下架、断货成常态 银行长期限大额存单被打入“冷宫”

Core Viewpoint - The recent scarcity of long-term large-denomination certificates of deposit (CDs) in Chinese banks reflects a strategic shift in response to narrowing net interest margins and rising funding costs, prompting banks to limit high-cost deposit products and encouraging investors to reconsider traditional deposit reliance [1][3][4][5]. Group 1: Market Trends - Long-term large-denomination CDs, particularly 5-year products, have become increasingly difficult to find, with many banks ceasing to offer them [2][3]. - As of June 10, 2023, major state-owned banks have reduced the interest rates on 1-year and 2-year large-denomination CDs to 1.2%, and 3-year products to 1.55%, with no 5-year CDs available [2][3]. - The trend of banks discontinuing long-term large-denomination CDs has been observed since early 2024, indicating a proactive strategy to manage liabilities amid declining net interest margins [3][4]. Group 2: Financial Implications - The net interest margin for Chinese commercial banks fell to 1.43% in Q1 2025, a decrease of 9 basis points from Q4 2024, highlighting the pressure on banks to manage funding costs [4]. - The shift towards shorter-term deposits and alternative financial products, such as short-term wealth management and structured deposits, is becoming more prevalent as banks seek to attract funds while minimizing interest expenses [5][6]. Group 3: Investor Recommendations - Investors are advised to adjust their traditional reliance on deposits, as the overall deposit rates have entered the "1 era," which may lead to returns lagging behind inflation [8]. - It is suggested that investors consider diversifying their portfolios by including low-risk assets like government bonds and short-term bond funds, or adopting a "deposit + insurance + wealth management" strategy to balance liquidity and returns [8]. - For those with higher risk tolerance, a "fixed income +" strategy that includes equity assets may enhance long-term returns [8].