Core Insights - The banking industry is undergoing a transformation characterized by a shift from high-interest deposit competition to more refined and restrained liability management strategies [2][3] - The current interest rate cuts reflect a deeper adjustment towards actuarial and stratified operations within banks, rather than a simple price war [3] Group 1: Interest Rate Trends - Many small and medium-sized banks have lowered deposit rates, with some three-year products dropping to the "1" range [2] - Some joint-stock banks and rural commercial banks have initiated year-end "deposit drives" using incentives like red envelopes and exclusive rates to stabilize funds [2] Group 2: Profitability and Liability Management - The compression of net interest margins limits profitability, while the cost of liabilities remains difficult to reduce further [2] - Banks are focusing on structural adjustments, moving away from a blanket high-interest deposit strategy to a more segmented approach based on customer type, deposit duration, and fund stability [2] Group 3: Targeted Products - Certain banks have launched "senior" or "long-term" deposit products aimed at older customers, offering slightly higher rates and lower thresholds to retain stable, risk-averse clients [2] - For younger customers, banks are enhancing account activity through mobile banking tasks and investment points to indirectly stabilize general deposits [2] Group 4: Competitive Landscape - The evolution of product strategies reflects a shift in banks' liability management thinking, focusing on retaining stable funds at lower costs [3] - The competition will increasingly center on who can maintain stable funding and lower costs, rather than simply offering higher interest rates [3]