近年来，农业银行（601288）持续强化合规管理长效机制，深入推进法治农行建设，将领导干部学法用 法纳入考核，增强全员法治意识。 在青海，工商银行（601398）青海省分行成立省分行普法教育领导小组，统筹协调全行普法工作事宜。 12月4日，我国迎来第十二个国家宪法日。 法治是中国式现代化的重要保障。对于金融业来说，法治建设同样是支持金融高质量发展的核心力量。 中央金融工作会议指出，要加强金融法治建设，及时推进金融重点领域和新兴领域立法，为金融业发展 保驾护航。《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》提出，完善中国特色社 会主义法治体系；金融法治建设是中国特色社会主义法治体系建设的重要组成部分。 近年来，在政策引导下，银行业金融机构将法治精神融入经营管理各环节，在有效防范风险、保障业务 创新、维护客户权益等方面不断强化法治建设，筑牢发展根基。 理念先行：让法治成为银行文化的底层基因 法治建设，理念先行。重视法治观念的培育，是商业银行落实加强金融法治建设要求的重要一步。 "领导小组办公室设在法律职能部门，负责牵头组织普法工作。"据工商银行青海省分行有关负责人介 绍，该行积极构建"法律职能部门牵 ...

在利率市场化持续深化、银行净息差承压的行业背景下，南都湾财社记者近日登录工商银行、农业银 行、中国银行、建设银行、交通银行、邮储银行六大国有行官方App查询核实，5年期大额存单已全面 从线上在售产品列表中"下架"，核心供给集中于三年期及以下期限。 具体来看，工商银行"大额存单"栏目下仅保留1个月、3个月、6个月、1年、2年、3年六个期限选项，其 中三年期产品年利率为1.55%，1年期、2年期产品利率统一降至1.20%，更有部分三年期产品设置了100 万元的较高起存门槛，进一步提高了储户的准入门槛。 农业银行App中，三年期及以上期限的大额存单仅剩3款，且全部为3年期产品，起存金额分为500万元 和20万元两档，对应的年利率均锁定1.55%。 建设银行的在售大额存单覆盖1个月、3个月、6个月、1年及3年期限，起存金额统一为20万元，3年期产 品利率同样维持在1.55%。一国有行广州林和西支行工作人员向南都湾财社记者证实，"昨天刚收到通 "昨天刚收到的通知，现在只有三年期大额存单了，广州所有网点五年期的都已经取消。"12月3日，某 国有大行网点客户经理在接受南都湾财社记者采访时直言。 五年期大额存单集体"隐身"? ...

Core Insights - The long-term large-denomination certificates of deposit (CDs) are gradually disappearing, with major state-owned banks ceasing to offer 5-year CDs, reflecting a shift in banks' liability management strategies in a low-interest-rate environment [1][2][4] Group 1: Changes in Product Offerings - Six major state-owned banks, including ICBC, ABC, BOC, CCB, BOCOM, and PSBC, have completely removed 5-year large-denomination CDs from their offerings [2][3] - The remaining products from these banks have shifted towards shorter terms, with ICBC offering rates of 1.55% for 3-year CDs and 1.20% for 1-year and 2-year CDs [2][3] - The absence of 5-year CDs has been noted across other banks, with Agricultural Bank of China also not listing any 5-year products in its catalog from 2018 to 2025 [3] Group 2: Impact on Interest Margins - The reduction of long-term high-cost CDs is seen as a direct method for banks to optimize their liability structure and stabilize net interest margins [4] - As of Q3 2025, the net interest margin for commercial banks in China was reported at 1.42%, remaining at a historical low [4] - Since the establishment of the market-oriented deposit rate adjustment mechanism in April 2022, major banks have reduced deposit rates in seven rounds, with the latest cuts occurring in May 2025 [4] Group 3: Shifts in Investment Behavior - With declining interest rates, there is a growing need for depositors to adopt rational expectations and consider diversified asset allocations, such as government bonds and low-risk investment products [5] - A survey indicated that 62.3% of urban residents preferred "more savings," a decrease of 1.5 percentage points from the previous quarter, while 18.5% favored "more investments," an increase of 5.6 percentage points [5] - The scale of the banking wealth management market reached 32.13 trillion yuan by the end of Q3 2025, reflecting a year-on-year increase of 9.42% [5]

Core Insights - The recent approval of three financial asset investment companies (AICs) marks the establishment of the first batch of national joint-stock bank AICs in China, expanding the total number of bank-affiliated AICs to nine [1][2] Group 1: AIC Establishment and Function - The newly approved AICs include Xinyin Financial Asset Investment Co., Xinyin Financial Asset Investment Co., and Zhaoyin Financial Asset Investment Co., with registered capitals of 150 billion yuan and 100 billion yuan respectively [1] - AICs were initially designed for market-oriented debt-to-equity swaps, serving as a "risk isolation wall" and "asset restructuring expert" within the banking system, aimed at reducing corporate leverage and mitigating financial risks [1][3] - The role of AICs has evolved to become a major player in equity investment, particularly following recent policy expansions that have increased their investment scope and intensity [1] Group 2: Comparison Between AICs - The newly established AICs share common features with state-owned bank AICs, including core functions, regulatory frameworks, policy guidance, and operational models [2] - Differences exist in shareholder backgrounds, resource endowments, capital scales, and regional layouts, with state-owned AICs benefiting from larger asset scales and nationwide networks, focusing on large state-owned enterprises [2] - In contrast, joint-stock bank AICs have a slightly lower capital scale and are more concentrated in their initial focus, primarily serving private and innovative small and medium-sized enterprises [2] Group 3: Impact on the Economy - The entry of AICs is expected to significantly promote enterprise transformation and high-quality development by alleviating corporate debt burdens through debt-to-equity swaps, thereby facilitating technological research and product innovation [3] - AICs are positioned to support specialized and innovative enterprises, as well as technology-driven small and medium-sized enterprises, while also restructuring and revitalizing companies in debt distress through market-oriented and legal means [3]

● 本报记者 张佳琳 12月3日，中国证券报记者登录交通银行App，热销存单一栏显示："当前无可购买的大额存单"，仅有 转让存单。邮储银行App存单产品一栏也显示："暂无满足条件的产品，建议您查询其他产品。" "六大行已停售五年期大额存单"正被网友热议。事实上，这并非新鲜事。多位国有大行的客户经理向记 者表示："已经很久没有五年期大额存单了。""这两年大额存单概念已经淡化，因为它们的利率与定期 存款差不多。" 此外，记者发现工商银行、农业银行均推出了"百万门槛"大额存单。专家认为，此举反映出行业变化趋 势：银行正将传统的大额存单产品转变为维护客户关系的工具。 大额存单难觅其踪 针对交通银行大额存单相关情况，该行客服回应记者称："大额存单是我行限量发售的存款产品，如果 线上显示没有，就是已经卖完了。"随后，记者咨询多地交通银行客户经理独家获悉，目前该行仅有区 域专享大额存单。 交通银行北京地区客户经理小许告诉记者，该行仅有北京客户专享的一年期个人大额存单，20万元起 购，年利率1.40%。"我行只有一年期大额存单，需要您在北京地区开卡才能购买。如果您有其他期限 的存款需求，我们推荐您选择利率上浮的定期存款。例如 ...

家住北京市的王女士跑了两家大行网点，却发现5年期大额存单都停售了，3年期的产品也得靠"抢"，利率还比去年降 了不少 近年来，随着银行业净息差持续承压，各银行开始重新评估自己的负债结构，国有大行陆续下架五年期大额存单产品 工商银行APP显示，该行近期发售的 2025年第四期3年期个人大额存单起步门槛标注为"100万起存"，年利率仅为 1.55%，而工行三年期定存产品的年利率标注为"年利率最高可至1.55%"，定存的起步门槛仅为50元 在金融市场上，长期存款产品正在悄然消失。记者通过登录工商银行官方APP及手机银行查询发现，目前该行"大额 存单"栏目下仅剩余 1个月、3个月、6个月、1年、2年、3年六个期限产品，5年期产品已无踪影 不止工商银行，农业银行、中国银行、建设银行、交通银行及邮储银行这六家国有大行已全面停售5年期大额存单产 品 部分股份制银行及城商行也紧随其后收缩长期存款业务。招商银行客服人员确认，该行大额存单的在售列表中已没有 3年期和5年期的选项 当五年期大额存单消失的同时，三年期产品的门槛也在不断提高。 工商银行APP显示，该行正在发售的2025年第四期3年期个人大额存单，起步门槛标注为"100万 ...

Core Viewpoint - The recent collective removal of 5-year large denomination certificates of deposit (CDs) by major Chinese banks indicates a shift in banks' strategies towards more cautious interest margin management and a potential reduction in the supply of long-term fixed-rate deposits [1][11]. Group 1: Market Changes - Major state-owned banks have collectively removed 5-year large denomination CDs from their mobile banking platforms, with current offerings limited to terms of 3 years or less, and interest rates ranging from 1.20% to 1.55% [1][2]. - The trend of discontinuing 5-year large denomination CDs is not new, as some institutions had already begun this practice last year [1]. - The interest rates for 3-year large denomination CDs are approximately 1.55%, with minimum purchase amounts typically set at 200,000 yuan [2]. Group 2: Historical Context - The development of large denomination CDs spans nearly 40 years, with their initial issuance by the Bank of Communications in 1986, followed by a long hiatus until their reintroduction in 2015 [5][6]. - The popularity of large denomination CDs surged around 2018 due to changes in the banking landscape, including the relaxation of interest rate caps and increased demand for fixed-term deposits [6]. Group 3: Financial Implications - The discontinuation of long-term high-interest deposits is primarily driven by banks' need to manage net interest margins more effectively, as the current environment of low loan rates and high deposit costs creates pressure on profitability [11]. - As of the end of Q3, the net interest margin for commercial banks was reported at 1.42%, indicating a challenging environment for maintaining high-interest deposit products [11]. Group 4: Customer Behavior - The removal of 5-year large denomination CDs has prompted customers to reconsider their investment strategies, shifting from a focus on high-interest deposits to a more diversified asset allocation approach [12][15]. - A survey indicated that 18.5% of residents are inclined to invest more, with non-principal guaranteed bank wealth management products becoming increasingly popular [14].

Core Viewpoint - The recent collective removal of 5-year large denomination certificates of deposit (CDs) by major Chinese banks indicates a strategic shift towards more cautious interest margin management, reflecting banks' concerns over future interest rate trends [1][11]. Group 1: Market Changes - Major state-owned banks, including ICBC, ABC, BOC, CCB, and others, have removed 5-year large denomination CDs from their mobile banking platforms, with available terms now generally shortened to 3 years or less, and interest rates concentrated between 1.20% and 1.55% [1][2]. - The trend of reducing the supply of long-term fixed-rate deposits deviates from the traditional year-end practice of increasing such offerings to attract depositors [1][11]. - Some banks have indicated that even the 3-year CDs marked as "available" are often sold out, highlighting a significant shift in product availability [8]. Group 2: Historical Context - The development of 5-year large denomination CDs has spanned nearly 40 years, with their initial introduction in 1986 and a significant hiatus from 1997 until their reintroduction in 2015 [4][5]. - The popularity of these CDs surged around 2018 due to changes in the banking landscape, including the relaxation of interest rate caps and increased demand for fixed-term deposits [5]. Group 3: Financial Implications - The current banking environment is characterized by a narrowing net interest margin, which has led to a strategic decision to limit the issuance of long-term high-interest deposits, as they have become a burden rather than a tool for attracting deposits [11]. - As of the third quarter, the net interest margin for commercial banks was reported at 1.42%, reflecting ongoing pressure on profitability due to high deposit costs amidst declining loan rates [11]. Group 4: Customer Behavior - The discontinuation of 5-year large denomination CDs is prompting customers to shift their investment strategies from seeking high-interest deposits to diversifying their asset allocations [14][15]. - A survey indicated that 18.5% of residents are inclined to invest more, with non-guaranteed bank wealth management products becoming increasingly popular [14].

Core Viewpoint - The recent collective removal of 5-year large denomination time deposits by major banks indicates a strategic shift in banks' approach to interest margin management and a potential reduction in the supply of long-term fixed-rate deposits [1][15]. Group 1: Market Changes - Major state-owned banks have collectively removed 5-year large denomination time deposits from their mobile banking platforms, with current offerings limited to terms of 3 years or less, and interest rates ranging from 1.20% to 1.55% [1][3]. - Some banks have labeled their 3-year large denomination time deposits as "available," but many are already sold out, reflecting a significant departure from the traditional year-end deposit attraction strategies [1][13]. Group 2: Historical Context - The development of 5-year large denomination time deposits spans nearly 40 years, with their initial introduction in 1986 and a significant revival in 2015 after a long hiatus [6][7]. - The peak popularity of these deposits occurred around 2022, where they were highly sought after, often selling out quickly and leading to phenomena like "setting alarms to purchase" [7][9]. Group 3: Financial Implications - The decline in the attractiveness of 5-year large denomination time deposits is attributed to the narrowing net interest margins faced by banks, which have led to a reduction in the issuance of long-term deposits [8][15]. - As of the third quarter, the net interest margin for commercial banks was reported at 1.42%, indicating ongoing pressure on banks' profitability due to high deposit costs amidst declining loan rates [15]. Group 4: Strategic Adjustments - Banks are expected to adopt a differentiated supply model for long-term deposits, with only a few banks with strong liability demands likely to continue offering such products [1][15]. - The minimum investment thresholds for large denomination time deposits have changed, with current offerings showing minimal interest rate differences across various investment amounts, indicating a shift in product positioning [16]. Group 5: Investor Behavior - In response to the changing landscape, investors are shifting from a focus on high-interest deposits to a more diversified asset allocation strategy, with a notable increase in interest in non-principal guaranteed financial products [19][20]. - A significant portion of the population is now inclined to explore various investment options, reflecting a broader change in financial attitudes and strategies among retail investors [19].

深圳商报记者 陈燕青 随着A股的回暖，今年上市公司股权融资规模明显增长。根据统计，按上市日计算，前11个月A股股权 融资金额合计约1.01万亿元，同比增长约310%。其中，IPO融资1003.6亿元，定向增发融资8468.3亿 元，可转债融资591.3亿元。从结构来看，定增依然是融资的主力军，占比超过八成，募资规模同比大 增5倍；IPO方面，新兴产业公司占比超过八成，显示出上市资源加速向科创型企业集聚；可转债方 面，募资家数同比减少但募资金额同比增长逾三成。 9家公司定增超百亿元 按定增上市日计算，今年共有149家公司完成定增，同比增长17.32%；募资8468亿元，同比却暴增5.03 倍，这要归功于今年大规模定增较去年明显增加。 从行业来看，今年定增募资规模前10名的公司中有4家银行、2家券商。数据显示，前11个月共有9家A 股定增募资超过百亿元。其中，中国银行（601988）、邮储银行（601658）、交通银行（601328）、建 设银行（601939）等4家公司完成定增募资逾千亿元，分别募资1650亿元、1300亿元、1200亿元、1050 亿元。 从募资用途看，项目融资、补充流动资金、配套融资、收购资 ...