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 - Postal Savings Bank of China (PSBC) has experienced a decline in stock price and trading volume, indicating potential investor concerns and market dynamics [1][3]. Financial Performance - For the first nine months of 2025, PSBC reported a net profit of 765.62 billion yuan, reflecting a year-on-year growth of 0.98% [6]. - The bank's cumulative cash dividends since its A-share listing amount to 1,377.96 billion yuan, with 773.95 billion yuan distributed over the past three years [7]. Dividend and Shareholder Information - PSBC's dividend yields over the past three years were 5.58%, 6.00%, and 4.61% respectively, indicating a strong commitment to returning value to shareholders [2]. - As of September 30, 2025, the number of shareholders decreased by 13.09% to 142,600, while the average circulating shares per person increased by 15.29% to 478,570 shares [6]. Market Activity - On December 3, PSBC's stock fell by 1.23%, with a trading volume of 9.67 billion yuan and a turnover rate of 0.26%, leading to a total market capitalization of 6,725.32 billion yuan [1]. - The main capital flow showed a net outflow of 1.59 billion yuan today, with a continuous reduction in main capital over the past three days [3]. Technical Analysis - The average trading cost of PSBC shares is 5.18 yuan, with the current stock price fluctuating between resistance at 5.61 yuan and support at 5.59 yuan, suggesting potential for short-term trading strategies [4]. Company Overview - PSBC, established on March 6, 2007, and listed on December 10, 2019, primarily offers banking and financial services in China, with personal banking contributing 65.15% to its revenue, corporate banking 22.71%, and funding operations 12.10% [5].

邮储银行北京分行副行长徐卫杰等出席会议，热烈欢迎北京地区上市公司代表们来邮储银行进行座谈交 流。徐卫杰表示，邮储银行作为国有大型商业银行，一直与经济社会发展同频共振、同向而行。截至 2025年三季度末，邮储银行实现营收、利润双双正增长，净息差1.68%、不良率0.94%，均保持行业优 秀水平，在稳健经营中不断为实体经济注入金融活水。邮储银行北京分行作为国有大行服务首都经济的 重要落脚点，始终将服务"五篇大文章"作为核心战略抓手，把金融资源精准投向首都经济发展的关键领 域，形成多点开花的发展局面。邮储银行北京分行科技金融事业部、个人金融部分别就邮储银行科技金 融及企业金融服务、财富管理及私人银行业务情况做出了详细的分享。 活动也邀请了邮储银行客户翠微集团到场，翠微集团结合自身区域发展战略及支持科技企业发展的定 位，围绕如何推动银、企、协多方协同、实现高质量发展等方面进行了分享。 与会上市公司代表踊跃发言，分享各自对金融高质量发展的理解和"五篇大文章"的建议，大家各抒己 见，现场气氛热烈。有企业代表提出，科技金融需进一步优化风险评估模型，提升对"专精特新"企业的 融资支持效率；绿色金融应强化信息披露标准，推动碳账 ...

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，邮储银行大宗交易成交125.4万股，成交额702.24万元，占当日总成交额的0.72%，成交价5.6元，较市场收盘价5.6元持平。 | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 | | | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | | 2025-12-03 | 邮储银行 | 601658 | 702.24 5.6 | 125.4 | 国泰海通证券股份 有限公司总部 | 国泰海通证券股份 有限公司点都 | ...

Core Viewpoint - The latest issuance of 3-year large-denomination certificates of deposit (CDs) by Industrial and Commercial Bank of China (ICBC) has seen the minimum deposit requirement raised to 1 million yuan, with an interest rate of 1.55%, which is currently sold out [1][5]. Group 1: Large-Denomination CDs - The current 3-year large-denomination CDs from ICBC have a minimum deposit of 1 million yuan and an interest rate of 1.55% [1][2]. - Previously, ICBC offered a 3-year large-denomination CD with a minimum deposit of 200,000 yuan, also at an interest rate of 1.55% [1][2]. - Other banks, such as China Construction Bank, Agricultural Bank of China, and Bank of China, also offer 3-year large-denomination CDs with a minimum deposit of 200,000 yuan at the same interest rate of 1.55% [5]. Group 2: Market Dynamics and Strategies - The increase in the minimum deposit requirement for large-denomination CDs without a corresponding increase in interest rates reflects banks' proactive liability management strategies in a low-interest-rate environment [5][6]. - By raising the minimum deposit amount, banks are effectively tightening the supply of large-denomination CDs, aiming to optimize their liability structure and reduce reliance on high-cost deposits [5]. - The main advantages of large-denomination CDs over regular deposits include higher liquidity and flexibility, such as transfer and pledge capabilities, making them suitable for large depositors with short-term funding needs [6].

Core Insights - The banking sector is experiencing a significant transformation from traditional deposit and loan services to comprehensive financial services, with the "New Year Opening" marketing campaign reflecting this shift in search of new growth points in a changing market environment [1][3] Group 1: Early Marketing Initiatives - Many banks have started their "New Year Opening" marketing campaigns earlier than usual, with some initiating efforts as early as late November to secure quality clients and boost middle-income business [2][3] - Banks are conducting internal meetings to set sales targets for asset management products, indicating a proactive approach to marketing [2][3] Group 2: Pressure on Net Interest Margin - As of the end of Q3, the banking industry's net interest margin has dropped to 1.42%, remaining at a historical low, prompting banks to adjust their product offerings to manage interest margins more effectively [3][4] - Some banks have begun to withdraw long-term deposit products to strengthen interest margin control, with expectations of further declines in deposit rates [3] Group 3: Shift in Marketing Focus - There is a noticeable reduction in the demand for deposit acquisition among some banks, leading them to focus more on wealth management services [4][5] - Marketing strategies have evolved from traditional giveaways to more pragmatic approaches, such as fee discounts and cash rebates, to attract clients [4][5] Group 4: Wealth Management as a Priority - Wealth management has become a key focus for many banks, with initiatives like the "Wealth Growth Plan" being introduced to incentivize client participation [5] - The emphasis on wealth management reflects the increasing importance of retaining and growing client assets in the context of declining interest rates and net interest margins [5]

Core Viewpoint - Postal Savings Bank of China (PSBC) shows a mixed performance in trading and financing activities, with a notable increase in financing net purchases but a high level of short selling activity. Group 1: Trading Performance - On December 2, PSBC's stock price decreased by 0.53%, with a trading volume of 646 million yuan [1] - The financing buy amount for PSBC on the same day was 66.31 million yuan, while the financing repayment was 57.67 million yuan, resulting in a net financing purchase of 8.63 million yuan [1] - As of December 2, the total financing and securities lending balance for PSBC was 1.036 billion yuan [1] Group 2: Financing Activities - The current financing balance for PSBC is 1.031 billion yuan, which accounts for 0.27% of its market capitalization, indicating a low level compared to the past year [1] - On December 2, PSBC had a securities lending repayment of 14,100 shares and a securities lending sale of 22,700 shares, with the sale amounting to 128,700 yuan at the closing price [1] - The securities lending balance stood at 5.56 million yuan, which is above the 70th percentile level over the past year, indicating a high level of short selling activity [1] Group 3: Company Overview - PSBC, established on March 6, 2007, and listed on December 10, 2019, provides banking and related financial services in China [2] - The bank's main business segments include personal banking (65.15% of revenue), corporate banking (22.71%), and funding operations (12.10%) [2] - As of September 30, 2025, PSBC reported a net profit of 76.56 billion yuan, reflecting a year-on-year growth of 0.98% [2] Group 4: Shareholder Information - Since its A-share listing, PSBC has distributed a total of 137.80 billion yuan in dividends, with 77.39 billion yuan distributed in the last three years [3] - As of September 30, 2025, the number of shareholders decreased by 13.09% to 142,600, while the average circulating shares per person increased by 15.29% to 478,570 shares [2]

Core Insights - Postal Savings Bank of China (PSBC) is actively supporting veterans' entrepreneurship through specialized financial products and services, significantly impacting local economies and job creation [1][2][12] Group 1: Financial Support Initiatives - PSBC Hubei Branch has disbursed a total of 570 million yuan in loans to veterans, leading the province in financial support for this demographic [1] - The "Military Entrepreneurship Loan" (军创贷) program has been established, with 150 million yuan allocated annually to support veteran clients [2][11] - The bank has created dedicated service teams to provide 24/7 support for veteran entrepreneurs, ensuring quick loan approvals [3] Group 2: Collaboration with Government - PSBC has established a regular communication mechanism with local veteran affairs departments to enhance financial service integration into government support frameworks [2][11] - The bank's collaboration with local governments has led to the launch of targeted financial products tailored to veterans' needs [2][11] Group 3: Innovative Financial Products - PSBC has developed a range of financial products, including "Military Entrepreneurship Loans" and "Veteran Loans," with a high proportion of credit loans (89%) [7] - The bank has implemented a green channel for loan approvals, significantly improving processing times for veteran entrepreneurs [11] Group 4: Impact on Local Economies - The financial support from PSBC has enabled numerous veterans to establish successful businesses, contributing to local employment and economic growth [1][6][12] - For instance, a veteran's agricultural cooperative has created over 200 job opportunities and generated significant income for local residents [8][11] Group 5: Future Plans - PSBC aims to continue enhancing its financial service offerings for veterans, focusing on product innovation and digital transformation to better meet the needs of this group [12] - The bank plans to deepen its collaboration with government and enterprises to create a comprehensive support ecosystem for veteran entrepreneurs [12]