“揽储利器”中长期大额存单，为何逐渐消失？

Core Viewpoint - The long-term large-denomination certificates of deposit (CDs), once considered a key tool for attracting deposits, are gradually disappearing from major banks in China, indicating a shift in banks' strategies to optimize their liability structures and stabilize net interest margins [1][2][3]. Group 1: Disappearance of Long-term CDs - Major banks, including state-owned and joint-stock banks, have removed 5-year large-denomination CDs from their apps, with some banks indicating that 3-year CDs are either sold out or in limited supply [2][3]. - The interest rates for the remaining 3-year large-denomination CDs are concentrated in the range of 1.5% to 1.8%, despite the general trend of rates being in the 1% range [2][3]. Group 2: Impact on Net Interest Margins - 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]. - As of the third quarter of 2025, the net interest margin for commercial banks in China was reported at 1.42%, remaining unchanged and still low compared to historical levels [1]. Group 3: Broader Trends in Deposit Rates - Several local banks have also begun to lower their deposit rates, with some banks announcing the cancellation of 5-year fixed deposit products and reducing rates for shorter-term deposits [3][4]. - Since the establishment of the market-oriented deposit rate adjustment mechanism in April 2022, major banks have conducted multiple rounds of rate cuts, with the most recent occurring in May 2025 [5]. Group 4: Shift in Investment Preferences - As interest rates decline, there is a growing need for depositors to establish rational expectations and consider diversifying their asset allocations towards low-risk investment products such as government bonds and stable investment products [5]. - A survey indicated that 62.3% of urban depositors preferred "more savings," while 18.5% favored "more investments," reflecting a shift in investment behavior towards bank wealth management products [5]. Group 5: Future Projections for Wealth Management - A report from CITIC Securities projected that the growth of wealth management products will continue, driven by the ongoing shift of deposits towards various asset management products, with an expected growth rate of around 10% in 2026 [6][7].