央行最新发布！7月金融数据出炉 贷款需求不强的背景下，银行加大冲票据力度，7月企业票据融资8711亿，同比多增3125亿。7月房地产 市场进入传统淡季，地产销售量价齐跌且同比负增。 今日信贷数据偏弱，但债市反映不大，一方面是昨日消费贷贴息政策的实施提前预告了信贷尤其是居民 信贷投放不佳，政策端相应出台政策刺激内需，有助于后续居民信贷增长。另一方面，金融行业"反内 卷"也有一定影响，金融机构破除内卷式竞争会挤出虚增空转贷款，促进金融支持实体经济质效更高、 更可持续。因此短期单月信贷不佳可能也无需过度解读。 方正富邦基金区德成认为，前期股市和大宗商品行情火热，带动风险偏好抬升，债市交易结构拥挤，投 资者心态整体谨慎，我们依然认为，近期债市调整驱动因素更多是情绪面和交易层面的，而非债市核心 逻辑的根本性逆转，债市长多的逻辑实际并没有发生改变，当前谈论债市反转依然为时过早，当前对债 市前景不应过分悲观，市场出现的阶段性下跌，恰恰为理性投资者提供了更具吸引力的布局机会。 风险提示：投研观点不代表公司立场，不构成投资建议，不代表基金实际持仓或未来投向保证。观点具 有时效性。 (责任编辑：叶景) 8月13日，央行发布最新金 ...

Core Viewpoint - The banking industry is facing significant "involution" competition, particularly in deposit and loan businesses, prompting calls for innovation and differentiation to avoid price wars and enhance profitability [1][2][4]. Group 1: Involution in Banking - The primary source of profit for banks is the interest margin between deposits and loans, with current involution concentrated in these areas [2]. - The People's Bank of China has noted a rapid decline in loan rates while deposit rates remain stagnant, leading to a significant deviation from policy interest rates [2]. - Factors contributing to deposit involution include minimal product differentiation among banks and external pressures from low-interest environments [2][3]. Group 2: Urgency of Addressing Involution - The urgency to combat involution is underscored by the current net interest margin of 1.43%, the lowest in nearly 20 years, which compresses profitability and increases financial risks [4][5]. - Over-competition in the industry is leading to higher funding costs and potential regulatory challenges, affecting the effectiveness of monetary policy [5]. Group 3: Strategies for Overcoming Involution - Banks are encouraged to adhere to regulatory guidelines while innovating service models and expanding deposit and loan businesses [6][7]. - Some banks have publicly committed to avoiding price wars, emphasizing value-driven competition instead [6][7]. - Expanding incremental business through product innovation and digital transformation is seen as a crucial strategy to mitigate the effects of involution [8][9]. Group 4: Enhancing Non-Interest Income - A significant reason for the current involution is the reliance on a narrow revenue structure; thus, increasing non-interest income is vital for resilience [12]. - Wealth management and financial market activities are identified as key areas for growth, with many banks planning to enhance their non-interest income streams [12][14]. - The shift in consumer wealth towards financial assets presents an opportunity for banks to develop wealth management services, leveraging their existing customer base [12][13]. Group 5: Regulatory Support and Market Dynamics - Regulatory bodies are urged to encourage banks to innovate and differentiate their services, fostering a healthier competitive environment [11]. - The banking sector's transformation is viewed as a structural reform aimed at enhancing service supply and creating customer value, which is essential for navigating economic cycles [15].