六大行全面停售5年期大额存单；央行11月公开市场国债买卖净投放500亿元

Group 1: Central Bank Operations - The central bank conducted a net investment of 50 billion yuan in government bonds in November, marking the second consecutive month of such operations, aimed at maintaining adequate market liquidity and stabilizing the financial market [1] Group 2: Banking Sector Developments - Major state-owned banks have ceased offering 5-year large-denomination time deposits, reflecting a strategic response to the ongoing pressure of narrowing net interest margins, with current rates for 3-year deposits at 1.55% and 1-year and 2-year deposits at 1.20% [2] - The removal of 5-year products allows banks to shorten the average maturity of liabilities and enhance repricing flexibility, aligning with the economic need for precise capital allocation [2] Group 3: Insurance Sector Performance - Insurance stocks have collectively rebounded, with China Pacific Insurance up 2.78%, China Life Insurance up 3.32%, and Ping An Insurance up 0.70%, driven by improving industry fundamentals [3] - Leading insurance companies have met or are close to achieving their annual sales targets for 2025, with a focus now shifting towards the 2026 "New Year" product offerings, particularly in dividend-type life insurance products [3] Group 4: Postal Savings Bank Dividend Announcement - Postal Savings Bank announced a mid-term dividend of 0.123 yuan per share, reflecting its commitment to stable operations and shareholder returns, with the payout date set for February 13, 2026 [4] Group 5: New Investment Company Launch - China Merchants Bank has established a new investment company, AIC, to engage in market-oriented debt-to-equity swaps, leveraging its comprehensive asset management licenses to provide integrated financial services [5]