来源：市场资讯 （来源：明见局） 报告期内，该行核心一级资本充足率降至8.01%，较年初下降0.26个百分点，而监管红线为7.5%。 2025年上半年，泸州银行披露的财务数据呈现出一定的差异化特征。 据公开数据显示，该行归母净利润实现同比11.65%的增长，在银行业整体盈利面临压力的背景下，这 一利润增长态势较为显眼。不过，同期该行营收情况有所不同，数据显示其营收为24.23亿元，同比出 现一定幅度下降。 从整体业绩来看，这份半年报虽有利润增长的亮点，但深入分析后可发现，该行在实现长期稳健发展过 程中仍需关注一些潜在问题。 盈利模式的支撑因素与可持续性考量 泸州银行上半年净利润增长，从数据层面观察，并非主要依靠业务规模的显著扩张或服务价值提升所驱 动，更多依赖于负债端成本的控制。 有公开信息提及，该行通过调整个人存款定价，将个人存款平均成本率从3.22%下调至2.71%，进而使 计息负债平均成本率降至2.26%，较上年末下降0.42个百分点。 这种成本优化直接推动利息净收入增长7.93%至18.97亿元，成为支撑当期利润增长的重要因素。 不过，这种以成本控制为核心的盈利支撑方式，在当前市场环境下需关注可持续性 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the trends in household deposits in China from 2017 to 2025, highlighting the impact of macroeconomic factors and regulatory changes on wealth allocation among residents [1][2][4]. Core Insights and Arguments - **Rapid Growth of Household Deposits**: From 2017 to 2022, household deposits grew rapidly, reaching a peak of 17.8 trillion yuan in 2022, with growth rates increasing from 1.1% to 17.4%. However, growth rates are expected to decline to around 10% by 2025 [1][2]. - **Drivers of Deposit Growth**: The primary drivers for the increase in deposits include a downturn in the real estate market and a decline in the returns on asset management products. Financial regulatory tightening has also led to a return of funds to bank deposits [1][4]. - **Shift in Investment Preferences**: As deposit rates decrease and capital market returns improve, residents are diversifying their investment preferences, favoring wealth management products and money market funds. Risk assets like bonds and stocks are expected to attract more funds due to enhanced relative returns in 2024 [1][6]. - **Regulatory Impact**: Financial regulatory policies have significantly influenced wealth allocation. The tightening of regulations and the implementation of new asset management rules have led to a reduction in the scale of various financial products, causing funds to flow back into bank deposits [5][10]. - **Asset Allocation Trends**: There has been a notable shift in asset allocation since 2017/2018, with a significant increase in cash deposits, which reached 85% by 2022. Although the investment ratio in financial products and asset management products has rebounded to 31% in 2024, it remains below the levels seen from 2014 to 2017 [7][8]. Other Important Insights - **Preference for Low-Risk Products**: Low-risk asset management products, such as bank wealth management and money market funds, are increasingly favored by residents due to their higher yields compared to deposits and better liquidity. The bond market's performance in 2023-2024 has also attracted some deposits into bond funds [9]. - **Future Monetary Policy Outlook**: The future monetary policy is expected to focus on stabilizing growth and the economy, with potential continued interest rate cuts. This is likely to enhance the comparative returns of various financial products, leading to an increased allocation of wealth into money market funds, wealth management, and bonds [10][11]. - **Emerging Trends in Wealth Migration**: Despite the overall decline in risk asset allocation since 2016, there are signs of emerging trends as the stock market improves, indicating a potential shift in risk appetite among residents [9][11].

Core Viewpoint - The banking industry is experiencing a significant shift in deposit rates, with many banks reducing rates below 2%, leading to a migration of funds from deposits to wealth management products [1][2][3] Group 1: Wealth Management Market Trends - In April, the wealth management market saw a substantial increase, with total assets reaching 31.3 trillion yuan, an increase of 1.39 trillion yuan from the end of the previous year and 2.2 trillion yuan from the previous month [1] - Historically, the second quarter is a crucial period for the expansion of bank wealth management, with April being a key month for growth [1] - Factors driving the growth in April include a stable bond market and a reduction in deposit rates by several small and medium-sized banks, which has attracted more funds into wealth management [1][2] Group 2: Deposit Rate Changes - Since April, many banks, including joint-stock and local small and medium-sized banks, have announced a new round of deposit rate cuts, with fixed deposit rates for both one-year and five-year terms falling below 2% [2] - The decline in deposit rates is reducing the attractiveness of deposits, prompting banks to shift marketing resources towards wealth management products [2][3] Group 3: Performance Benchmark Adjustments - The average performance benchmark for newly issued RMB fixed-income wealth management products in April was 2.97% for the upper limit and 2.27% for the lower limit, with expectations for further declines [3] - The downward adjustment of performance benchmarks is influenced by market rate expectations, regulatory changes, and the prohibition of "manual interest supplementation" [3] - Despite the pressures on product yields, the comparative advantage of wealth management over deposits remains, and the overall scale of wealth management is expected to grow throughout the year [3]

Core Viewpoint - Several small and medium-sized banks in regions such as Shanghai, Guangdong, and Shandong have announced reductions in deposit interest rates, leading to instances of "inverted" deposit rates where shorter-term rates exceed longer-term rates [1][7][10]. Group 1: Interest Rate Adjustments - Shanghai Songjiang Fuming Village Bank reduced its three-month deposit rate from 1.85% to 1.70% and its six-month rate from 1.90% to 1.75%, resulting in the six-month rate being higher than the three-month rate [3][6]. - Shandong Yinan Blue Ocean Village Bank adjusted its rates to 1.15% for three months, 1.45% for six months, 1.80% for one year, 1.90% for two years, 2.00% for three years, and 1.80% for five years, with the three-year rate exceeding the five-year rate by 20 basis points [7]. - Urumqi County Lifeng Village Bank set its two-year, three-year, and five-year rates at 2.35%, 2.25%, and 2.25% respectively, with the two-year rate exceeding the three-year and five-year rates by 10 basis points [7]. - Guangdong Qingxin Rural Commercial Bank's rates for three months, six months, one year, two years, three years, and five years are 0.80%, 1.00%, 1.10%, 1.20%, 1.53%, and 1.50% respectively, with the three-year rate exceeding the five-year rate by 3 basis points [7]. - Xinjiang Korla Fumin Village Bank reported a one-year rate of 2.00%, which is higher than the five-year rate of 1.95% [8]. Group 2: Market Trends and Implications - The traditional understanding that longer-term deposits yield higher interest rates is being challenged, as many banks are now offering higher rates for shorter-term deposits [10]. - Analysts suggest that banks are adjusting rates to optimize their deposit product structures and manage costs, with a focus on reducing long-term deposit rates to control the scale of long-term deposits and enhance liquidity [10][11]. - The phenomenon of inverted rates may persist in the short term, but analysts believe it is likely a temporary situation, with expectations that long-term rates will eventually return to more typical levels [11].