Core Viewpoint - Major state-owned banks in China have completely stopped offering 5-year large denomination certificates of deposit (CDs), with some joint-stock banks and city commercial banks also following suit by reducing long-term deposit products [1][9]. Group 1: Changes in Deposit Products - The six major state-owned banks have significantly shortened the maturity structure of their large denomination CDs, now only offering products with maturities of 1 month, 3 months, 6 months, 1 year, 2 years, and 3 years [3][9]. - The interest rates for the 3-year large denomination CD is 1.55%, while the 1-year and 2-year products have interest rates of 1.20% [3]. Group 2: Withdrawal of 5-Year CDs - The 5-year large denomination CDs have been removed from the product offerings of several banks, including China Bank, Construction Bank, and Postal Savings Bank, with no trace of 5-year products in Agricultural Bank's catalog from 2018 to 2025 [9][10]. - The withdrawal of 5-year large denomination CDs has been a gradual process, as evidenced by China Bank's earlier announcement in May 2023, which included 5-year products but was limited to specific customers [9][10]. Group 3: Availability of Other Maturities - The 3-year large denomination CDs have also become scarce this year, with banks like China Merchants Bank confirming that both 3-year and 5-year options are no longer available [11]. - The longest available term for large denomination CDs is now 2 years, with an interest rate of 1.40% [11].

Core Insights - The rise of "bank direct supply housing" has garnered attention due to its price advantages, but complexities and risks associated with certain properties deter ordinary buyers [2][18] - Major banks are accelerating asset liquidation as year-end approaches, with significant volumes of properties being auctioned through platforms like Alibaba and JD [4][20] - Despite attractive pricing, many properties are facing high rates of unsold listings and repeated auctions, indicating a lack of buyer interest [9][25] Group 1: Definition and Market Dynamics - "Bank direct supply housing" refers to properties obtained by banks through judicial processes after borrower defaults, allowing banks to sell with complete ownership [6][22] - The volume of properties listed for sale has surged, with banks like Lanzhou Bank and Jilin Bank significantly increasing their offerings, indicating a shift in asset disposal strategies [7][23] - The recovery rate for non-performing assets through direct sales is reported to be 15%-20% higher than traditional debt transfer methods, enhancing banks' efficiency in asset management [7][23] Group 2: Pricing and Market Response - "Bank direct supply housing" typically offers prices 20%-30% lower than market evaluations, with some properties discounted by over 50% [8][24] - Despite these discounts, many properties remain unsold, with over 9,000 listings entering second auction phases, highlighting a disconnect between pricing and buyer demand [9][25] - Specific examples illustrate the challenges, such as properties that failed to attract bids even after price reductions, indicating potential issues with property desirability [11][27] Group 3: Risks and Considerations - Buyers are cautioned to scrutinize the reasons behind low pricing, as properties may have underlying issues such as lack of liquidity or legal complications [30][32] - The cleanliness of the asset is a critical factor, as buyers must ensure that properties are legally compliant and free from outstanding debts or occupancy issues [30][32] - The expansion of bank direct sales poses both risks and opportunities for real estate agents, as banks may require professional assistance in property sales despite not traditionally being in the real estate business [30][32]

Core Viewpoint - The recent collective withdrawal of 5-year large deposits by six major state-owned banks has raised concerns among ordinary depositors regarding asset allocation [2][13]. Group 1: Withdrawal of Long-term Deposit Products - Six major state-owned banks, including Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, and Postal Savings Bank of China, have completely stopped offering 5-year large deposits [2][13]. - The exit of 5-year large deposits is not sudden; for instance, Bank of China had previously announced the sale of various deposit terms, including 5-year deposits, but limited them to specific customers [8][19]. - The availability of 3-year large deposits has also become scarce, with some banks indicating that the longest available term is now 2 years at a rate of 1.40% [10][21]. Group 2: Impact on Depositors - The reduction of long-term deposit products has left ordinary depositors in a dilemma regarding asset allocation, as many are uncertain about where to place their funds [11][22]. - A representative case is highlighted where a depositor with 1 million yuan intended to invest in a 5-year large deposit for stable returns but found no available options [11][22]. Group 3: Industry Response and Trends - The trend of withdrawing long-term deposit products reflects banks' reluctance to absorb higher-cost long-term liabilities due to pressure on interest margins, leading them to lower rates or reduce the supply of long-term products [11][22]. - The industry is being compelled to accelerate transformation, with suggestions for banks to expand non-interest income through wealth management and custodial services while stabilizing net interest margins [11][22].

Core Insights - The article focuses on the performance of minimum holding period RMB public offering products, ranking them based on annualized returns for holding periods of 7, 14, 30, and 60 days [1][4][12] Group 1: 7-Day Holding Period Products - The top-performing product is from Minsheng Bank with an annualized return of 4.17% [3] - Other notable products include: - Huishang Bank with 3.58% [3] - Bank of China with 2.96% [3] - Minsheng Bank's Fuzhu Pure Bond with 2.54% [3] - Bohai Bank with 2.39% [3] Group 2: 14-Day Holding Period Products - Minsheng Bank's product "Jingxiang Fixed Income Incremental Dual-Week" leads with a return of 34.68% [5] - Other significant products include: - Minsheng Bank's Fuzhu Pure Bond with 5.66% [5] - WeBank's "Anying" Stable Income with 4.47% [5] - SPDB's "Wealth Management Series" with 2.33% [5] Group 3: 30-Day Holding Period Products - Minsheng Bank's "Guizhu Fixed Income Incremental Monthly" tops the list with a return of 21.23% [9] - Other key products include: - Minsheng Bank's Fuzhu Fixed Income with 13.53% [9] - Bank of China with 7.64% [9] - Huishang Bank's "Happiness 99" with 6.07% [9] Group 4: 60-Day Holding Period Products - The leading product is from Minsheng Bank with a return of 15.12% [13] - Other notable products include: - CITIC Bank's Fuzhu Pure Bond with 8.94% [14] - Bank of China with 4.57% [14] - Huishang Bank's product with 3.46% [14]

Group 1 - The core viewpoint of the news is that the state-owned large banks sector experienced a slight increase of 0.06% on December 2, with Agricultural Bank leading the gains, while the overall stock market indices showed declines [1] - The Shanghai Composite Index closed at 3897.71, down 0.42%, and the Shenzhen Component Index closed at 13056.7, down 0.68% [1] - The trading performance of individual state-owned banks showed mixed results, with Agricultural Bank's stock price at 8.02, up 0.38%, while other banks like China Bank and Construction Bank saw declines [1] Group 2 - The net capital flow for the state-owned large banks sector showed a net outflow of 449 million yuan from institutional investors, while retail investors contributed a net inflow of 327 million yuan [1] - Detailed capital flow data indicated that Agricultural Bank had a significant retail net inflow of 930.61 million yuan, despite a net outflow of 819.22 million yuan from institutional investors [2] - The data also revealed that Industrial and Commercial Bank experienced a net outflow of 136 million yuan from institutional investors, with a smaller net inflow from retail investors of 11.5 million yuan [2]

"我跑了两家大行网点，5年期大额存单都停售了，就连3年期的都得靠'抢'，额度一出来很快就没了，关键利率还比去年降了不少。"家住北京市的王 女士告诉记者，她手中的50万元闲置资金本想配置长期大额存单以求稳健收益，如今却陷入了"无处可放"的困境。 王女士的遭遇并非个例。记者近期调研发现，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。 六大行全面停售5年期大额存单 记者登录六大行官方APP及手机银行查询时发现，目前各银行大额存单期限结构已明显"短期化"。工商银行"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。其中，3年期大额存单产品利率为1.55%，1年期、2年期产品利率均为1.20%。 此外，中国银行、建设银行、交通银行及邮储银行的产品矩阵呈现相似特征，5年期产品均已从在售列表中移除。在农业银行2018年至2025年的人民 币个人大额存单产品目录中，也并未出现5年期大额存单产品的"踪影"。 回溯来看，5年期大额存单的退出并非突然之举。以中国银行为例，今年5月20日，中国银行曾在 ...

Core Viewpoint - The article highlights a significant shift in the structure of bank deposit products in China, with a notable decline in long-term large-denomination certificates of deposit (CDs) due to multiple operational pressures and policy directions faced by banks [2]. Group 1: Changes in Deposit Products - Major banks in China have removed 5-year large-denomination CDs from their offerings, indicating a trend towards shorter-term deposit products [2]. - The current available terms for large-denomination CDs at Industrial and Commercial Bank of China are limited to 1 month, 3 months, 6 months, 1 year, 2 years, and 3 years [2]. - Several banks, including joint-stock banks and city commercial banks, have discontinued their 3-5 year large-denomination CD products this year [2]. Group 2: Reasons for the Shift - The primary reason for this shift is the continuous narrowing of net interest margins, which has created survival pressure for banks [2]. - As of Q3 2025, the net interest margin for commercial banks remains low at 1.42%, with private banks experiencing a further decline [2]. - The reduction in loan rates has led to shrinking asset-side returns for banks, making long-term large-denomination CDs, which are high-cost liabilities, less viable as the interest expense approaches the breakeven point [2]. Group 3: Future Outlook - The trend of pressure on net interest margins is expected to persist, leading to further adjustments in long-term deposit products by more banks [2]. - The deposit market is likely to normalize with characteristics of short-term, low-interest rates, and strict controls [2].

Core Viewpoint - The major state-owned banks in China have completely stopped offering 5-year large denomination certificates of deposit (CDs), with a trend towards shorter-term products, reflecting a shift in the banking sector's approach to long-term deposits amid declining interest rates and changing depositor behavior [1][2][10]. Group 1: Bank Actions - Six major state-owned banks, including ICBC, ABC, BOC, CCB, BOCOM, and PSBC, have ceased offering 5-year large denomination CDs, with some also reducing the availability of 3-year products [1][2][6]. - The current offerings from these banks now primarily include shorter-term products, with the longest available being 3 years at a rate of 1.55% [2][6]. - The trend of discontinuing long-term deposit products is not limited to national banks; local commercial banks and private banks are also following suit, as seen with the announcements from banks in Inner Mongolia [10][11]. Group 2: Market Dynamics - The reduction in long-term deposit products is attributed to the downward trend in interest rates, leading banks to avoid higher costs associated with long-term deposits [10][11]. - There is a notable increase in deposit enthusiasm among residents, resulting in rapid growth in bank deposit scales, while credit demand remains weak, reducing banks' motivation to attract long-term deposits [10][11]. - Many banks are also lowering deposit rates, with some reductions reaching up to 65 basis points, indicating a broader strategy to optimize their liability structure under pressure from interest margins [10][11]. Group 3: Depositor Behavior - The withdrawal of long-term deposit products has created a dilemma for depositors, as many are uncertain about where to allocate their idle funds, with a significant portion of savers expressing a desire for more savings [11]. - A survey indicates that the proportion of depositors inclined towards saving more has decreased by 1.5 percentage points, suggesting a shift in asset allocation strategies among investors in a low-interest-rate environment [11]. - Financial experts recommend that investors adjust their expectations for returns and consider diversifying their asset allocation to include cash management products, money market funds, and government bonds [11].

Core Viewpoint - The large-denomination time deposit products offered by major banks in China have shifted towards shorter maturities, with longer-term options being removed from availability [1] Summary by Category Product Offerings - The Industrial and Commercial Bank of China (ICBC) currently offers large-denomination time deposits with maturities of 1 month, 3 months, 6 months, 1 year, 2 years, and 3 years [1] - The interest rate for the 3-year large-denomination time deposit is 1.55%, while the rates for the 1-year and 2-year products are both 1.20% [1] - Other banks such as Bank of China, China Construction Bank, Bank of Communications, and Postal Savings Bank exhibit similar trends, having removed 5-year products from their offerings [1] Market Trends - Agricultural Bank of China has not included any 5-year large-denomination time deposit products in its catalog from 2018 to 2025 [1]

Core Viewpoint - Six major state-owned banks in China have collectively stopped offering 5-year large denomination time deposit products, indicating a trend towards shorter-term deposit offerings in the banking sector [1] Group 1: Bank Actions - The six major state-owned banks include Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, and Postal Savings Bank of China [1] - Several joint-stock banks and city commercial banks are also following suit by reducing their long-term deposit products [1] Group 2: Product Offerings - The current offerings of large denomination time deposits have shifted to shorter terms, with Industrial and Commercial Bank of China now only providing products with terms of 1 month, 3 months, 6 months, 1 year, 2 years, and 3 years [1] - The 3-year large denomination time deposit product has an interest rate of 1.55%, while the 1-year and 2-year products both have rates of 1.20% [1] - Other banks such as Bank of China, China Construction Bank, Bank of Communications, and Postal Savings Bank of China exhibit similar trends, having removed 5-year products from their offerings [1] - Agricultural Bank of China does not list any 5-year large denomination time deposit products in its catalog for the period from 2018 to 2025 [1]