Investment Rating - Rating: Overweight (Maintain) [4] Core Insights - The self-discipline of interbank deposits is being strengthened, continuing the regulatory shift from "controlling scale" to "controlling price" and "controlling behavior" [4][9] - The motivation behind the current adjustment is not merely to suppress prices but to block evasion paths such as "high-low pairing" and "fixed-current switching," continuing to reduce high-cost funding on the bank's liability side [4][10] - Overall, the industry is marginally favorable for banks' fundamentals, with interest margin support estimated at approximately 0.6 to 0.8 basis points; however, the pressure on liabilities is increasingly differentiated, benefiting larger banks more directly while some smaller banks face restructuring of their liability structure [4][19] Summary by Sections Background - The regulatory framework for interbank liabilities has evolved from "scale" and "price" to "behavior" [7] Reasons - Simply controlling the "weighted average price" still leaves room for evasion [10] - Non-bank liabilities have been growing rapidly, increasing their impact on the cost of bank liabilities [10][11] Methods - The approach has shifted from managing "weighted average prices" to managing "high-interest proportions" [16] Impact - The improvement in the cost of bank liabilities is expected to support interest margins by approximately 0.6 to 0.8 basis points [19] - Different banks will experience varying levels of pressure on their liabilities [23] - The decline in interbank deposit yields will drive a reallocation of short-term assets in the asset management and bond markets [24] Mapping to Bank Fundamentals and Investment - Overall, the regulatory changes are favorable, but individual banks will experience different impacts [27] - Larger banks with stable liability foundations will benefit more directly from reduced costs, while some smaller banks may face restructuring pressures [30][32]