中小银行仍需平衡好净息差

Core Viewpoint - The phenomenon of inverted deposit rates, where long-term deposit rates are lower than short-term rates, reflects the operational pressures on banks and changing market expectations, particularly affecting small and medium-sized banks [1][2]. Group 1: Deposit Rate Adjustments - Several small and medium-sized banks have recently adjusted their deposit rates, leading to instances of inverted rates, such as Shanghai Huari Bank's five-year deposit rate being 2.1%, lower than the three-year rate of 2.15% [1]. - The core reasons for the phenomenon of "three-year deposits yielding less than one-year deposits" include narrowing net interest margins and strong expectations of further rate declines, prompting banks to lower long-term product rates to avoid locking in high-cost liabilities [2]. Group 2: Market Dynamics and Competition - The current trend shows a significant outflow of retail deposits as investors prefer higher-yielding bank wealth management products, indicating a shift in investment preferences [3]. - The competition among banks is intensifying, with some banks adjusting short-term rates to maintain market share and manage funding costs amid increased deposit competition [2][3]. Group 3: Wealth Management and Product Innovation - To enhance competitiveness, banks need to focus on wealth management services, offering a wider range of products to attract depositors, including innovative financial products linked to equities and precious metals [4]. - The expectation of potential monetary policy easing, such as rate cuts, could provide a favorable environment for banks to manage their net interest margins and optimize their liability structures [4].