一单难求与挂牌转让，大额存单“围城”背后

Core Viewpoint - The recent discussions on large-denomination certificates of deposit (CDs) reveal a stark contrast between state-owned banks and private banks, driven by differences in resource endowment and operational foundations, leading to a "Matthew effect" in the industry [1][5]. Summary by Sections Interest Rate Disparity - State-owned banks and joint-stock banks generally offer large-denomination CDs with annual interest rates in the "1" range, while some private banks attract attention with rates exceeding 2%, but these products are often in short supply and sell out quickly [3][4]. - For instance, the Industrial and Commercial Bank of China and Agricultural Bank of China offer 1-year, 2-year, and 3-year CDs at rates of 1.20%, 1.20%, and 1.55% respectively, while Ping An Bank offers rates of 1.40%, 1.40%, and 1.70% for the same terms [3]. Private Banks' High-Interest Products - Some private banks, like Suzhou Bank, offer 2-year and 3-year CDs with rates of 2.10% and 2.30%, respectively, but these high-rate products are often quickly sold out [4]. - Other private banks, such as WeBank, have adjusted their rates downwards, with current offerings showing rates of 1.55%, 1.60%, and 1.60% for 1-year, 2-year, and 3-year CDs, indicating a shift in their pricing strategy [4]. Resource Endowment Analysis - The disparity in interest rates is attributed to the resource endowment differences between state-owned and private banks. State-owned banks have strong capital strength and brand recognition, allowing them to maintain lower interest rates due to stable funding sources [5]. - In contrast, private banks face challenges in attracting deposits and often resort to higher interest rates to compete in the market, which can lead to increased operational risks [5]. Active Transfer Market - The transfer market for large-denomination CDs is becoming increasingly active, with some products offering higher rates than newly issued ones, indicating a demand for liquidity and better returns among investors [6][7]. - The trend of "deposit migration" is evident, as recent data shows a significant decrease in new household deposits, while non-bank deposits have increased, reflecting a shift in investor preferences towards higher-yielding investments [7][8]. Investment Strategy Recommendations - Experts suggest that investors should adopt a diversified asset allocation strategy to balance risk and return, especially in light of the current market conditions where stock market performance is improving [8].