Direct financing momentum surpasses credit, deepening financial "unbundling" pressures banks to transform.

Individuals from the corporate department of a branch of a joint-stock bank have recently noticed some changes: after the expiration of fixed asset loans with terms of 7 years, 10 years, and even longer, some businesses have actively chosen not to renew their loans; at the same time, more and more high-quality customers are shifting their main financing channels from banks to the bond market. These signs indicate that the trend of financial "disintermediation" is becoming more apparent, with funds starting to bypass banks and other financial intermediaries to engage in direct transactions. In this scenario, the role of banks will undergo reshaping. In the future, banks will no longer just be "lenders," but will transform into "service intermediaries," redefining their value through comprehensive service capabilities.