest expenses and hidden liabilities [5][6]. - There is a call for banks, especially smaller ones, to shift their operational strategies away from merely pursuing deposit growth towards better asset-liability management and sustainable development [6].

欧洲央行管委马赫鲁夫：在当前所有不确定性之中，我们只需保持审慎和谨慎。 ...

1亿元的行业准入门槛，显然不足以形成对上述头部支付机构的充分监管。记者注意到，《条例》中对 于非银支付机构还有更多维度的监管要求。 中经记者李晖北京报道 6月10日，中国人民银行深圳分行发布信息公示，准予财付通支付科技有限公司（以下简称"财付通"） 增加注册资本至223亿元。 这也是自2024年以来财付通的第二次增资。2024年3月，财付通的注册资本由10亿元增资至153亿元，成 为注册资本最高的支付机构。本轮增资落定后，财付通的注册资本一骑绝尘，与第二名差距将逼近180 亿元。 财付通方面对《中国经营报》记者表示，此次增资的批复，体现了主管部门对于财付通发展的认可。财 付通积极加大在科技创新、提升支付服务质量、保障支付安全稳定等方面的投入，进一步促进业务稳健 发展。 一位支付行业资深人士向记者透露，虽然针对"系统重要性非银行支付机构"的相关管理办法尚未落地， 但结合《非银行支付机构监督管理条例》（以下简称《条例》）中对于支付机构"净资产与备付金日均 余额比例"的提法，头部支付机构或面临着更细维度的监管要求。 财付通2011年获得人民银行颁发的首批《支付业务许可证》，目前其牌照类型包括储值账户运营Ⅰ类、 支付 ...

Core Viewpoint - The recent promotional strategy by a bank offering LABUBU blind boxes for a fixed deposit of 50,000 yuan has gained significant attention, highlighting the challenges banks face in attracting deposits amid regulatory scrutiny and declining interest rates [1][2]. Group 1: Regulatory Environment - The banking sector is under strict regulations that prohibit unconventional methods of attracting deposits, such as cash returns or gifts, as outlined in the 2018 notice regarding deposit management [1]. - Regulatory bodies have reiterated the ban on interest rate manipulation and have emphasized the need for banks to optimize their deposit structures to avoid last-minute deposit inflations [1][2]. Group 2: Market Response and Trends - The LABUBU promotion, despite its popularity, will not be replicated in other regions, indicating a cautious approach by banks in response to regulatory pressures [2]. - There is a noticeable trend of price-sensitive depositors shifting their funds to higher-yielding asset management products, driven by a declining net interest margin, which was reported at 1.43% at the end of Q1 [2]. Group 3: Strategic Considerations for Banks - Banks are encouraged to focus on customer perception by creating segmented interest-bearing deposit products and enhancing customer engagement through tailored app interfaces [2]. - A shift in deposit assessment metrics is suggested, moving away from sheer deposit volume towards evaluating overall asset management scale, customer retention, and engagement [2][3].

证 券 研 究 报 告 定价锚回归，及锋而试的顺风期 ——2025年下半年债市展望 证券分析师： 黄伟平 A0230524110002 栾强 A0230524110003 张杰 A0230524050002 徐亚 A0230524060002 杨雪芳 A0230524120003 张晋源 A0230525040001 研究支持： 王哲一 A0230123100001 2025.06.09 主要内容 ◼ 引言：与2024年的单边牛市不同，2025年债券已经进入"低利率+利利差+高波动"的状态。告别单边牛市思维，展望下半年，债 券市场可能出现2个特征：1）定价锚回归：从政策利率看资金，资金定价债券；2）6-8月份可能是个不错的及锋而试的顺风期。 ◼ 2025年债券市场运行新特征：1）央行政策利率成为资金市场底部，宏观审慎管理下资金利率曾一度呈现加息效果。2）短债表现较 弱、受资金影响较大，长债波动放大把握难度较高。3）基本面整体平稳，但关税脉冲影响较大，股债市场受短期风险偏好影响较大。 ◼ 外需预期有反复，但债市主要定价内需而非外需。 ✓ 特里芬难题的核心在于，美元信用全球性和贸易逆差长期并存。关税只是表象，更为 ...

Group 1 - The core viewpoint emphasizes the need for continuous improvement in long-term consumption promotion mechanisms to stimulate market vitality, as evidenced by a 4.7% year-on-year growth in retail sales of consumer goods in the first four months of the year, which is a slight acceleration from the first quarter [1] - The article highlights the importance of enhancing the evaluation and incentive mechanisms for local governments to promote consumption, as funding for consumption promotion often does not yield immediate returns and can crowd out rigid expenditures [1] - It suggests that a well-structured assessment system should guide local governments to prioritize consumption promotion, increase investment in consumption infrastructure, and optimize the consumption environment [1] Group 2 - The article advocates for a prudent regulatory approach that fosters the growth of new consumption formats while ensuring necessary oversight, emphasizing the need for a supportive business environment to unleash market vitality [2] - It stresses the importance of increasing income and reducing burdens for low- and middle-income groups to enhance their consumption capacity and willingness, indicating that economic development should focus on improving residents' consumption rather than merely serving as a short-term regulatory tool [2] - The need for a balanced income distribution mechanism is highlighted, aiming to expand the middle-income population and ensure that consumption policies help consumers access products and services that meet their needs [2] Group 3 - The current transition in China's consumption patterns from physical goods to services and from survival-based to development-oriented consumption is noted, indicating a significant historical shift [3] - The article calls for a focus on improving supply quality to address product and service gaps, accelerate the cultivation of new consumption formats, and expand consumption spaces [3] - It emphasizes the importance of enriching consumer experiences and leading market demand through high-quality supply [3]

巴西财政部副部长Galipolo：央行一直强调"灵活性"和"审慎"是我们的两个关键词。 ...

周五（6月6日）当周黄金价格维持区间震荡格局。周四盘中受白银突破35美元/盎司带动，金价一度上探 至3403美元/盎司，但因中美高层通话释放贸易关系缓和信号，市场避险情绪降温，金价自高点回落至 3339美元/盎司。尽管短期避险需求减弱令金价承压，但宏观经济表现疲软、通胀预期上行及美联储审慎 政策立场仍为金价提供支撑。翁富豪提醒重点关注即将发布的非农就业数据及6月17-18日美联储议息会 议决议对金价走势的指引。当前黄金市场多空力量呈现胶着状态，但在全球宏观经济与地缘政治不确定 性持续的背景下，黄金价格中长期上行趋势未受破坏。 1.黄金建议回调3335-3340附近做多，止损在3327，目标3360-3380 2.黄金建议反弹3375-3380区域做空，止损在3388，目标3365-3345 文章没有太多华丽的语言与鸡汤，一直如此，我相信每一位读者缺乏的不是鸡汤，而是实实在在的分析 与强大的理论，我是翁富豪老师，最后祝大家交易愉快。免责申明:以上纯属个人观点分享，不构成操作 建议，投资有风险，盈亏自负。 今日为非农数据发布日，翁富豪需重点关注非农数据对市场的影响。从黄金2小时级别走势来看，布林带 呈现收口状态， ...

Core Viewpoint - The IMF Vice President emphasizes that Latin American economies should not adjust their policy frameworks or abandon fiscal plans, advocating for continued prudent fiscal policies amidst global uncertainties [1] Group 1 - Latin America must maintain a cautious fiscal policy in the face of global uncertainty [1]

英国央行行长贝利：逐步且审慎仍将是制定利率的指导原则。 ...