中长期大额存单正在消失：多家银行已无5年期产品在售 3年期“额度紧张”或“售罄”

Core Viewpoint - The long-term large-denomination certificates of deposit (CDs), once seen as a tool for attracting deposits, are gradually disappearing from the market, indicating a shift in banks' strategies to optimize their liability structures and stabilize net interest margins [1][2][3]. Summary by Sections Disappearance of Long-term Large-denomination CDs - Major banks have removed 5-year large-denomination CDs from their offerings, with some still having 3-year CDs available, but these are often marked as "sold out" or "in short supply" [2][3]. - The interest rates for the remaining 3-year large-denomination CDs are concentrated between 1.5% and 1.8%, despite the general trend of rates being in the 1% range [2]. Impact on Banks' Liability Management - The reduction of high-cost long-term large-denomination CDs is a direct method for banks to optimize their liability structures and stabilize net interest margins, which are currently at historical lows [1][3]. - Data shows that most banks in the A-share market have experienced a decline in net interest margins, with state-owned banks seeing a decrease of around 15 basis points [3]. Adjustments in Deposit Structures - Some banks are also eliminating 3-year large-denomination CDs, leaving only shorter-term products available [3]. - A specific bank has announced the cancellation of its 5-year fixed deposit products and has lowered interest rates for other term deposits, indicating a broader trend among regional banks to adjust their deposit offerings [3][4]. Shift in Investment Preferences - Since the establishment of a market-oriented deposit rate adjustment mechanism in April 2022, major banks have reduced deposit rates multiple times, prompting depositors to consider diversifying their investments into lower-risk assets such as government bonds and wealth management products [5]. - A recent survey indicates a shift in consumer behavior, with a decrease in the percentage of residents preferring to save more and an increase in those looking to invest more [5]. Growth in Wealth Management Products - The scale of the banking wealth management market has seen significant growth, with a reported increase of 9.42% year-on-year, reaching a total of 32.13 trillion yuan by the end of the third quarter of 2025 [5]. - Projections for 2026 suggest that the wealth management scale could grow by at least 10%, potentially reaching around 38 trillion yuan [6].