过去一段时间，金融业「反内卷」行动不断。 从部分上市银行近日披露的2025年半年报数据观察，今年上半年各家银行「内卷度」依然延续。如在指 标上的表现为：存款利率降幅「追不上」贷款利率降幅。 在全行业净息差持续收窄背景下，银行不得不通过「内卷」来维持利润，但非理性的竞争又进一步压缩 行业利润，埋下潜在风险。如何破除「内卷」，实现高质量健康式发展，或需全行业共同构建。 一个反例是重庆银行，该行今年上半年的存款平均成本率较去年下降了0.26个百分点，快于贷款平均收 益率的下降幅度(0.19个百分点)。随着负债成本的改善，重庆银行今年上半年的净息差也逆势环比上升 了0.04个百分点至1.39%，不过较去年同期(1.42%)仍处于收窄态势。 实际上，央行早在《2024年第三季度中国货币政策执行报告》中，直接点名了银行「内卷」现象，其主 要表现为存贷款利率与政策利率调整幅度存在较大偏离。 即，以1 年期 LPR 累计降幅为参考，银行定期存款平均利率的降幅，大大低于这一幅度;而同期银行贷 款平均利率降幅，又大大超过1 年期 LPR 累计降幅。可谓是存款利率「降不动」，贷款利率「下行 快」。 对此现象的原因，央行有着直观的总 ...

Core Viewpoint - Recent developments in the retail banking sector highlight a dual trend of banks halting unprofitable high-interest car loan rebate businesses while simultaneously engaging in "mutual lending" among employees to meet performance targets, reflecting intense internal competition within the industry [1][2] Group 1: Market Dynamics - Some banks are suspending loss-making car loan rebate businesses to cut costs amid narrowing interest margins, indicating unsustainable practices in the automotive finance market [1] - The phenomenon of "mutual lending" and employees covering interest costs illustrates the pressure of performance assessments and the resulting risks from data manipulation and cost misallocation [1][2] Group 2: Competitive Landscape - The intensifying competition among banks has led to a lack of differentiation in financial products, resulting in resource wastage and diminished innovation and service quality [2] - The People's Bank of China has noted that severe internal competition has caused a rapid decline in loan rates while deposit rates remain stagnant, affecting the efficiency of interest rate transmission and monetary policy [2] Group 3: Regulatory and Structural Recommendations - The banking industry should establish self-regulatory agreements to mitigate harmful competition and enhance regulatory oversight of market behaviors [3] - Expanding non-interest income sources can reduce reliance on interest margin income, improving banks' diversification and risk resilience [3] - Banks should focus on unique development positioning and optimize internal management mechanisms to foster innovation and customer satisfaction, moving away from inefficient competition [3]

Core Viewpoint - The financial industry is experiencing intense competition, referred to as "involution," leading to challenges in loan interest rates and profit margins, prompting banks to shift from price competition to value-based competition [3][5][11]. Group 1: Market Competition Dynamics - The ongoing "involution" in the banking sector is reflected in declining loan interest rates, with some personal consumption loan rates dropping below 3% [5][7]. - The shift in credit supply and demand dynamics is attributed to economic structural transformation, resulting in a mismatch between banking services and the needs of the economy [5][6]. - Large banks are increasingly dominating the market, with their asset share rising, while smaller banks face challenges due to the aggressive pricing strategies of larger institutions [6][7]. Group 2: Profitability and Risk - The net interest margin for commercial banks fell to 1.43% in the first quarter, marking a new low, with large banks having the lowest margins at 1.33% [7]. - The competitive pressure has led to a rise in non-performing loans in consumer lending, as banks engage in short-term strategies to capture market share [7][11]. Group 3: Shift to Value-Based Competition - Banks are recognizing the importance of addressing customer pain points and providing higher value rather than solely competing on interest rates [8][10]. - Smaller banks are collaborating to create differentiated service offerings, moving away from price competition to enhance their competitive edge [9][10]. Group 4: Future Outlook and Regulatory Environment - To combat "involution," banks need to focus on specialized development and leverage financial technology to meet customer needs with tailored solutions [11][12]. - Regulatory bodies are expected to maintain order in interest rate competition and encourage banks to provide differentiated products and services based on their unique strengths [12].