大行停售长期存单，中小行逆势加息

Core Viewpoint - The banking industry is experiencing a structural adjustment in deposit products, with a shift towards differentiated competition as banks respond to ongoing pressure on net interest margins [2][15]. Group 1: Changes in Deposit Products - The five-year large denomination certificates of deposit (CDs) are gradually exiting the market, with major state-owned banks collectively discontinuing these products [3][6]. - Currently, only shorter-term large denomination CDs (one year, two years, three years, and six months) are available, with interest rates for three-year CDs at 1.55% and one-year and two-year CDs at 1.20% [3][4]. - The trend of discontinuing five-year CDs reflects a broader strategy among banks to shorten the duration of liabilities in response to low net interest margins [6][7]. Group 2: Interest Rate Adjustments - Some banks are experiencing an inverted yield curve, where shorter-term rates exceed longer-term rates, challenging traditional pricing logic [6][15]. - Major banks are implementing differentiated management of large denomination CDs, with some increasing the minimum investment threshold to attract high-end clients while still offering lower thresholds for standard products [8][13]. - Smaller banks, facing pressure to attract deposits, are raising interest rates on certain products, with some offering rates as high as 1.9% for large deposits [15][17]. Group 3: Industry Trends and Future Outlook - The ongoing pressure on net interest margins is driving banks to lower funding costs, which is expected to continue as a long-term trend [17][18]. - The net interest margin for commercial banks was reported at 1.42% as of the end of Q3 2023, reflecting a year-on-year decrease of 11 basis points [17]. - Analysts predict that banks will continue to lower deposit rates and adjust product offerings to manage costs effectively, with a potential slowdown in the pace of rate cuts as current rates are already low [18][19].