Group 1 - The core viewpoint of the articles highlights the trend of major banks in China discontinuing five-year large denomination certificates of deposit (CDs), with many banks only offering shorter-term options or none at all [1][2] - Major banks have raised the minimum investment threshold for large denomination CDs, with some banks now requiring a minimum of 1 million yuan, indicating a shift in strategy to maintain high-end customer relationships [2][3] - The discontinuation of long-term large denomination CDs is seen as a method for banks to reduce high-cost liabilities and stabilize net interest margins amid declining market interest rates [3] Group 2 - The current offerings of large denomination CDs are limited, with banks like China Postal Savings Bank indicating that they have no CDs available for sale and may resume sales in January next year [2] - The interest rates for available large denomination CDs are relatively low, with rates around 1.40% to 1.55%, which may not attract high-end customers who prioritize security and exclusive services over interest rates [3] - Banks are expected to continue differentiating their deposit rates based on their liability structures and market conditions, as they face pressure to lower funding costs and maintain profitability [3]

Core Viewpoint - The disappearance of long-term deposit products, particularly five-year large certificates of deposit (CDs), reflects the ongoing pressure on banks' net interest margins, leading to a reevaluation of their liability structures and product offerings [1][3][9] Group 1: Changes in Deposit Products - Major state-owned banks, including Industrial and Commercial Bank of China, Agricultural Bank of China, and others, have completely discontinued five-year large CDs, with some also reducing the availability of three-year products [3][5] - The current interest rate for a three-year large CD at Industrial and Commercial Bank is only 1.55%, with a minimum deposit requirement of 1 million yuan, contrasting sharply with the 50 yuan minimum for regular fixed deposits [5][17] - The trend of reducing long-term deposit products is not limited to large banks; some joint-stock banks and city commercial banks are also following suit, indicating a broader industry shift [3][7] Group 2: Impact on Customers - The increasing minimum deposit requirements for three-year products mean that large CDs are becoming exclusive to high-net-worth clients, moving away from their original target demographic of middle-class savers [5][11] - Ordinary depositors are facing challenges in asset allocation due to the scarcity of long-term deposit options, leading to a shift in savings behavior, with a notable decrease in the percentage of savers preferring to save more [13][17] - The current environment has prompted some depositors to seek higher returns or more diversified investment channels, reflecting a change in asset allocation strategies [13][15] Group 3: Industry Response - Banks are adjusting their product offerings in response to the pressure on net interest margins, with state-owned banks discontinuing five-year large CDs while smaller banks focus on shorter-term products [7][9] - The ongoing decline in loan rates and intense competition for deposits are squeezing banks' profit margins, necessitating a reevaluation of high-interest long-term deposit products [9][11] - Banks are increasingly using large CDs to attract high-quality new clients and as a stable asset for private banking clients, indicating a strategic shift in how these products are utilized [11][15]

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].

Core Insights - The A-share market has seen a significant increase in equity financing in 2023, with a total of approximately 1.01 trillion yuan raised in the first 11 months, representing a year-on-year growth of about 310% [1] - The main contributors to this financing are private placements, which accounted for over 80% of the total, with a fivefold increase in fundraising compared to the previous year [2] - The IPO market has also shown growth, with 98 new listings raising 100.36 billion yuan, a 72.9% increase year-on-year, primarily driven by large IPOs from emerging industries [6] Group 1: Equity Financing Overview - Total equity financing in A-shares reached approximately 1.01 trillion yuan, with IPOs contributing 100.36 billion yuan, private placements 846.83 billion yuan, and convertible bonds 59.13 billion yuan [1] - Private placements have become the dominant financing method, with 149 companies completing placements, a 17.32% increase, and total funds raised surging by 5.03 times [2] - The top 10 companies in private placements included four banks and two brokerages, with China Bank raising 165 billion yuan, Postal Savings Bank 130 billion yuan, and others exceeding 100 billion yuan [2] Group 2: IPO and Convertible Bonds - The IPO market has seen 98 new listings, with a 10.1% increase in the number of IPOs and a 72.9% increase in funds raised compared to the previous year [6] - Emerging industries accounted for over 80% of IPOs, indicating a shift towards technology-driven companies [6] - Convertible bonds have also seen growth, with 40 bonds issued, raising a total of 59.1 billion yuan, a 31.8% increase year-on-year, despite a decrease in the number of issuances [6][7]

Core Viewpoint - The five-year large-denomination certificates of deposit (CDs) have been collectively removed from the offerings of major state-owned banks, leaving only three-year products available, reflecting ongoing pressure on the banking industry's net interest margins [2][11]. Group 1: Product Availability - Major state-owned banks, including Industrial and Agricultural Banks, have removed five-year large-denomination CDs from their online offerings, with only three-year and shorter-term products remaining [2][11]. - The three-year large-denomination CDs are now offered at a reduced interest rate of approximately 1.55%, with varying minimum deposit thresholds of 200,000, 1,000,000, and 5,000,000 yuan [3][7]. - Agricultural Bank's app shows only three-year products available, with interest rates fixed at 1.55% for both 500,000 and 20,000 yuan minimum deposits [7]. Group 2: Interest Rate Trends - The interest rate for three-year large-denomination CDs has decreased from 2.15% to 1.55% over the past year, a decline of 60 basis points [11]. - Other state-owned banks, such as Bank of China and Postal Savings Bank, have also removed five-year large-denomination CDs, with interest rates for three-year and shorter products aligning with the rates of other major banks [11]. Group 3: Market Context - The removal of long-term large-denomination CDs is part of a broader trend in the banking industry, driven by ongoing adjustments in response to a low net interest margin environment [14][15]. - As of the end of Q3, the net interest margin for commercial banks was reported at 1.42%, a decrease of 11 basis points year-on-year, indicating continued pressure on profitability [15]. - Analysts suggest that banks are adjusting their product offerings to manage costs and maintain net interest margins, reflecting a shift in strategy towards shorter-term deposits and higher entry thresholds for large-denomination CDs [15][16]. Group 4: Clarification on Deposit Products - The discontinuation of five-year large-denomination CDs has led to confusion among some depositors, who mistakenly believe that all five-year deposit options have been eliminated; however, regular five-year fixed deposits remain available [12][13]. - Regular five-year fixed deposits have a much lower minimum deposit requirement of 50 yuan and offer a stable interest rate of 1.30%, providing an alternative for customers with lower capital [13].

12月3日，交通银行手机APP热销存单一栏显示"当前无可购买的大额存单"，仅有转让存单在售。对 此，交通银行客服人员回应称："我行限量发售大额存单，如果线上显示没有，确实是已经卖完了。建 议您咨询附近网点，看有无存量的大额存单。"随后，记者从多地交通银行客户经理处获悉，目前该行 仅针对部分地区客户推出专享大额存单，且期限多为一年期及以下。例如，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，年利率为1.40%。 (中证 金牛座) ...

南方财经12月3日电，据中证金牛座，12月3日，交通银行手机APP热销存单一栏显示"当前无可购买的 大额存单"，仅有转让存单在售。对此，交通银行客服人员回应记者称："我行限量发售大额存单，如果 线上显示没有，确实是已经卖完了。建议您咨询附近网点，看有无存量的大额存单。"随后，记者从多 地交通银行客户经理处获悉，目前该行仅针对部分地区客户推出专享大额存单，且期限多为一年期及以 下。例如，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，年利率为1.40%。 ...

Core Viewpoint - The demand for large-denomination certificates of deposit (CDs) is high, leading to limited availability, particularly in certain regions, as banks adjust their offerings in response to market conditions [1][4]. Group 1: Availability of Large-Denomination CDs - The Bank of Communications currently shows no available large-denomination CDs for purchase on its mobile app, indicating they have sold out [1]. - The bank's customer service confirmed that large-denomination CDs are sold in limited quantities and suggested customers check local branches for availability [1]. - Reports indicate that only select regions have access to exclusive large-denomination CDs, with a minimum purchase requirement of 200,000 yuan and an interest rate of 1.40% for a one-year term in Beijing [4]. Group 2: Interest Rates and Terms - The Bank of Communications offers a one-year large-denomination CD with a 1.40% interest rate, while other banks are adjusting their rates for different terms [6]. - Agricultural Bank of China has two products for three-year large-denomination CDs, with interest rates set at 1.55% for minimum investments of 20,000 yuan and 5 million yuan [6]. - The Industrial and Commercial Bank of China has also introduced a three-year large-denomination CD with a minimum investment of 100,000 yuan, which has already sold out [6]. Group 3: Market Trends and Strategies - The trend of banks discontinuing longer-term large-denomination CDs, such as five-year options, has been noted, with many banks indicating a lack of such products in recent years [6]. - Analysts suggest that banks are raising the minimum investment thresholds and stabilizing interest rates to manage their high-cost liabilities and maintain interest margins [8]. - The scarcity of medium to long-term deposit products like large-denomination CDs is becoming a strategy for banks to attract high-end clients, where the security and stability of funds are prioritized over interest rates [8].