来源：新金融琅琊榜 作者：叶冬 曾经的亢奋是时代红利的馈赠，如今的无奈是转型阵痛的必然。告别吧。回不去了。 "这开门红指标，李鸿章来了都不敢签。" 最近，这句吐槽在银行圈刷屏，带着几分黑色幽默，也道出了基层员工的真实困境。 曾几何时，开门红是银行业开年的全民狂欢，是全年业绩的底气所在；如今褪去红利加持，这场年度大 戏只剩指标高悬的唏嘘。 从亢奋到无奈，银行开门红的变迁，不仅记录着行业周期，也折射出一个时代的转折。 分行则将任务拆解到极致，把存款、贷款、理财、信用卡、保险等核心目标，拆成几十个子项，落到每 一个支行、每一个网点、每一个人头上。当日目标完不成，全员留堂复盘找问题；周进度落后，无休加 班补缺口；月末排名垫底，要站在全行大会上作检讨。 基层网点，更是这场狂欢最热闹的主战场。大红横幅从门头垂到立柱，"存款享好礼"的海报贴满墙面， 米面油堆成小山，电饭煲、空气炸锅、千元购物卡整齐列队。一线员工个个练就全能本领，白天守在柜 台，办卡时顺势推理财、取款时主动荐定期，嗓子哑了含颗润喉糖…… 下班从不是工作的终点，而是拓客的第二战场。有人沿街扫铺，从菜市场的摊贩到街边的便利店；有人 扎根社区摆起展台，给大爷大妈送 ...

| 1. | 《2025年中期策略-价值重估仍 | | --- | --- | | 在进行时》 | 2025.07.02 | | 2. | 《业绩底部修复，配置价值提 | | 升》 | 2025.09.05 | 证券研究报告 2025 年 12 月 21 日 湘财证券研究所 行业研究 银行业周报 "开门红"信贷投放有望保持稳健 | 相对收益 | -2.3 | | 2.1 | | | -4.7 | | --- | --- | --- | --- | --- | --- | --- | | % 绝对收益 | 1 -2.7 | 个月 | 3 3.6 | 个月 | 12 | 个月 11.1 | 分析师：郭怡萍 证书编号：S0500523080002 Tel：(8621) 50295327 Email：guoyp@xcsc.com 地址：上海市浦东新区银城路88号中 国人寿金融中心10楼 相关研究： 核心要点： 中小银行"开门红"高息揽储，信贷投放有望保持稳健 2. 《业绩底部修复，配置价值提 根据中国经营报，多家中小银行"开门红"存款产品年利率相对升高，部 分三年期存款产品年利率接近 2.00%。中小银行提高存款利率 ...

Core Insights - The banking industry is shifting from a traditional model focused on gifts and interest rates to a competitive landscape centered on differentiated services and comprehensive financial capabilities [1][3] - The preparation for the 2026 "opening red" marketing campaign has accelerated compared to previous years, showcasing a clear differentiation in competition among banks [1][3] - Large banks and joint-stock banks are reducing their reliance on traditional deposit gathering, focusing instead on wealth management, while smaller banks continue to prioritize deposit collection through various incentives [1][2] Group 1: Marketing Strategies - Several banks have initiated their 2026 marketing campaigns, with a focus on wealth management as a core area, as seen in the China Bank's Jilin branch and Ping An Bank's retail business strategy [1][2] - Smaller banks like Pingwu Rural Commercial Bank and Hankou Bank are implementing practical strategies such as adjusting interest rates and offering gifts to attract customers [2][3] Group 2: Market Dynamics - The differentiation in marketing strategies stems from varying resource endowments and market positioning among banks, with regional small banks relying heavily on deposit gathering to maintain business scale [3] - The pressure on bank performance is increasing due to narrowing net interest margins and rising competition for deposits, prompting banks to secure quality clients and credit projects early [3][4] Group 3: Future Outlook - The "opening red" marketing approach is undergoing a profound transformation, with banks expected to shift from a focus on scale to value-driven strategies, emphasizing comprehensive customer service [4]

Core Insights - The "opening red" marketing campaign by banks has started earlier this year compared to previous years, with various banks launching special marketing plans for mutual funds, bank wealth management, and insurance products [2][3] - Banks are employing a combination strategy of "products + rates" to capture market share, offering exclusive products and rate discounts [2][5] Group 1: Marketing Activities - Many banks have initiated their marketing activities for asset management products earlier than usual, with several banks holding "special launch meetings" to set sales targets [3] - Banks like China Bank and Ping An Bank are focusing on wealth management as a key component of their marketing strategies for the upcoming peak season [4] - The demand for "opening red" wealth management products has been strong, with some products selling out quickly upon launch [4] Group 2: Product Offerings - Banks are introducing a wider variety of "opening red" insurance products to meet diverse investor needs, with more options available compared to previous years [4] - Some banks are offering exclusive wealth management products for new customers transferring assets, with competitive performance benchmarks around 2.45% [5] Group 3: Fee Discounts - A competitive trend of fee reductions has emerged, with several banks announcing discounts on fund products, including a 90% discount on certain fund subscription fees [6][7] - Banks like Industrial and Commercial Bank of China and Minsheng Bank have implemented fee reductions for various fund products, enhancing their attractiveness to investors [6][7] Group 4: Financial Performance - Wealth management is a significant source of income for banks, with a reported net income from fees and commissions reaching 578.2 billion yuan in the first three quarters of 2025, marking a 4.6% year-on-year increase [8] - Some banks have seen substantial growth in fee income, with notable increases reported by Changshu Bank and others [8]