Core Viewpoint - The phenomenon of "deposit special forces" is fading as banks lower deposit interest rates, leading to a shift towards alternative investment products like bank wealth management [2][4][7]. Group 1: Deposit Rate Changes - The banking industry is entering a deposit rate reduction phase, with national commercial banks maintaining nominal rates while small and medium-sized banks have rapidly cut rates multiple times within six months [2][10]. - In 2023, the deposit rates for national commercial banks dropped significantly, with the five-year fixed deposit rate falling from 2.65% at the beginning of the year to 2% by the end, a decrease of 65 basis points [4][7]. - A total of 19 private banks have reduced deposit rates over 40 times in the current year, indicating a trend of narrowing interest rate differentials among banks [11]. Group 2: Disappearance of "Deposit Special Forces" - "Deposit special forces" refers to depositors who travel to different provinces or cities to open accounts for higher interest rates, a trend that has been declining due to regulatory changes and practical difficulties in opening accounts [4][7]. - The concept gained traction in 2023 as some small and medium-sized banks offered attractive rates, but the overall trend is shifting as these banks also begin to lower their rates [5][9]. - The operational challenges faced by depositors, such as the need for local residency proof to open accounts, have further diminished the appeal of cross-province deposits [7][9]. Group 3: Shift to Wealth Management Products - As deposit rates decline, there is a notable increase in the scale of bank wealth management products, with the total number of products reaching 40,600 and the total scale increasing by 9.41% year-on-year to 29.14 trillion yuan [14]. - The average annualized yield of bank wealth management products has improved to 2.70%, driven by a shift in market conditions favoring fixed-income products [14]. - The growth in wealth management is attributed to factors such as the "see-saw" effect in the market, where weak stock performance leads to stronger demand for fixed-income products, and banks enhancing marketing efforts for competitive yields [14].