这背后，是银行在净息差持续收窄的压力下，对负债成本的主动管控。多家银行正通过调整考核、下架长期限产品等方式，压降高成本存款。 21世纪经济报道记者 唐曜华 本该是各种营销活动轮番轰炸的"开门红"旺季，今年却显得格外冷清。往年随处可见的高利率存款营销信息踪迹难寻，银行客户经理的朋友圈里，取而代之 的是各类资产提升奖励活动。不少储户在社交媒体上反映，如今去银行存款，银行似乎不再那么积极，以往赠送的礼品不见了，甚至部分客户经理显得不太 耐烦。 一线揽存积极性下降：考核指挥棒转向 通常年初 "开门红"是银行营销的重要时点，客户经理通常通过在朋友圈或其他社交平台发布相对高利率的存款、有吸引力的产品吸引投资者。不过今年 的"开门红"似乎有点冷清。 "考虑到成本因素，我们现在考核时3年期以上存款不算绩效。"深圳某股份制银行零售业务部人士向21世纪经济报道记者透露。不仅该行如此，部分银行客 户经理在社交媒体上表示，其所在银行2年、3年期的定期存款均不计入绩效。 考核机制的调整，直接导致一线员工揽存积极性下降。但这并不意味着"开门红"期间银行不考核存款。"存贷息差仍是银行主要收入来源，存款考核一直存 在，每年都会有新的指标下达 ...

Core Viewpoint - The article discusses the aggressive deposit acquisition strategies employed by small and medium-sized banks as they approach the end of the year, highlighting both legitimate marketing tactics and the resurgence of questionable practices to meet performance targets [3][4][5]. Group 1: Deposit Acquisition Strategies - As the end of 2025 approaches, banks are entering a "sprint mode" for deposit acquisition, utilizing methods such as raising deposit interest rates, offering gifts, and promoting wealth management products to attract new customers and funds [5][6]. - For instance, Jiangsu Bank has raised the annual interest rate on a three-year fixed deposit product to 1.9%, a 15 basis point increase from the standard rate, while Jilin Bank has increased its three-year fixed deposit rate from 1.75% to 2% [5][6]. - Additionally, banks like Yilian Bank are implementing limited-time offers and gift incentives to draw in customers, with some banks offering gifts for deposits above certain thresholds [6]. Group 2: Market Dynamics and Risks - Industry insiders indicate that the year-end deposit acquisition not only plays a crucial role in banks' strategies but also reflects the challenges faced by small banks in a limited interest rate environment, prompting them to adopt refined operational strategies to attract customers and increase funds [7]. - The phenomenon of "deposit rushing" has re-emerged, where banks attempt to meet performance metrics by rapidly increasing deposits at the end of reporting periods, often facilitated by intermediaries advertising low-cost deposit options [8][9]. - This practice raises concerns about compliance with regulations and the potential risks to depositors' funds, as these operations may violate banking regulations and create market disturbances [11][12]. Group 3: Internal Pressures and Ethical Concerns - The pressure on bank employees to meet performance targets has led to the normalization of purchasing performance indicators through online platforms, with employees spending money to complete deposit and fund purchase tasks to avoid penalties [10]. - Such practices not only expose banks to regulatory risks but also create internal competition issues and could damage the bank's reputation and customer trust [12]. - Experts warn that these practices can lead to long-term negative consequences if not managed properly, emphasizing the need for customers to be aware of the risks associated with participating in such deposit operations [12].

Core Insights - The article highlights the increasing pressure on banks, particularly small and medium-sized banks, to attract deposits as the year-end approaches, leading to various promotional strategies and potential compliance risks [1][2][3]. Group 1: Deposit Strategies - Banks are employing strategies such as raising deposit interest rates, offering gifts, and promoting wealth management products to attract new customers and funds [2][3]. - For instance, Jiangsu Bank has raised the annual interest rate on a three-year fixed deposit product to 1.9%, a 15 basis points increase from the standard rate [2]. - Other banks, including Jilin Bank and Hangzhou Bank, have also increased their deposit rates, with Jilin Bank's three-year fixed deposit rate rising from 1.75% to 2% [2]. Group 2: Wealth Management Focus - Many banks are shifting their focus towards wealth management products as part of their year-end strategies, launching fixed-income products and promotional activities [3]. - For example, China Post Life has introduced three products targeting year-end bonuses, with one offering a maximum annualized yield of 1.52% [3]. - This shift is seen as a way for banks to stabilize liabilities and attract new funds while also increasing non-interest income [3]. Group 3: Compliance Risks - The phenomenon of "deposit rush" has resurfaced, where banks engage in practices to meet performance targets, potentially leading to compliance risks and market disturbances [4][6]. - There are reports of intermediaries advertising "end-of-year deposit rush" services, where funds are concentrated to meet performance metrics, raising concerns about regulatory compliance [4]. - Such practices may violate regulations and could expose banks to legal risks, as well as jeopardize customer funds [6]. Group 4: Internal Pressure and Ethical Concerns - The pressure on bank employees to meet performance targets has led to the normalization of purchasing performance indicators through online platforms [5]. - Employees may resort to these practices to avoid penalties and secure bonuses, indicating a culture of performance-driven behavior that could harm the bank's reputation [5][6]. - The reliance on such practices raises ethical concerns and could lead to internal corruption and a loss of customer trust [6].

Group 1 - The core viewpoint is that the new business value and new single premium of life insurance are expected to maintain rapid growth by 2026 [1][2] - The bank insurance channel is projected to see a new single premium growth rate of over 30% by 2026, driven by the demand for low-risk funds and the strategic focus of major listed companies on this channel [2] - The individual insurance channel is expected to see a new business value growth rate of 0%-10% in 2026, driven by improvements in "product + service" and "differentiated accounts" [2] Group 2 - The rigid cost of life insurance is effectively decreasing, with major companies showing a significant reduction in new single rigid liability costs, which are expected to alleviate interest spread risks [3] - The life insurance contract service margin (CSM) is anticipated to return to positive growth by 2027, driven by factors such as the bank insurance channel's growth and stabilization of risk-free interest rates [3] - The adjustment of investment actuarial assumptions for 2023-2024 has been made, with a low probability of further downward adjustments, supporting the stabilization of CSM balances for major companies [3]

Core Insights - The report maintains a positive outlook on the insurance industry, projecting significant growth in new business value (NBV) and new premium income for life insurance by 2026 [1][4][7] - The report highlights the effective reduction of rigid costs in life insurance, anticipating a turning point in the service margin (CSM) by 2027 [5][30] Group 1: Insurance Channels - The bank insurance channel is expected to see a new premium income growth rate of over 30% in 2026, driven by the reallocation of low-risk funds from bank deposits into insurance products [7][15] - The individual insurance channel's new business value growth is projected to be between 0% and 10% in 2026, influenced by the introduction of "product + service" offerings and differentiated accounts [7][24] - The report notes that the number of new agents in the individual insurance channel has not yet reached a turning point, indicating potential for future growth [24] Group 2: Cost and Profitability - The report indicates a downward trend in the rigid liability costs for major life insurance companies, with new policy costs for China Life, Taiping, and Xinhua decreasing by 52, 52, and 94 basis points respectively [7][29] - The CSM balance for life insurance is expected to return to positive growth by 2027, driven by higher NBV growth and stabilization of risk-free interest rates [30][34] Group 3: Investment Strategies - Major insurance companies have increased their equity asset allocations, with China Life, Ping An, Taiping, and PICC raising their equity fund ratios by 1.4, 2.6, 0.5, and 1.7 percentage points respectively [35][40] - The long-term investment pilot program for insurance funds is anticipated to enhance profitability, with significant asset appreciation reported by Xinhua Insurance's fund [35][40] Group 4: Key Companies - China Life is noted for its strong individual insurance team and significant profit elasticity, with a notable increase in NBV growth from 4.8% to 41.8% year-on-year [41][42] - Ping An's bank insurance channel achieved a remarkable 170.9% NBV growth in the first three quarters of 2025, supported by strategic expansion and product offerings [44][45] - China Pacific Insurance is expected to benefit from policy support in both auto and non-auto insurance sectors, with a focus on improving underwriting profits [51][56]

Core Insights - The traditional five-year fixed deposit, once a reliable investment for conservative investors, is gradually being phased out by banks due to declining interest rates and increased early withdrawals [2][4][8] Group 1: Changes in Deposit Products - Over 30% of fixed deposit customers are withdrawing early, resulting in an average interest loss of over 70% [4] - The interest rate for five-year fixed deposits has been reduced, with some banks even removing these products from their offerings [10][12] - The phenomenon of "interest rate inversion" is becoming common, where shorter-term deposits yield higher returns than longer-term ones, indicating banks' concerns over long-term funding costs [6][8] Group 2: Impact on Banking Profitability - The net interest margin, a key indicator of bank profitability, is under pressure, leading banks to adjust their deposit strategies [8][10] - Major banks have seen a decline in net interest margins, with state-owned banks experiencing an 11 basis point drop compared to the previous year [8] Group 3: Shift in Investment Strategies - Investors are increasingly moving their funds towards the real economy and capital markets due to shrinking deposit yields and inflation pressures [12] - A new investment strategy termed "New Three Golds," which includes money market funds, bond funds, and gold funds, is gaining popularity among younger investors [12][14] - The importance of diversified asset allocation is emphasized, moving away from reliance on long-term fixed deposits [16][20] Group 4: Financial Literacy and Caution - Investors are advised to assess their financial needs and avoid blindly choosing long-term deposits, as early withdrawals can lead to significant interest losses [18][20] - The necessity for financial education is highlighted, as investors should be cautious of high-yield products and scams [20][22] - The adage of not putting all eggs in one basket remains relevant, as the space for high-yield long-term deposits continues to shrink [22]

Core Viewpoint - The article highlights a trend among banks where the interest rates for three and five-year fixed deposits are either flat or inverted, leading to a decline in five-year fixed deposit offerings and a shift towards higher-yielding financial products [1]. Group 1: Interest Rate Trends - Some banks are experiencing a phenomenon where the interest rates for three-year fixed deposits are equal to or higher than those for five-year fixed deposits [1]. - For instance, Minsheng Bank's "Anxin Deposit" product offers an annualized return of 1.7%, surpassing the yield of five-year fixed deposits [1]. - Agricultural Bank of China reports that most customers prefer three-year fixed deposits, as the yield difference with five-year deposits is only 0.05 percentage points [1]. Group 2: Shift to Alternative Products - Despite most banks maintaining their five-year fixed deposit offerings, there is a noticeable trend of discouraging long-term deposits and guiding customers towards alternative products such as insurance [1]. - A staff member from Agricultural Bank of China mentioned that for customers seeking longer-term investment options, they would recommend fixed-income insurance products [1]. - China Construction Bank promotes a new insurance product with an annualized rate of up to 1.75%, along with an additional average dividend of around 1% [1].

Core Viewpoint - The article discusses the evolution and future of the bancassurance channel in China, highlighting its historical development, current trends, and anticipated changes due to regulatory shifts and market dynamics. Group 1: Historical Development of Bancassurance - The bancassurance business in China began in 1996, with significant growth observed from 2001 onwards, where total premiums reached 47 billion, accounting for about 2% of total life insurance premiums [6][8]. - By 2007, new premiums from bancassurance surpassed those from all other channels combined, and from 2013 to 2016, bancassurance accounted for approximately 50% of the total life insurance premium market [6][8]. - The article outlines six stages of development for bancassurance, with a new phase starting in 2024 characterized by "reporting and operation integration" [5][20]. Group 2: Key Growth Phases - The initial phase (before 2004) saw bancassurance primarily offering five-year single premium products, with total premiums reaching 388 billion in 2002, representing 17% of the life insurance market [8][9]. - From 2005 to 2012, the industry experienced normal growth, with total premiums increasing from 952 billion in 2005 to 3,897 billion in 2012, while the period saw a significant rise in single premium products [9][10]. - The investment-driven era from 2013 to 2016 was marked by regulatory changes that allowed for higher investment returns, leading to a surge in single premium sales, with some companies reporting over 200% growth in 2013 [11][12]. Group 3: Recent Trends and Future Outlook - From 2020 to 2023, the market shifted towards traditional increasing death benefit products, with long-term premiums growing significantly, accounting for 84% of total premiums by 2021 [14][19]. - The bancassurance channel is expected to see its new business value (NBV) surpass that of individual insurance channels by 2026, driven by lower fixed costs and increased competition [20][21]. - The article predicts that by 2024, the market will witness a resurgence of short-term products, with a projected 10% share of total premiums, as companies adapt to regulatory changes and market demands [20][24]. Group 4: Market Dynamics and Competitive Landscape - The article categorizes life insurance companies into six groups, including the "Bancassurance Seven Heroes" and "Eight Kings," which dominate the market with a combined market share of 60% to 72% [16][43]. - In 2023, the bancassurance channel's competition intensified, with significant growth reported among leading companies, while smaller firms faced declines [25][30]. - The shift towards long-term participating insurance products is evident, with major players like Taiping Life and several foreign companies leading the charge in this segment [26][30].

Core Viewpoint - 瑞泰人寿保险有限公司 is facing significant operational and financial challenges, with continuous losses and governance issues threatening its survival [1][15]. Financial Performance - In 2024, 瑞泰人寿 reported a loss of 188 million yuan, a year-on-year increase in losses of 17.35%, marking two consecutive years of net losses [1][3]. - Total assets grew to 12.525 billion yuan, but liabilities also increased to 11.681 billion yuan, resulting in weak equity of only 844 million yuan [1][3]. - The company’s total operating revenue was 1.675 billion yuan, with earned premiums of 1.215 billion yuan, a year-on-year increase of 17.22%, but total operating costs reached 1.84 billion yuan, leading to a cost-to-income ratio of 110% [3]. Premium Growth and Business Structure - 瑞泰人寿's premium growth has consistently lagged behind the industry average, with a scale premium income of 2.023 billion yuan in 2024, a mere 0.8% increase compared to the industry’s 13.27% growth [2]. - The core business's original insurance premium income was 1.603 billion yuan, with new policy premiums at 358 million yuan, showing a high growth of 35.67%, while renewal premiums decreased by 6.61%, indicating declining customer retention [2]. Governance Issues - The company has failed to effectively implement necessary governance reforms, with significant delays in updating its corporate charter and establishing independent directors and supervisory boards [4][5]. - Internal management practices are lacking, with no established guidelines for managerial work and inadequate accountability for investment decisions that led to significant losses [6][7]. Investment Risks - Major investment decisions lack transparency, as evidenced by the failure to timely address risks associated with holdings in 海航债券, leading to substantial financial losses [6][7]. - The company has not held management accountable for investment losses, which raises concerns about governance and risk management practices [7]. Human Resource Management - There have been multiple labor disputes involving former executives, resulting in financial and reputational damage to the company [13]. - The compensation management system is flawed, lacking clear standards for salary deductions and accountability measures [13]. Compliance and Regulatory Risks - 瑞泰人寿 has faced regulatory penalties for issues related to sales practices and compliance, indicating potential risks in its operational integrity [14]. - The company is urged to undergo significant reforms to address its governance, operational, and compliance challenges to avoid further deterioration [14][15].