应对净息差持续收窄压力 向质量效益型转变——多家银行下架五年期大额存单

Core Viewpoint - Major state-owned banks in China, including Industrial and Agricultural Banks, have collectively removed five-year large time deposits from their offerings, focusing instead on shorter-term products, which reflects a strategic response to the ongoing pressure on net interest margins [1][2]. Group 1: Adjustments by Major Banks - Six large commercial banks have collectively delisted five-year large time deposits, leaving only shorter-term options available for investors [1]. - The decision to remove these products is seen as a rational choice to address the continuous decline in net interest margins, which are currently at historical lows [1]. - This move allows banks to shorten the average maturity of liabilities and enhance repricing flexibility, thereby optimizing their liability structure to better meet the current economic demand for precise capital allocation [1]. Group 2: Changes in Small and Medium Banks - Small and medium-sized banks are also accelerating adjustments to their deposit product structures due to increasing pressure on net interest margins [2]. - These banks, which typically have weaker deposit-raising capabilities and brand trust compared to larger banks, are shifting away from high-interest long-term deposits that have become unsustainable [2]. - The prevalence of interest rate inversion, where short-term deposit rates exceed long-term rates, is diminishing the attractiveness of medium to long-term deposits, prompting these banks to focus on short- to medium-term products [2]. Group 3: Investor Behavior and Market Trends - As deposit rates decline, there is a resurgence of the "savings migration" phenomenon, with bank wealth management products gaining popularity due to their lower volatility [2]. - A survey indicates that 62.3% of urban savers prefer to save more, a decrease of 1.5 percentage points from the previous quarter [2]. - The number of investors holding wealth management products reached 139 million by the end of the third quarter, marking a year-on-year increase of 12.70% [2]. Group 4: Recommendations for Banks - Banks are advised to enhance asset yields by optimizing credit structures and improving risk pricing capabilities while also focusing on non-credit asset management [3]. - On the liability side, banks should strengthen their core deposit absorption capabilities by exploring service, product, and channel potentials, and optimizing customer segmentation strategies to enhance the retention of low-cost funds [3].