在今年存款利率持续下行、大量高息定存集中到期的双重压力下，年初银行揽储呈现出分化态势。一边 是国有大行"按兵不动"，战略性放弃价格战，转而通过资产提升活动争夺客户的综合金融资产；另一边 是城商行、农商行逆势上调存款利率，甚至推出"存款送路费"等花式营销。这一"冷"一"热"的背后，既 是银行业净息差收窄下的现实抉择，也是从"规模扩张"向"财富管理"转型的缩影。 储户：从"抢存单"到"问理财" 春节过后，往往是银行揽储的黄金窗口期，但今年一线从业者感受到的却是另一番景象。华南地区一股 份行理财经理向记者坦言："客户对传统定期存款热情明显下降，更多人开始咨询理财、固收+等替代 产品。"这一微观变化，折射出今年"开门红"的深层转向。 中国人民银行最新发布的金融数据印证了这一趋势：1月住户存款增加2.13万亿元，但与2025年同期相 比，同比少增3.39万亿元；而非银行业金融机构存款则同比多增2.56万亿元。中国银河证券研报进一步 指出，居民存款增速与M2增速差值时隔7年半首次转负，这意味着居民资金正从单纯存款需求向多元资 产配置迁移。 这一现象的背后是存款利率持续下行。有储户对记者展示了2023年的存单——当时三年期 ...

● 本报记者 石诗语 "2026年我们将着力强化财富管理与综合金融服务能力，提升中收对营收的支撑。做大财富管理、资产 托管、投行等轻资本业务，优化收入结构，应对息差压力。"某股份行北京分行相关负责人向中国证券 报记者表示。 这一变化也直接体现在银行基层考核导向的调整中。"今年已明确调整了零售考核指标，比较明显的变 化是，存款的指标权重和任务量下降了，理财、基金、保险、信托等产品的销售任务增加了，私行客户 的拉新和AUM提升任务加重。"某国有大行北京地区某支行零售业务负责人说。 此外，组织架构的调整也成为银行加码财富管理的重要举措。去年12月，交通银行（601328）副行长周 万阜在出席活动时表示，交行在总行层面已成立财富管理部，进一步强化财富金融特色，提升客户服务 能力。 息差承压倒逼转型 谈及银行加大财富管理业务布局的原因，业内人士认为，净息差持续承压，倒逼银行盈利模式转型，推 动银行盈利结构从"利息依赖型"向"多元均衡型"转变，增强盈利稳定性和抗周期能力。同时，随着居民 财富持续积累，由储蓄为主转向多元资产配置的进程已然开启，财富管理市场前景广阔。 国家金融监督管理总局最新披露数据显示，2025年四季度商 ...

来源：@华夏时报微博 华夏时报记者 张萌 卢梦雪 北京报道 春节假期刚过，银行网点迎来了一波存款高峰。 "开工第一天就来存钱，没想到人这么多。"在上海工作的"90后"小宇拿着过年剩下的现金准备存入银行。他常去 的那家网点大厅里人头攒动，等候区的座位早已坐满。排队的人群中，以中老年人为主，也有不少家长带着孩子 来存压岁钱。柜员不得不提高嗓门询问："有没有办其他业务的？可以到这边来！"但响应者寥寥，绝大多数客户 都是来存款的。 付一夫向记者表示，银行普遍将一季度视为全年业务的"开门红"阶段，抢占这一窗口期对全年业绩至关重要。当 前环境下，银行更倾向于通过"资产配置礼"而非单纯提高存款利率来吸引资金，原因有二：一方面，存款利率已 处于较低水平且持续下行，单纯靠利率竞争空间有限且会进一步压缩银行息差；另一方面，"资产配置礼"能够引 导客户资金从存款转向理财、基金、保险等多元产品，既有助于银行提升中间业务收入，也能通过资产配置服务 增强客户黏性，符合零售业务向财富管理转型的大趋势。 排队间隙，小宇被大厅里一块醒目的"资产配置有礼"宣传板吸引，他顺手扫码看了看活动详情。"现在定存利率不 高，不如先把钱转入理财，把银行送的 ...

Group 1 - The total scale of fixed-term deposits maturing in 2026 is estimated to be around 50 trillion, with most maturing in the first two quarters of 2026 [2] - Current deposit interest rates are relatively low, mostly around 1% compared to 2021-2022, leading to a low risk appetite for deposit funds [2] - A few hundred billion to a trillion level of funds may flow into the stock market, which is beneficial but not significantly large [3] Group 2 - Investment in financial products or funds is primarily focused on "fixed income +" strategies, with bonds as the main component and stocks as a supplementary part [4] - The stock portion of these strategies tends to focus on low volatility and low dividend stocks, which could benefit dividend indices [4] - The market size for "fixed income +" strategies is expected to grow rapidly in 2026 [4]

按照惯例，新年辞旧迎新，都是各家银行开展"开门红"营销活动的关键时间。 来源：智通财经 困扰银行基层人员多年的"开门红"或将成为历史。 近日，记者从多家银行获悉，近期相关部门对辖区内银行机构作出指导，要求弱化"开门红"行动，不得 再以"开门红"的名义开展各类考核或活动。 "过往的'开门红'会议一般都在1月初左右举行。"有上市银行人士告诉智通财经记者，按照常规，在会 议之前数天，对公、零售、财富等各个部门的负责人会自行召开部门"开门红"筹备会议，然后再在总行 的年度"开门红"会议上进行讨论，形成共识。 近年来，银行"开门红"逐渐提早，从传统上的新年1月，逐渐提早到往年10月、11月，各家银行也压力 愈发增大。 "这几年一些地方银行的'开门红'会议已经有些过于疯狂了，10月、11月就开始启动相关活动，进行揽 储或者财富产品的营销"，一家中部地区大行人士告诉记者，随着银行全行业近年来营收增长趋缓，各 地的银行机构对"开门红"行动也越加重视，这无形中给基层银行人士、同业增加了不少压力。 "目前我行的'开门红'已经不再搞了。各个条线的同事还是会举办各种营销活动，但是都不能用这个名 义进行。"有上市银行人士明确告诉智通财 ...

Core Viewpoint - The rapid growth of non-bank financial institution deposits in China reflects a significant shift in the financial landscape, driven by factors such as the deepening of financial market reforms, the demand for wealth management, and the challenges posed to banks' liquidity management and profitability strategies [1][5]. Group 1: Non-Bank Deposit Growth - By the end of 2025, the balance of deposits in non-bank financial institutions reached 34.6 trillion yuan, a year-on-year increase of 22.8%, marking the highest growth in a decade [1]. - The increase in non-bank deposits is attributed to a "deposit migration" phenomenon, where residents and enterprises reallocate funds from traditional bank deposits to higher-yielding financial products like wealth management and funds [2][3]. - The balance of asset management products sourced from households and enterprises reached 56.3 trillion yuan by the end of 2025, growing by 9.7% year-on-year, indicating a clear trend of wealth migration from traditional deposits to asset management products [3]. Group 2: Impact on Banking Sector - The rapid growth of non-bank deposits has altered the liability structure of banks, with household and enterprise deposits decreasing in proportion while non-bank deposits are on the rise [6]. - Non-bank deposits are characterized by higher volatility and uncertainty compared to traditional deposits, necessitating enhanced liquidity management by banks [7]. - The increase in non-bank deposits poses challenges to banks' net interest margins and profitability, as the decline in deposit rates does not match the decrease in asset yields [7][8]. Group 3: Risk Management and Regulatory Response - The rise of non-bank deposits requires banks to expand their risk management frameworks to include monitoring of the asset management industry and systemic risks in financial markets [8]. - The People's Bank of China has accelerated the improvement of macro-prudential management frameworks, indicating a heightened focus on systemic risks associated with non-bank financial institutions [8]. - Banks are advised to enhance their liquidity risk management systems and conduct regular stress tests to prepare for potential scenarios of rapid deposit migration [15][16].

Core Viewpoint - The traditional "deposit gift" activities in banks are diminishing due to stricter regulations and a shift towards asset management strategies, with banks focusing on enhancing their asset management scale (AUM) rather than merely attracting deposits through gifts [1][7]. Group 1: Changes in Banking Activities - Many banks have reduced traditional "deposit gift" activities, opting instead for incentive mechanisms that comply with regulations, such as point systems for new deposits [1][7]. - The atmosphere for the "opening red" season is less vibrant this year compared to previous years, attributed to regulatory pressures and a lack of urgency in attracting deposits [1][7]. - Banks are increasingly emphasizing asset enhancement strategies, moving away from the concept of merely attracting deposits [1][8]. Group 2: Incentive Programs - Some banks are offering point-based rewards for new deposits, where customers can exchange points for household items and small appliances, but the overall incentive strength is limited [2][3]. - The threshold for receiving gifts varies significantly between banks, with some requiring higher new deposit amounts for more valuable items [3][6]. - Despite the introduction of these incentive programs, customer engagement remains low, with few customers participating in these activities [3][6]. Group 3: Regulatory Environment - The regulatory environment has become stricter, with explicit prohibitions against using gifts to attract deposits, leading to a decline in such practices [6][7]. - Recent regulatory measures have reinforced the ban on deposit gifts, pushing banks to adapt their strategies accordingly [6][7]. - The shift towards compliance has resulted in a transformation of traditional activities into point redemption and rights acquisition, rather than direct gifts linked to deposits [7][8]. Group 4: Market Trends - The banking sector is experiencing a shift towards asset diversification, with customers increasingly considering investments in financial products beyond traditional deposits [8]. - The trend of rising stock market activity is leading to a more dynamic approach to deposits, with customers showing a willingness to diversify their financial portfolios [8].

2026.02. 11 本文字数：2741，阅读时长大约5分钟 作者 | 第一财经 亓宁 又是一年冲击"开门红"，在国有大行"静悄悄"打起资产提升战、中小银行阶段性提升存款利率之 际，又有银行网点摆出了日用品和小家电——从珐琅锅、电饭煲、空气炸锅、电热火锅、电饼铛，到 烧水壶、加湿器、吹风机，再到米面油、洗衣液、抽纸。进入低利率时代，这类专属于"有钱 人"的"领鸡蛋"活动吸引力是否还能如昔？ 临近春节，第一财经记者走访北京地区多家银行网点发现，随着监管趋严和存款利率下行，多数银行 已经减少了传统的"存款送礼"活动，一方面通过激励机制"积分化"满足合规要求，另一方面则淡 化"揽储"概念，转而强调资产提升。而那些搬出实物礼品的银行网点，人流量似乎并未发生明显变 化。 "开门红"一般在每年的一季度，是银行抢占市场份额、提升业绩的关键时期。多位银行人士对记者 表示，相较于前几年，今年的"开门红"气氛不浓，一方面是因为严监管和经营压力下银行"卷不 动"了，另一方面则反映了当前银行缺负债紧迫性不强，AUM（资产管理规模）提升战略将成主流。 激励力度整体有限 "行外新增资金且配置6个月以上期限产品，可以领取对应积分的礼品。 ...

Core Viewpoint - The banking sector is experiencing a shift in deposit strategies, moving away from traditional gift-giving practices to focus on asset management and customer engagement through incentive programs amid a low-interest-rate environment [1][5][6]. Group 1: Deposit Strategies - Banks are reducing traditional "deposit gift" activities due to stricter regulations and declining deposit interest rates, with a shift towards incentivizing asset management [1][5]. - The "opening red" period, crucial for banks to capture market share, is less vibrant this year due to regulatory pressures and a lack of urgency in deposit acquisition [1][6]. - Many banks are now offering points-based reward systems for new deposits, where customers can exchange points for household items and small appliances [2][3]. Group 2: Regulatory Environment - Regulatory bodies have prohibited banks from using gifts or cash incentives to attract deposits, leading to a significant reduction in such activities [5][6]. - The implementation of stricter internal controls and compliance measures has resulted in a decline in traditional gift-giving practices, with banks adapting to new incentive structures [5][6]. Group 3: Market Trends - The current market environment is characterized by a shift towards non-bank deposits and increased customer interest in diversified financial products, reflecting a change in risk appetite among depositors [6][7]. - Analysts predict an increase in M2 and M1 growth rates, indicating a potential rise in overall liquidity and a shift in consumer behavior towards more active asset management [6][7]. - The trend of banks focusing on enhancing the overall asset scale of customers, including deposits, investments, and insurance products, is becoming more pronounced as they adapt to the changing financial landscape [7].

Core Viewpoint - Shanghai aims to enhance financial services for the real economy during the 14th Five-Year Plan period, focusing on supporting domestic demand, technological innovation, green development, small and micro enterprises, and public welfare through five key initiatives [1][2]. Group 1: Financial Services for Economic Development - The city will accelerate the establishment of a comprehensive, diversified, and relay-style technology financial service system, promoting the development of the Sci-Tech Innovation Board and bond market "technology board," and supporting market-oriented merger funds and venture capital [1]. - High-quality financial supply will be provided for the comprehensive green transformation of economic and social development, expanding the functions of Shanghai's green financial service platform and optimizing the green financial standard system [1]. Group 2: Inclusive and Sustainable Financial Systems - A multi-level, widely covered, and sustainable inclusive financial system will be improved, increasing support for first-time and renewed loans, and enhancing financing connections for small and micro enterprises using technologies like blockchain [1]. - A pension financial system that aligns with the aging population will be established, supporting the design and investment management of savings, wealth management, funds, trusts, and insurance products with pension functions [1]. Group 3: Digital Financial Development - The development of digital finance will be promoted, with steady progress in the digital renminbi and support for the establishment of a digital renminbi international operation center in Shanghai, alongside the digital transformation of financial institutions [2].