Due to differences in marketing strategies and business models.

1. China Merchants Bank adopts a differentiated business model focusing on retail business. It attracts individual, small and medium-sized enterprises and other customer groups through a variety of financial products and services, and its income is relatively stable.

2. The four major banks focus more on investment banking services such as stocks and funds, as well as financing services for large state-owned enterprises. These businesses are generally more risky and have lower profit margins.