大额存单跌破“2字头”，银行盈利模式亟待转型

Core Viewpoint - The recent decline in bank deposit rates, particularly for large-denomination certificates of deposit (CDs), is primarily driven by the narrowing net interest margin pressures faced by banks, necessitating a reduction in high-cost liabilities to stabilize operations [1][3]. Group 1: Current Trends in Deposit Rates - Many banks have seen their large-denomination CD rates drop to the "1" range, with significant reductions in medium to long-term products [1]. - Major state-owned banks have lowered their large-denomination CD rates below "2," with China Bank's recent offerings showing rates as low as 0.9% for 1-month and 1.55% for 3-year terms [1]. - Smaller banks are also following suit, with some approaching rates near 1%, indicating a widespread trend across the banking sector [1]. Group 2: Factors Influencing Rate Changes - The decline in large-denomination CD rates is influenced by three main factors: policy transmission mechanisms, an increasing trend towards fixed-term deposits, and pressures on banks' net interest margins [3]. - The central bank's actions, such as lowering reserve requirements and reverse repo rates, are guiding market interest rates downward, prompting banks to adjust deposit rates accordingly [3]. - The shift towards fixed-term deposits is leading banks to lower long-term rates to alleviate pressure on their liabilities [3]. Group 3: Implications for Banks and the Economy - The reduction in large-denomination CD rates directly impacts banks' funding costs and profitability, allowing them to stabilize net interest margins and create room for lower financing rates for the real economy [3]. - The decrease in deposit yields may encourage a shift of funds towards wealth management products, thereby diversifying asset allocation for residents and expanding the wealth management market [3]. Group 4: Strategic Responses from Banks - Banks are exploring diverse strategies to cope with the impact of declining rates, including innovating financial product offerings and focusing on inclusive finance for small and micro enterprises [4]. - Optimizing liability structures by increasing the proportion of demand deposits and expanding interbank certificates of deposit is also a key strategy [4]. - Accelerating digital transformation and encouraging smaller banks to adopt differentiated competitive strategies are recommended to enhance product offerings [4]. Group 5: Future Outlook - The outlook suggests that large-denomination CD rates are likely to remain low in the short term, with any future reductions expected to be gradual [5].