下降！5年期存款平均利率为1.5%

Core Viewpoint - The report indicates a continuous decline in bank deposit rates across various terms, reflecting broader trends in the banking sector and the impact of market reforms [1][2][3]. Deposit Rate Trends - The average deposit rates for different terms in June 2025 are as follows: 3-month at 0.949% (down 5.5 BP), 6-month at 1.156% (down 5.6 BP), 1-year at 1.287% (down 5.2 BP), 2-year at 1.372% (down 5.6 BP), 3-year at 1.695% (down 1.6 BP), and 5-year at 1.538% (down 3.5 BP) [2][3]. - The 5-year average rate has decreased by approximately 1 percentage point from 2.433% in June 2024 to 1.538% in June 2025 [2]. Market Reactions - Major state-owned banks adjusted their deposit rates on May 20, with the 1-year fixed deposit rate falling below 1%, prompting other banks to follow suit [3]. - The ongoing trend of declining deposit rates is attributed to the pressure on banks' net interest margins due to lower Loan Prime Rates (LPR) [3]. Structural Deposit Products - The average term for structured deposits in June 2025 is 103 days, with an average expected middle yield of 1.78% (down 7 BP) and an average expected maximum yield of 2.14% (down 11 BP) [4]. - Different types of banks show varying average terms and yields for structured deposits, with state-owned banks averaging 70 days and a maximum yield of 1.99% (down 19 BP) [4]. Performance by Linked Assets - For structured deposits linked to different assets, the average expected middle yield for currency-linked deposits is 1.77% (down 24 BP), while gold-linked deposits yield 1.78% (down 2 BP) [5]. - Deposits linked to indices, funds, and stocks show an increase in average expected middle yield to 2.00% (up 1 BP) [5].